Behavioral Law and Economics

Behavioral Law and Economics

by Cass R. Sunstein
     
 

ISBN-10: 0521661358

ISBN-13: 9780521661355

Pub. Date: 04/28/2008

Publisher: Cambridge University Press

This exciting volume marks the birth of a new field—a field that studies law with reference to an accurate, rather than a crude, understanding of human behavior. Behavioral Law and Economics presents new findings in cognitive psychology and behavioral economics, which show that people are frequently both unselfish and over-optimistic; that people have limited

Overview

This exciting volume marks the birth of a new field—a field that studies law with reference to an accurate, rather than a crude, understanding of human behavior. Behavioral Law and Economics presents new findings in cognitive psychology and behavioral economics, which show that people are frequently both unselfish and over-optimistic; that people have limited willpower and limited self-control; and that people are "boundedly" rational, in the sense that they have limited information-processing powers, and frequently rely on mental short-cuts and rules of thumb. Understanding this kind of human behavior has large-scale implications for the analysis of law, in areas including environmental protection, taxation and tax compliance, constitutional law, voting behavior, punitive damages for civil rights violations, labor negotiations and strikes, and corporate finance. Behavioral Law and Economics offers many new insights into these fields and suggestions for legal reform. With a better knowledge of human behavior, it is possible to predict the actual effects of law, to see how law might actually promote society's goals, and to reassess the questions of what law should be doing.

Product Details

ISBN-13:
9780521661355
Publisher:
Cambridge University Press
Publication date:
04/28/2008
Series:
Cambridge Series on Judgment and Decision Making Series
Pages:
448
Product dimensions:
5.98(w) x 8.98(h) x 1.14(d)

Table of Contents

Introduction Cass R. Sunstein; Part I. Overviews and Prospects: 1. A behavioral approach to law and economics Christine Jolls, Cass R. Sunstein and Richard Thaler; Part II. Heuristics and Biases: Shortcuts, Errors and Legal Decisions: 2. Context-dependence in legal decision making Mark Kelman, Yuval Rottenstreich and Amos Tversky; 3. A positive psychological theory of judging in hindsight Jeffrey J. Rachlinski; 4. Behavioral economics, contract formation, and contract law Russell Korobkin; 5. Organized illusions: a behavioral theory of why corporations mislead stock market investors (and cause other social harms) Donald C. Langevoort; 6. Reluctance to vaccinate: omission bias and ambiguity Ilana Ritov and Jonathan Baron; 7. Second-order decisions Cass R. Sunstein and Edna Ullmann-Margalit; Part III. Valuation: Values and Dollars in the Legal System: 8. Experimental tests of the endowment effect and the cause theorem Daniel J. Kahneman, Jack L. Knetsch and Richard H. Thaler; 9. Assessing punitive damages (with notes on cognition and valuation in law) Cass R. Sunstein, Daniel J. Kahneman and David Schkade; 10. Framing the jury: cognitive perspective on pain and suffering award Edward J. McCaffery, Daniel J. Kahneman and Matthew L. Spitzer; 11. Behavioral economic analysis of redistributive legal rules Christine Jolls; 12. Do parties to nuisance cases bargain after judgment? A glimpse inside the cathedral Ward Fransworth; Part IV. The Demand for Law: Why Law Is As It Is: 13. Some implications of cognitive psychology for risk regulation Roger G. Noll and James E. Krier; 14. Explaining bargaining impasse: the role of self-serving biases Linda Babcock and George Loewenstein; 15. Controlling availability cascades Timur Kuran and Cass R. Sunstein; 16. Cognitive theory and tax Edward J. McCaffery.

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