Behavioral Models in Tort Law
Università degli studi di Modena e Reggio Emilia (UNIMORE) - Faculty of Business and Economics; University of St. Thomas School of Law
University of Minnesota - Law School; University of Bologna
October 23, 2012
U of St. Thomas Legal Studies Research Paper No. 12-37
Minnesota Legal Studies Research Paper No. 12-56
In this paper, we illustrate how different behavioral problems can be incorporated into the standard economic model of tort law. Through this exercise, we develop a modeling language that can be utilized by law and economic scholars when considering the effect of behavioral biases and cognitive imperfections in tort law. We use these models in conjunction with the standard taxonomy of psychological biases, to show the effect of different biases on the behavior of tort agents. The models we present are applicable to a wide range of tort problems, and have the potential for application to a broader range of legal problems.
Number of Pages in PDF File: 37
Keywords: behavioral biases, social biases, memory biases, tort law
JEL Classification: K13, K43, D03, D81working papers series
Date posted: October 24, 2012
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