Abstract

http://ssrn.com/abstract=982527
 
 

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Consumer Contracts: Behavioral Economics vs. Neoclassical Economics


Oren Bar-Gill


Harvard Law School

Richard A. Epstein


New York University School of Law; Stanford University - Hoover Institution on War, Revolution and Peace; University of Chicago - Law School


NYU Law and Economics Research Paper No. 07-17
Minnesota Law Review, Vol. 92, 2007-2008

Abstract:     
In the past decade behavioral economics has established itself as a contender to the throne of neoclassical economics in the economic analysis of law. The pros and cons of behavioral as compared to neoclassical economics have been vigorously debated at the general, methodology level. But the success or failure of the behavioral challenge will be judged by its ability to improve upon neoclassical economics - both descriptively and prescriptively - in specific legal applications. Consumer contracts provide an important test case for behavioral economics. In this exchange we offer the first comprehensive debate between the behavioral and neoclassical perspectives as applied to the law and economics of consumer contracts.

Number of Pages in PDF File: 62

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Date posted: April 25, 2007  

Suggested Citation

Bar-Gill, Oren and Epstein, Richard A., Consumer Contracts: Behavioral Economics vs. Neoclassical Economics. NYU Law and Economics Research Paper No. 07-17; Minnesota Law Review, Vol. 92, 2007-2008. Available at SSRN: http://ssrn.com/abstract=982527

Contact Information

Oren Bar-Gill (Contact Author)
Harvard Law School
1563 Massachusetts Avenue
Cambridge, MA 02138
United States
Richard A. Epstein
New York University School of Law ( email )
40 Washington Square South
New York, NY 10012
United States
(212) 992-8858 (Phone)
(212) 995-4894 (Fax)
Stanford University - Hoover Institution on War, Revolution and Peace
Stanford, CA 94305-6010
United States
University of Chicago - Law School ( email )
1111 E. 60th St.
Chicago, IL 60637
United States
773-702-9563 (Phone)
773-702-0730 (Fax)
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