What Kahneman Means for Lawyers: Some Reflections on Thinking, Fast and Slow

Abstract

Professors Charles Murdock and Barry Sullivan from the Loyola University of Chicago School of Law glean from Daniel Kahneman’s work, offering tremendous insights for lawyers, particularly those engaged in the art of advocacy. Their essay offers strategies for practicing attorneys, including: “framing” the “right” questions in preparing witnesses for trial; “priming” fact-finders by using associative language; “anchoring” settlement negotiations and calculation; appealing to human intuition by fashioning a coherent trial story; appreciating the role of stereotypes, first impressions, and confirmatory bias in the decisions of adjudicators; and even understanding the disposition toward overconfidence and loss aversion in negotiating transactions. Professors Murdock and Sullivan conclude that an understanding of Kahneman’s work is “indispensable” to any attorney wishing to perfect their advocacy and persuasion skills.

Keywords: Daniel Kahneman, behavioral economics, investor protection, advocacy, negotiation

JEL Classification: A12, A14, K10, Z10