Decision Theory - Fundamental concepts; Expected value; Cumulative Probabilities; Serially cumulative probabilities; Decision trees; TreeAgePro and other software for litigation risk analysis; Difficulties in building the tree; Discounting and risk preferences; Risk aversion; Sensitivity analysis; Challenges to the rationality assumption.

Analytical Methods - Folge 3: Contracting

Law students are routinely taught how to gather facts, interpret legal texts, and apply legal rules to established facts. These techniques are and will always be important to all lawyers, regardless of their position and practice. However, they do not suffice. Lawyers in almost every area of practice (litigation, corporate, government, public interest, etc.) must be familiar with analytical concepts and methods that go beyond fact gathering and interpretative legal skills in order to be successful. This course covers the basics of the methods. It will provide you with a fundamental understanding that allows you to apply them when necessary in legal practice. This course is designed to be fully accessible to those with no prior quantitative training or background in the subjects covered. However, a high school level of mathematics is required.