Research Guides : Behavioral Law and Economics: Books and Articles

Journals available via Browzine

Behavioral Sciences & the Law	Decisions on Economics and Finance
Review of Behavioral Finance	The Journal of Behavioral Finance
Behavioral Decision Making	Psychiatry, Psychology and the Law

Article Examples from HeinOnline

A Behavioral Approach to Law and Economics Economic analysis of law usually proceeds under the assumptions of neoclassical economics. But empirical evidence gives much reason to doubt these assumptions; people exhibit bounded rationality, bounded self-interest, and bounded willpower. This article offers a broad vision of how law and economics analysis may be improved by increased attention to insights about actual human behavior. It considers specific topics in the economic analysis of law and proposes new models and approaches for addressing these topics. The analysis of the article is organized into three categories: positive, prescriptive, and normative. Positive analysis of law concerns how agents behave in response to legal rules and how legal rules are shaped. Prescriptive analysis concerns what rules should be adopted to advance specified ends. Normative analysis attempts to assess more broadly the ends of the legal system: Should the system always respect people's choices? By drawing attention to cognitive and motivational problems of both citizens and government, behavioral law and economics offers answers distinct from those offered by the standard analysis.

Behavior and Contract Behavioral law and economics has raised serious questions regarding rational choice theory, an essential underpinning of neoclassical law and economics. Rational choice theory, it seems, does not describe very well how consumers behave or how markets work. Economists have taken the insights of behavioral scientists in stride, and have begun to acknowledge that real people do not make choices solely to maximize their expected utility as rational choice theory would predict. The descriptive project of economics has been greatly enriched by the more complex story that behavioralists are telling.
The Borat Problem in Negotiation: Fraud, Assent, and the Behavioral Law and Economics of Standard Form Contracts Two parties reach an oral agreement. The first then presents a standard form contract, which the second signs without reading, or without reading carefully. When the second party later objects that the first did not perform according to the oral representations, the first party points out that the signed document includes different terms or disclaims prior representations and promises. I call this alltoo-common occurrence the "Borat Problem," after litigation presenting this fact pattern that followed the 2006 movie of that name.

Present Bias and Criminal Law Although "present bias" (or weakness of will, impulsiveness, myopia, or bounded willpower) was flagged as an issue for legal examination by Tom Ulen and Russell Korobkin over a decade ago, the concept has received insufficient attention in the legal field-and most of that attention has focused on its implications for the regulation of credit and savings. But, as demonstrated by this Article, the inconsistency of time preferences has wider implications, especially for criminal law. First, present bias may have significant implications for the general deterrence of crime. Individuals with time-inconsistent pref erences may give in to immediate temptations to offend, even though they will not plan to exploit more distant opportunities to offend. To create additional deterrence by exploiting the present bias, one must either make the deferred costs of crime immediate or make the immediate benefits of crime deferred. For this reason, present bias heightens the importance of timing arrests closer to the commission of a crime-which suggests overlooked benefits from undercover operations. It also increases the efficiency of private crime prevention when these measures pose costs that occur contemporaneously with the benefits of crime. Second, present bias explains addiction, otherwise puzzling conditions of probation and parole, and the self-control mechanisms for dealing with addiction and tempting criminal behavior. Preventative measures, whether imposed by the state as a condition of probation and parole or imposed by the potential offender through "self-exclusion," work by preventing an individual from having the opportunity to succumb to temptation.
Heuristics, Biases, and Criminal Defendants Cognitive science teaches us that most people, much of the time, act in ways that systematically depart from the behavior of a purely rational actor. In the past fifteen years, scholars have used this core insight not only as the basis for critique of law and economics-based analyses, but also as the foundation of its own distinct approach to legal problems. The resulting literature is robust and stimulating, and "behavioral law and economics" has contributed to virtually every field of legal inquiry. I am in favor of drawing on psychology's insights to enrich legal scholarship and practice, and generally applaud the effort to strengthen the connection between reality and critique. My purpose here is simply to use this symposium's discussion of plea bargaining to introduce a note of caution with respect to the application of this research to the workings of the criminal justice system, and in particular with respect to the behavior of criminal defendants.
An Economic Analysis of the Criminal Law as a Preference-Shaping Policy The economic model of individual behavior is predicated on the assumption that people rationally choose among their opportunities to achieve maximum satisfaction according to their individual preferences.' In accordance with this model, if a person's opportunities or preferences change, then the opportunity the person chooses to satisfy her preferences will also change. Thus the economic model suggests at least two modes by which society can promote desired individual behavior: shaping the individual's opportunities to give incentive for desired behavior, or shaping the individual's preferences by increasing her taste for desired behavior.

