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Behavioral Law and Economics (Cambridge Series on Judgment and Decision Making)
from: Cambridge University Press

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Binding: Paperback
Dewey Decimal Number: 330.019
EAN: 9780521667432
ISBN: 0521667437
Label: Cambridge University Press
Manufacturer: Cambridge University Press
Number Of Items: 1
Number Of Pages: 446
Publication Date: March 28, 2000
Publisher: Cambridge University Press
Sales Rank: 634226
Studio: Cambridge University Press

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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.

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- Behavioral Economics Comes of Age
There are several prominent legal scholars who work in the interface of social theory and law, but Cass Sunstein is, to my mind, one of the very few really innovative thinkers with full control of social theory. This edited collection shows that the approach he has been working on for the past several years, has finally come of age.

The first synthesis of law and economics took place several decades ago, based on the seminal work of Nobel prize winning Chicago economist Ronald Coase. The synthesis was based on the so-called "rational actor model" (often called homo Economicus) that can be derived from certain axiomatic, mathematics-like principles, based on the notion of self-interest and utility maximization. This was a major breakthrough in social theory and policy.

But the "rational actor model" has been shown to be systematically violated by real human beings, and behavioral economics arose ... Read More

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