Behavioral Law and Economics / Edition 1

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Overview

People are frequently both unselfish and overly optimistic; they have limited willpower and limited self-control; and they often rely on mental shortcuts and rules of thumb. What do these traits have to do with law? This is the question considered in Behavioral Law and Economics, the first book to analyze law by looking at how people actually behave.
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Editorial Reviews

From the Publisher
"Human psychology is complicated. The law and economics paradigm traditionally has treated it as simple. This volume splendidly marshals leading works by scholars whoin pursuit of realism--seek to add complexity to the traditional paradigm. A significant landmark in the field of law and social science." Robert C. Ellickson, Walter E. Meyer Professor of Property and Urban Law, Yale Law School

"...this is a valuable contribution to the study of law and courts....This compilation serves to focus discussion on a set of particularly important theoretical challenges to the standard economic model. Thus, this book belongs on the shelf of any student of the law and courts who advocates or challenges the rational choice model of decision making on the courts." Paul J. Wahlbeck, The Law & Politics Book Review

"...the essays in this book provide a clear and vivid introduction into a research program that promises to illuminate our understanding of how law influences behavior." New York Law Journal

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Product Details

  • ISBN-13: 9780521667432
  • Publisher: Cambridge University Press
  • Publication date: 4/28/2008
  • Series: Cambridge Series on Judgment and Decision Making Series
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 448
  • Sales rank: 1,097,997
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.98 (d)

Table of Contents

Contributors
Acknowledgments
Introduction 1
Pt. I Overview and Prospects 11
1 A Behavioral Approach to Law and Economics 13
Pt. II Heuristics and Biases: Shortcuts, Errors, and Legal Decisions 59
2 Context-Dependence in Legal Decision Making 61
3 A Positive Psychological Theory of Judging in Hindsight 95
4 Behavioral Economics, Contract Formation, and Contract Law 116
5 Organized Illusions: A Behavioral Theory of Why Corporations Mislead Stock Market Investors (and Cause Other Social Harms) 144
6 Reluctance to Vaccinate: Omission Bias and Ambiguity 168
7 Second-Order Decisions 187
Pt. III Valuation: Values and Dollars in the Legal System 209
8 Experimental Tests of the Endowment Effect and the Coase Theorem 211
9 Assessing Punitive Damages (With Notes on Cognition and Valuation in Law) 232
10 Framing the Jury: Cognitive Perspective on Pain and Suffering Awards 259
11 Behavioral Economic Analysis of Redistributive Legal Rules 288
12 Do Parties to Nuisance Cases Bargain After Judgment? A Glimpse Inside the Cathedral 302
Pt. IV The Demand for Law: Why Law Is As It Is 323
13 Some Implications of Cognitive Psychology for Risk Regulation 325
14 Explaining Bargaining Impasse: The Role of Self-serving Biases 355
15 Controlling Availability Cascades 374
16 Cognitive Theory and Tax 398
Index 423
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