Rational Actors and Rational Fools: The Influence of Affect on Judgment and Decision-Making The past decade has witnessed a burgeoning interest in the application of behavioral science to the law.' An earlier paradigm, centered around law and economics, is being challenged by those who would infuse a heavy dose of cognitive psychology, behavioral economics, and behavioral decision theory into this mix. The frontispiece of a recent volume titled "Behavioral Law and Economics" defines this new field as one that aims to show how, with a clearer knowledge of human behavior, we might be better able to predict the actual effects of law and to assess the real, and potential, role of law in society.
The Effect of Legal Expert Commentary on Lay Judgments of JudicialDecision Making The public’s view of the judiciary is a key factor in the legitimacy of any legal system. Ideally,popular judgments of the adjudicative branch would be independent of the outcomes of thedecisions it furnishes. In a previous study (Simon & Scurich 2011), we found that lay people’sevaluations of the judicial decision-making process were highly contingent on the decisionoutcomes. Participants gave favorable evaluations of the judges and their decisions whenthey agreed with the judges’ outcomes, but reported negative evaluations when they dis-agreed with them. These results held true across four different types of judicial reasoning,and despite the fact that all decisions were described as having followed proper proceduresand been argued by competent lawyers. That study left open the possibility that the public’sjudgments might be moderated by professional elites, namely, legal experts. Indeed, in reallife, much of the public’s information about judicial decisions is derived from legal expertswho communicate and comment on them in the media. This study examined the effect ofprofessional commentators on lay people’s judgments of judicial decision making. We foundthat the experts’ commentaries do not alter participants’ evaluations of the courts’ decisions,as the evaluations continue to be influenced strongly by the participants’ agreement with theoutcomes of the judges’ decisions. Moreover, lay people’s reactions to the experts follow asimilar pattern: the experts are deemed competent and their commentaries are deemedreliable when the participants agree with the outcomes propounded by the experts, but theopposite is true when the participants’ preferred outcomes are incongruent with the out-comes endorsed by the experts. These findings suggest that the outcome-dominated judg-ments of courts cannot easily be tempered by professional elites. This conclusion could alsoprovide some insight into the dynamic process that enables political polarization.

Book Carousel

Behavioral Law and Economics

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.

Research Handbook on the Economics of Criminal Law

Jeremy Bentham and Gary Becker established the tradition of analyzing criminal law in utilitarian and economic terms. This seminal book continues that tradition with specially commissioned, original papers that span the philosophical foundations of the us

The Science of Persuasion

This is your guide to the way jurors make decisions, and how you can use that knowledge to convince them that your story of a case is the correct version. The author--who holds a Ph.D in psychology, for which he researched persuasion and juror decision-making--walks you though every stage of the trial and offers information on what jurors are thinking when, and how to influence them in the most effective ways.

Law and Economics

This textbook presents a broad examination of law and economics, including the questions of economic justice raised by the application of economics to law. It explores both conventional analysis and examines how that analysis may be affected by behavioral findings. A primary focus is on how economic analysis holds up in markets that are often defined by rights, perceived duties, and obligations. Chapters include the tools of analysis, behavioral economics, the Coase Theorem, contract law, tort law, criminal law, government regulation, antitrust, and intellectual property.

The Law and Economics of Irrational Behavior

This collection of essays explores the most relevant developments at the interface of economics and psychology, giving special attention to models of irrational behavior, and draws the relevant implications of such models for the design of legal rules and institutions. The application of economic models of irrational behavior to law is especially challenging because specific departures from rational behavior differ markedly from one another. Furthermore, the analytical and deductive instruments of economic theory have to be reshaped to deal with the fragmented and heterogeneous findings of psychological research, turning towards a more experimental and inductive methodology. This volume brings together pioneering scholars in this area, along with some of the most exciting developments in the field of legal and economic theory. Areas of application include criminal law and sentencing, tort law, contract law, corporate law, and financial markets.

