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

24 Pages Posted: 19 Jun 2013 Last revised: 18 Dec 2013

See all articles by Charles W. Murdock

Charles W. Murdock

Loyola University Chicago School of Law; Loyola University of Chicago

Barry Sullivan

Loyola University Chicago School of Law

Date Written: May 1, 2013

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

Suggested Citation

Murdock, Charles W. and Sullivan, Barry, What Kahneman Means for Lawyers: Some Reflections on Thinking, Fast and Slow (May 1, 2013). Loyola University Chicago Law Journal, Vol. 44, No. 5, 2013, Loyola University Chicago School of Law Research Paper No. 2013-014, Available at SSRN: https://ssrn.com/abstract=2281526

Charles W. Murdock

Loyola University Chicago School of Law ( email )

25 E. Pearson
Chicago, IL 60611
United States

Loyola University of Chicago ( email )

25 East Pearson Street
Chicago, IL 60611

Barry Sullivan (Contact Author)

Loyola University Chicago School of Law ( email )

25 E. Pearson
Chicago, IL 60611
United States

HOME PAGE: http://www.luc.edu/law/faculty/sullivan.html

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