45 Pages Posted: 12 Nov 2008
Date Written: November 11, 2008
A behavioral economics literature identifies how behaviorally-derived assumptions affect the economic analysis of criminal law and public law enforcement. We review and extend that literature. Specifically, we consider the effect of cognitive biases, prospect theory, hedonic adaptation, hyperbolic discounting, fairness preferences, and other deviations from standard economic assumptions on the optimal rules for deterring potential offenders and for regulating (or motivating) potential crime victims, legislators, police, prosecutors, judges, and juries.
Suggested Citation: Suggested Citation
McAdams, Richard H. and Ulen, Thomas S., Behavioral Criminal Law and Economics (November 11, 2008). U of Chicago Law & Economics, Olin Working Paper No. 440; U of Chicago, Public Law Working Paper No. 244; U Illinois Law & Economics Research Paper No. LE08-035. Available at SSRN: https://ssrn.com/abstract=1299963 or http://dx.doi.org/10.2139/ssrn.1299963
By Manuel Utset
By John Hipp