Inside the Juror

Inside the Juror presents the most interesting and sophisticated work to date on juror decision making from several traditions - social psychology, behavioural decision theory, cognitive psychology, and behavioural modeling. The authors grapple with crucial questions, such as: why do jurors who hear the same evidence and arguments in the courtroom enter the jury room with disagreements about the proper verdict? how do biases and prejudices affect jurors' decisions? and just how 'rational' is the typical juror? As an introduction to the scientific study of juror decision making in criminal trials, Inside the Juror provides a comprehensive and understandable summary of the major theories of juror decision making and the research that has been conducted to evaluate their validity.

Nudge Theory in Action

This collection challenges the popular but abstract concept of nudging, demonstrating the real-world application of behavioral economics in policy-making and technology. Groundbreaking and practical, it considers the existing political incentives and regulatory institutions that shape the environment in which behavioral policy-making occurs, as well as alternatives to government nudges already provided by the market. The contributions discuss the use of regulations and technology to help consumers overcome their behavioral biases and make better choices, considering the ethical questions of government and market nudges and the uncertainty inherent in designing effective nudges. Four case studies - on weight loss, energy efficiency, consumer finance, and health care - put the discussion of the efficiency of nudges into concrete, recognizable terms. A must-read for researchers studying the public policy applications of behavioral economics, this book will also appeal to practicing lawmakers and regulators.

Advanced Introduction to Behavioral Economics

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.Leading researcher John F. Tomer presents an invigorating and concise introduction to behavioral economics that offers essential behavioral theories, perspectives, trends and developments within this ever-evolving discipline.This book covers the key areas of behavioral economics, including Herbert Simon's bounded rationality, Daniel Kahneman and Amos Tversky's psychological economics, behavioral finance, nudging and public policy, behavioral macroeconomics, law and behavioral economics, neuroeconomics and empirical methods of behavioral economics. John F. Tomer also explores how and why behavioral economics emerged and differs from neoclassical economics.This book will be particularly useful for advanced undergraduate students, graduate students, policy makers, and other professionals who participate in economic-related matters.

