Behavioral Law and Economics

Behavioral Law and Economics

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This exciting volume marks the birth of a new field, one which attempts to study law with reference to an accurate understanding of human behavior. It reports new findings in cognitive psychology 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 behavior has large-scale implications for the analysis of law, in areas including environmental protection, taxation, constitutional law, voting behavior, punitive damages for civil rights violations, labor negotiations, and corporate finance. With a better knowledge of human behavior, it is possible to predict the actual effects of law, to see how law can promote society's goals, and to reassess the questions of what law should be doing.

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  • Paperback | 448 pages
  • 152 x 224 x 34mm | 698.53g
  • CambridgeUnited Kingdom
  • English
  • 42 b/w illus. 29 tables
  • 0521667437
  • 9780521667432
  • 594,109

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"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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