Behavioral Law and Economics - Introduction

Behavioral Law and Economics, Oxford University Press, 2018

Hebrew University of Jerusalem Legal Research Paper No. 18-25

16 Pages Posted: 6 Jul 2018 Last revised: 16 Jul 2018

See all articles by Eyal Zamir

Eyal Zamir

Hebrew University of Jerusalem - Faculty of Law

Doron Teichman

Hebrew University of Jerusalem - Faculty of Law

Date Written: July 1, 2018

Abstract

In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality. While the findings on bounded rationality and heuristics and biases were initially perceived as antithetical to standard economic and legal-economic analysis, over time they have been largely integrated into mainstream economic analysis, including economic analysis of law. Moreover, the impact of behavioral insights has long since transcended purely economic analysis of law: in recent years, the behavioral movement has become one of the most influential developments in legal scholarship in general.

This is the introduction of the book Behavioral Law and Economics (OUP, 2018). The book offers a state-of-the-art overview of the field. It surveys the entire body of psychological research underpinning behavioral analysis of law, and critically evaluate the core methodological questions of this area of research. The book then discusses the fundamental normative questions stemming from the psychological findings on bounded rationality, and explores their implications for establishing the aims of legislation, and the means of attaining them. This is followed by a systematic and critical examination of the contributions of behavioral studies to all major fields of law—property, contracts, consumer protection, torts, corporate, securities regulation, antitrust, administrative, constitutional, international, criminal, and evidence law—as well as to the behavior of key players in the legal arena: litigants and judicial decision-makers.

Keywords: Behavioral analysis of law, law and economics, psychology, bounded rationality, heuristics and biases, property law, contract law, consumer protection law, tort law, corporate law, securities regulation, antitrust law, public law, criminal law, tax law, judicial decision making

JEL Classification: K00, K1, K2, K3, K4

Suggested Citation

Zamir, Eyal and Teichman, Doron, Behavioral Law and Economics - Introduction (July 1, 2018). Behavioral Law and Economics, Oxford University Press, 2018; Hebrew University of Jerusalem Legal Research Paper No. 18-25. Available at SSRN: https://ssrn.com/abstract=3206217

Eyal Zamir (Contact Author)

Hebrew University of Jerusalem - Faculty of Law ( email )

Mount Scopus
Mount Scopus, IL 91905
Israel
+972 2 582 3845 (Phone)
+972 2 582 9002 (Fax)

Doron Teichman

Hebrew University of Jerusalem - Faculty of Law ( email )

Mount Scopus
Mount Scopus, IL 91905
Israel

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