Books in the Library

Advanced Introduction to Behavioral Economics by John F. Tomer Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas.Leading researcher John F. Tomer presents an invigorating and concise introduction to behavioral economics that offers essential behavioral theories, perspectives, trends and developments within this ever-evolving discipline.This book covers the key areas of behavioral economics, including Herbert Simon's bounded rationality, Daniel Kahneman and Amos Tversky's psychological economics, behavioral finance, nudging and public policy, behavioral macroeconomics, law and behavioral economics, neuroeconomics and empirical methods of behavioral economics. John F. Tomer also explores how and why behavioral economics emerged and differs from neoclassical economics.This book will be particularly useful for advanced undergraduate students, graduate students, policy makers, and other professionals who participate in economic-related matters.
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Call Number: HB74.P8T66 2017
ISBN: 1784719919
Publication Date: 2017-09-29
Human Agency and Behavioral Economics by Cass R. Sunstein This Palgrave Pivot offers comprehensive evidence about what people actually think of "nudge" policies designed to steer decision makers' choices in positive directions. The data reveal that people in diverse nations generally favor nudges by strong majorities, with a preference for educative efforts - such as calorie labels - that equip individuals to make the best decisions for their own lives. On the other hand, there are significant arguments for noneducational nudges - such as automatic enrollment in savings plans - as they allow people to devote their scarce time and attention to their most pressing concerns.    The decision to use either educative or noneducative nudges raises fundamental questions about human freedom in both theory and practice. Sunstein's findings and analysis offer lessons for those involved in law and policy who are choosing which method to support as the most effective way to encourage lifestyle changes.
Call Number: HB74.P8 S86 2017
ISBN: 3319558064
Publication Date: 2017-05-12
Nudging Health by I. Glenn Cohen (Editor); Holly Fernandez Lynch; Christopher T. Robertson (Editor); Cass R. Sunstein (Foreword by) Behavioral nudges are everywhere: calorie counts on menus, automated text reminders to encourage medication adherence, a reminder bell when a driver's seatbelt isn't fastened. Designed to help people make better health choices, these reminders have become so commonplace that they often go unnoticed. In Nudging Health, forty-five experts in behavioral science and health policy from across academia, government, and private industry come together to explore whether and how these tools are effective in improving health outcomes. Behavioral science has swept the fields of economics and law through the study of nudges, cognitive biases, and decisional heuristics--but it has only recently begun to impact the conversation on health care. Nudging Health wrestles with some of the thorny philosophical issues, legal limits, and conceptual questions raised by behavioral science as applied to health law and policy. The volume frames the fundamental issues surrounding health nudges by addressing ethical questions. Does cost-sharing for health expenditures cause patients to make poor decisions? Is it right to make it difficult for people to opt out of having their organs harvested for donation when they die? Are behavioral nudges paternalistic? The contributors examine specific applications of behavioral science, including efforts to address health care costs, improve vaccination rates, and encourage better decision-making by physicians. They wrestle with questions regarding the doctor-patient relationship and defaults in healthcare while engaging with larger, timely questions of healthcare reform. Nudging Health is the first multi-voiced assessment of behavioral economics and health law to span such a wide array of issues--from the Affordable Care Act to prescription drugs. Contributors: David A. Asch, Jerry Avorn, Jennifer Blumenthal-Barby, Alexander M. Capron, Niteesh K. Choudhry, I. Glenn Cohen, Sarah Conly, Gregory Curfman, Khaled El Emam, Barbara J. Evans, Nir Eyal, Andrea Freeman, Alan M. Garber, Jonathan Gingerich, Michael Hallsworth, Jim Hawkins, David Huffman, David A. Hyman, Julika Kaplan, Aaron S. Kesselheim, Nina A. Kohn, Russell Korobkin, Jeffrey T. Kullgren, Matthew J.B. Lawrence, George Loewenstein, Holly Fernandez Lynch, Ester Moher, Abigail R. Moncrieff, David Orentlicher, Manisha Padi, Christopher T. Robertson, Ameet Sarpatwari, Aditi P. Sen, Neel Shah, Zainab Shipchandler, Anna D. Sinaiko, Donna Spruijt-Metz, Cass R. Sunstein, Thomas S. Ulen, Kristen Underhill, Kevin G. Volpp, Mark D. White, David V. Yokum, Jennifer L. Zamzow, Richard J. Zeckhauser
