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econ172 - I'm sending you the following copy of the essay...

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I'm sending you the following copy of the essay questions on my 172 course from last year: Part II, 100 points. Answer any Four Roman Numeraled Questions. I. PROPERTY LAW A. Contrast socially optimal with actual Common Law compensation rules for the law of eminent domain for a single, isolated, property. B. Contrast socially optimal with actual Common Law with respect to Pollution, making sure your discussion includes government administrative and transaction costs and the possibility of cooperation C. Contrast socially optimal with actual Common Law with respect to trespass, including adverse possession and prescriptive easements. D. Explain each of the above contrasts in terms of the simple, one- cartel, theory of institutional evolution you have learned in this class, along with an outline of the historical emergence of the Common Law. II. NON-ACQUISITIVE TORTS A. Admitting the existence of an insurance function of the law, contrast the socially optimal with the actual Common Law of accidents, where only one party’s physical property is damaged. Consider only the case in which the parties are solvent and allow for possible cooperation along with cooperation taxes or subsidies. B. Now answer A assuming that the undamaged party is insufficiently solvent to make his optimal payment.
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