Behavioral Law and Economics

2014 ◽  
pp. 124-142 ◽  
Author(s):  
Christoph Engel
Keyword(s):  
Field Experiments ◽  
Law And Economics ◽  
Legal Analysis ◽  
Empirical Methods ◽  
Traditional Use ◽  
Legal Studies ◽  
Legal Psychology ◽  
Alternative Approaches ◽  
Using Data ◽  
Behavioral Law And Economics

This chapter deals with empirical methods as applied in behavioral law and economics. It first reflects on the traditional use of a behavioral perspective in legal psychology and criminal law, as well as how behavioral law and economics differs from traditional law and economics. It also emphasizes the importance of scientific empirical evidence to law and economics. The chapter then discusses empirical methods for behavioral legal analysis by using data from the Journal of Empirical Legal Studies, focusing on the use of field data, surveys, vignettes, and lab experiments, along with alternative approaches such as field experiments and simulations. It describes and analyzes the methodological variance and cites publications from other peer-reviewed legal journals. In conclusion, it outlines potential paths for future methodological development.

An Overview of Behavioral Law and Economics

2018 ◽  
Author(s):  
Eyal Zamir ◽  
Doron Teichman
Keyword(s):  
External Validity ◽  
Field Experiments ◽  
Law And Economics ◽  
Experimental Studies ◽  
Economic Analysis Of Law ◽  
Natural Experiments ◽  
Legal Studies ◽  
Disciplinary Perspective ◽  
History Of ◽  
Behavioral Law And Economics

The chapter introduces behavioral law and economics. It is divided into three sections. The first section describes the history of behavioral law and economics since the late 1970s. The second section discusses the methodologies used in this sphere, including the emergence of empirical legal studies. Empirical legal studies include lab-experimental, observational, and field-experimental studies—the last category comprising randomized field experiments and natural experiments. Finally, the chapter analyzes the challenges facing this emerging, cross-disciplinary perspective. These challenges include critiques of the psychological studies that form the basis of behavioural law and economics, such as the issues of external validity of laboratory experiments. They also include difficulties in integrating behavioural insights into economic analysis of law.

Introduction

2018 ◽  
Author(s):  
Eyal Zamir ◽  
Doron Teichman
Keyword(s):  
Economic Analysis ◽  
Rational Choice ◽  
Rational Choice Theory ◽  
Choice Theory ◽  
Law And Economics ◽  
Legal Analysis ◽  
Economic Analysis Of Law ◽  
Behavioral Studies ◽  
Behavioral Law And Economics ◽  
Systematic Synthesis

Standard economic analysis of law is based on rational choice theory. In recent decades, numerous experimental and empirical findings have established prevalent and systematic deviations from the assumptions of economic rationality. These findings have been gradually integrated into mainstream economic analysis, including economic analysis of law, to form behavioral law and economics. The introduction highlights the important contributions of behavioral studies to economic analysis of law and to legal analysis more generally. It describes the scope of the book and outlines its structure. It also mentions legal spheres in which the existing scholarship does not yet lend itself to systematic synthesis.

Behavioral Law and Economics

2018 ◽  
Author(s):  
Eyal Zamir ◽  
Doron Teichman
Keyword(s):  
Economic Analysis ◽  
Bounded Rationality ◽  
Law And Economics ◽  
Empirical Studies ◽  
Securities Regulation ◽  
Critical Examination ◽  
Entire Body ◽  
Economic Analysis Of Law ◽  
Behavioral Law And Economics ◽  
The Impact

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. Behavioral Law and Economics offers a state-of-the-art overview of the field. The book surveys the entire body of psychological research underpinning behavioral analysis of law, and critically evaluates 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.

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