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Call Number: RA971.3.N83 2016
ISBN: 9781421421001
Publication Date: 2016-10-20
Research Handbook on the Economics of Criminal Law by Alon Harel (Editor); Keith N. Hylton (Editor)
Call Number: K5026.R47 2012
ISBN: 1848443749
Publication Date: 2012-06-29
Seduction by Contract by Oren Bar-Gill Consumers routinely enter into long-term contracts with providers of goods and services - from credit cards, mortgages, cell phones, insurance, TV, and internet services to household appliances, theatre and sports events, health clubs, magazine subscriptions, transportation, and more. Acrossthese consumer markets certain design features of contracts are recurrent, and puzzling. Why do sellers design contracts to provide short-term benefits and impose long-term costs? Why are low introductory prices so common? Why are the contracts themselves so complex, with numerous fees and interestrates, tariffs and penalties?Seduction by Contract explains how consumer contracts emerge from the interaction between market forces and consumer psychology. Consumers are short-sighted and optimistic, so sellers compete to offer short-term benefits, while imposing long-term costs. Consumers are imperfectly rational, so sellershide the true costs of products and services in complex contracts. Consumers are seduced by contracts that increase perceived benefits, without actually providing more benefits, and decrease perceived costs, without actually reducing the costs that consumers ultimately bear.Competition does not help this behavioural market failure. It may even exacerbate it. Sellers, operating in a competitive market, have no choice but to align contract design with the psychology of consumers. A high-road seller who offers what she knows to be the best contract will lose business tothe low-road seller who offers what the consumer mistakenly believes to be the best contract. Put bluntly, competition forces sellers to exploit the biases and misperceptions of their customers. Seduction by Contract argues that better legal policy can help consumers and enhance market efficiency. Disclosure mandates provide a promising avenue for regulatory intervention. Simple, aggregate disclosures can help consumers make better choices. Comprehensive disclosures can facilitate the workof intermediaries, enabling them to better advise consumers. Effective disclosure would expose the seductive nature of consumer contracts and, as a result, reduce sellers' incentives to write inefficient contracts.Developing its explanation through a general framework and detailed case studies of three major consumer markets (credit cards, mortgages, and cell phones), Seduction by Contract is an accessible introduction to the law and economics of consumer contracts, and a powerful critique of currentregulatory policy.
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Call Number: K3842.B37 2012
ISBN: 019966336X
Publication Date: 2012-10-25
The Science of Persuasion by Gregory Bradshaw; Brad Bradshaw
Call Number: KF8972.B73 2011
ISBN: 1616329890
Publication Date: 2012-08-16
Law and Economics by Jeffrey L. Harrison
Call Number: KF385.A4H368 2007
ISBN: 0314180168
Publication Date: 2007-07-09
The Law and Economics of Irrational Behavior by Francesco Parisi (Editor); Vernon L. Smith (Editor)
Call Number: K487.E3L3875 2005
ISBN: 0804751439
Publication Date: 2005-01-18
Behavioral Law and Economics by Cass R. Sunstein (Editor); Hal R. Arkes (Contribution by); Jonathan Baron (Contribution by); Lola Lopes (Contribution by)
Call Number: K487.E3B435 2000
ISBN: 0521661358
Publication Date: 2000-03-28
Inside the Juror by Reid Hastie (Editor)
Call Number: KF8972.I57 1993
ISBN: 0521419883
Publication Date: 1993-02-26

