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Behavioral Law and Economics

Behavioral Law and Economics

$54.99 (Z)

Part of Cambridge Series on Judgment and Decision Making

Cass R. Sunstein, Christine Jolls, Richard Thaler, Mark Kelman, Yuval Rottenstreich, Amos Tversky, Jeffrey J. Rachlinski, Russell Korobkin, Donald C. Langevoort, Ilana Ritov, Jonathan Baron, Edna Ullmann-Margalit, Daniel J. Kahneman, Jack L. Knetsch, Richard Thaler, David Schkade, Edward J. McCaffery, Daniel J. Kahneman, Matthew L. Spitzer, Christine Jolls, Ward Farnsworth, Roger C. Noll, James E. Krier, Linda Babcock, George Loewenstein, Timur Kuran, Edward J. McCaffery
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  • Date Published: March 2000
  • availability: Available
  • format: Paperback
  • isbn: 9780521667432

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About the Authors
  • 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.

    • First book to analyze law by showing how people behave
    • Has implications for, and discusses many of the most disputed current issues in law, such as labor strikes, environmental protection, punitive damages
    • Author highly visible
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    Reviews & endorsements

    "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

    • Date Published: March 2000
    • format: Paperback
    • isbn: 9780521667432
    • length: 448 pages
    • dimensions: 229 x 152 x 25 mm
    • weight: 0.65kg
    • contains: 42 b/w illus. 29 tables
    • availability: Available
  • 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.

  • Editor

    Cass R. Sunstein, University of Chicago

    Contributors

    Cass R. Sunstein, Christine Jolls, Richard Thaler, Mark Kelman, Yuval Rottenstreich, Amos Tversky, Jeffrey J. Rachlinski, Russell Korobkin, Donald C. Langevoort, Ilana Ritov, Jonathan Baron, Edna Ullmann-Margalit, Daniel J. Kahneman, Jack L. Knetsch, Richard Thaler, David Schkade, Edward J. McCaffery, Daniel J. Kahneman, Matthew L. Spitzer, Christine Jolls, Ward Farnsworth, Roger C. Noll, James E. Krier, Linda Babcock, George Loewenstein, Timur Kuran, Edward J. McCaffery

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