Reference

The New Palgrave Dictionary of Economics by Steven N. Durlauf; Lawrence E. Blume
Call Number: E-Book
ISBN: 0333786769
Publication Date: 2008-05-15

E-Books available for students

Behavioral Economics and Healthy Behaviors by Yaniv Hanoch (Editor); Andrew Barnes (Editor); Thomas Rice (Editor) The field of behavioural economics can tell us a great deal about cognitive bias and unconscious decision-making, challenging the orthodox economic model whereby consumers make rational and informed choices. But it is in the arena of health that it perhaps offers individuals and governments the most value. In this important new book, the most pernicious health issues we face today are examined through a behavioral economic lens. It provides an essential and timely overview of how this growing field of study can reframe and offer solutions to some of the biggest health issues of our age. The book opens with an overview of the core theoretical concepts, after which each chapter assesses how behavioral economic research and practice can inform public policy across a range of health issues. Including chapters on tobacco, alcohol and drug use, physical activity, dietary intake, cancer screening and sexual health, the book integrates the key insights from the field to both developed and developing nations. Also asking important ethical questions around paternalism and informed choice, this book will be essential reading for students and researchers across psychology, economics and business and management, as well as public health professionals wishing for a concise overview of the role behavioral economics can potentially play in allowing people to live healthier lives.
Call Number: E-Book
ISBN: 1138638218
Publication Date: 2017-06-07
Nudge Theory in Action by Sherzod Abdukadirov (Editor) This collection challenges the popular but abstract concept of nudging, demonstrating the real-world application of behavioral economics in policy-making and technology. Groundbreaking and practical, it considers the existing political incentives and regulatory institutions that shape the environment in which behavioral policy-making occurs, as well as alternatives to government nudges already provided by the market. The contributions discuss the use of regulations and technology to help consumers overcome their behavioral biases and make better choices, considering the ethical questions of government and market nudges and the uncertainty inherent in designing effective nudges. Four case studies - on weight loss, energy efficiency, consumer finance, and health care - put the discussion of the efficiency of nudges into concrete, recognizable terms. A must-read for researchers studying the public policy applications of behavioral economics, this book will also appeal to practicing lawmakers and regulators.
Call Number: E-Book
ISBN: 3319313193
Publication Date: 2016-09-28
Addiction As Consumer Choice by Gordon Foxall A striking characteristic of addictive behavior is the pursuit of immediate reward at the risk of longer-term detrimental outcomes. It is typically accompanied by the expression of a strong desire to cease from or at least control consumption that has such consequences, followed by lapse, further resolution, relapse, and so on. Understood in this way, addiction includes substance abuse as well as behavioral compulsions like excessive gambling or even uncontrollable shopping. Behavioral economics and neurophysiology provide well-worn paths to understanding this behavior and this book regards them as central components of this quest. However, the specific question it seeks to answer is, What part does cognition- the desires we pursue and the beliefs we have about how to accomplish them - play in explaining addictive behavior? The answer is sought in a methodology that indicates why and where cognitive explanation is necessary, the form it should take, and the outcomes of employing it to understand addiction. It applies the Behavioral Perspective Model (BPM) of consumer choice, a tried and tested theory of more routine consumption, ranging from everyday product and brand choice, through credit purchasing and environmental despoliation, to the more extreme aspects of consumption represented by compulsion and addiction. The book will advance debate among behavioral scientists, cognitive psychologists, and other professionals about the nature of economic and social behavior.
ISBN: 9780415703208
Publication Date: 2016-03-07
Neuroeconomics and Decision Making by Valerie F. Reyna (Editor); Evan A. Wilhelms (Editor) This volume explores how and why people make judgments and decisions that have economic consequences, and what the implications are for human well-being. It provides an integrated review of the latest research from many different disciplines, including social, cognitive, and developmental psychology; neuroscience and neurobiology; and economics and business. The book has six areas of focus: historical foundations; cognitive consistency and inconsistency; heuristics and biases; neuroeconomics and neurobiology; developmental and individual differences; and improving decisions. Throughout, the contributors draw out implications from traditional behavioral research as well as evidence from neuroscience. In recent years, neuroscientific methods have matured, beyond being simply correlational and descriptive, into theoretical prediction and explanation, and this has opened up many new areas of discovery about economic behavior that are reviewed in the book. In the final part, there are applications of the research to cognitive development, individual differences, and the improving of decisions. The book takes a broad perspective and is written in an accessible way so as to reach a wide audience of advanced students and researchers interested in behavioral economics and related areas. This includes neuroscientists, neuropsychologists, clinicians, psychologists (developmental, social, and cognitive), economists and other social scientists; legal scholars and criminologists; professionals in public health and medicine; educators; evidence-based practitioners; and policy-makers.
ISBN: 1848726597
Publication Date: 2014-07-28
Philosophical Problems of Behavioral Economics by Stefan Heidl The goal of behavioural economics is to improve the explanatory and predictive power of economics. This can be achieved by using theoretical and methodological resources of psychology. Its fundamental idea is that the relationship between psychology and economics cannot be subsumed under standard philosophical accounts of intertheoretical relations. Philosophical Problems of Behavioural Economicsargues that behavioural economics is best understood as an attempt to deidealize economic theory guided by psychological research. Behavioural economics deconstructs the model of decision-making by adding different elements. Based on this understanding behavioural economics has a number of tasks: first, it has to identify which economic theory needs to be challenged; second it aims to identify factors which need to be modelled within economic theories of choice and modify the theory accordingly; and finally, it has to create models that explain economic phenomena based on the new theory. This book analyses the different stages of this deconstruction process and shows how the scientific disciplines of economics and psychology are connected by it. This volume develops a new account of intertheoretical relations based on the idea of deidealization and thus contributes to debates within the philosophy of social science. It is suitable for those who are interested in or study economic theory and philosophy, economic psychology and philosophy of social science.　　
ISBN: 9781138639195
Publication Date: 2016-05-11
Bounded Rationality and Behavioural Economics by Graham Mallard Economics Nobel Laureate Herbert Simon developed the concept of bounded rationality in the 1950s. This asserts that the cognitive abilities of human decision-makers are not always sufficient to find optimal solutions to complex real-life problems, leading decision-makers to find satisfactory, sub-optimal outcomes. This was a foundational component of the development of Behavioural Economics but in recent years the two fields have diverged, each with its own literature, its own approach and its own proponents. Behavioural Economics explores the areas of commonality between Economics and Psychology, in terms of its focus and its approach, whereas the bounded rationality literature largely analyses the implications of sub-optimal decisionmaking through the mathematically sophisticated methodology of mainstream Economics. This book examines the nature and consequences of this divergence and questions whether this is a case of beneficial specialisation or whether it is unhelpful, potentially stunting the development of some aspects of Economics. It has been suggested that the major deficiency of Behavioural Economics is that it has failed to produce a single, widely applicable alternative to constrained optimisation. This book evaluates the extent to which this is the true and, if it is, the extent to which it is a product of the divergence between the two literatures. It also seeks to identify commonalities between the two subjects and suggests avenues of research in Economics that would benefit from a re-fusion of these two fields.
ISBN: 1138790206
Publication Date: 2015-09-08
The Oxford Handbook of Behavioral Economics and the Law by Eyal Zamir (Editor); Doron Teichman (Editor)
Call Number: E-Book
ISBN: 0199945470
Publication Date: 2014-10-16
How Pretrial Publicity Affects Juror Decision Making and Memory by Christine L. Ruva
Call Number: E-Book
ISBN: 1616683287
Publication Date: 2010-07-01

Behavioral Law and Economics: Books and Articles