Moral Norms, Adaptive Preferences, and Hedonic Psychology

2021 ◽  
Vol 22 (2) ◽  
pp. 35-54
Author(s):  
Jonathan S. Masur
Keyword(s):  
Economic Theory ◽  
Human Behavior ◽  
Law And Economics ◽  
Moral Norm ◽  
Moral Norms ◽  
Adaptive Preferences ◽  
The Government ◽  
Behavioral Law And Economics ◽  
Hedonic Approach

Abstract In a series of important papers published roughly twenty years ago, Professor Robert Cooter developed a comprehensive economic theory of moral norms. He explained the value of those norms, described the process by which norms are adopted, and offered a set of predictions regarding the circumstances under which an individual will choose to adopt a particular moral norm. This brief Article applies behavioral law and economics and hedonic psychology to expand upon Professor Cooter’s path-breaking theory. In particular, understanding welfare in hedonic terms — rather than preference-satisfaction terms — suggests a multitude of further situations in which individuals will justifiably seek to internalize moral norms. The hedonic approach to welfare then further suggests an enhanced role for the government to play in encouraging the adoption of welfare-enhancing norms. Cooter’s theory, combined with modern understandings of welfare and human behavior, thus offers powerful predictive and prescriptive possibilities.

The Theory of “Efficient Breach”: A Jewish Law Perspective

2010 ◽  
pp. 339-360
Author(s):  
Ronald Warburg
Keyword(s):  
Economic Efficiency ◽  
Law And Economics ◽  
Moral Norm ◽  
Legal Norm ◽  
Jewish Law ◽  
Distinguishing Characteristic ◽  
Moral Norms ◽  
Inside Information ◽  
Human Organs ◽  
The Law

This article focuses on the theory of efficient breach from the perspective of the Jewish law. The law and economics schools of thought have advanced a number of controversial claims in the name of economic efficiency—from promoting trading on inside information to providing markets for the sale of human organs—but none may be as provocative and challenging as the argument of entitlement and economic efficiency underlying the theory of “efficient breach.” This article explains various Jewish laws such as halakhah. Halakhah distinguishes between legal and moral norms. The distinguishing characteristic between them is enforceability. Whereas a halakhic-legal norm is enforceable by a bet din, compliance with a halakhic moral norm is dependent upon individual volition. There are two components required in the undertaking of an obligation: effectuating a kinyan and gemirat da'at. This article further elaborates upon every other clause pertaining to Jewish law and Judaism which concludes this article.

Prinsip Dasar Ekonomi Dan Bisnis Dalam Islam

AKADEMIKA ◽  
2015 ◽  
Vol 9 (1) ◽  
pp. 69-77
Author(s):  
Misbahul Khoir
Keyword(s):  
Economic Development ◽  
Economic System ◽  
Human Behavior ◽  
Business Performance ◽  
Positive Impact ◽  
Economic Life ◽  
Universal Values ◽  
The Government ◽  
Islamic Economic ◽  
And Behavior

In order for humans could reach the so-called falah (goodness), human behavior needs to be colored with the spirit and norms of Islamic economics reflected in its values. The principles and values of Islamic economics are considerably two inseparable things. The implementation of economic principles without being colored with values or values without being based on principles could keep people far away from their purpose, namely falah. The implementation of values not based on principles will tend to bring with it the normative economics, which would cause it trapped into injustice. While the implementation of values on the Islamic economic development is based on the five universal values, namely akidah (belief), 'adl (justice), nubuwwah (prophetic), khilafah (the government), and ma'ad (results). The five principles are used as the basis for building theories of Islamic economics. But strong and adequate theories not applied into a system will make the Islamic economics just as the study of science without giving positive impact on the economic life. Therefore, based on the five universal values, the three derivative principles should be built into the characteristics and the forerunner of the Islamic economic system. The Islamic economic system makes sure that there are no economic transactions that are contrary to the Shari'a. But business performance depends on the man behind the gun. For that reason, the economic actors within this framework could be held by non-Muslims. The Islamic economics could only be developed if the mindset and behavior of Muslims are already itqan (diligent) and ihsan (professional). It "may be" one of the secrets of the Prophet's statement, saying "Truly I was sent to perfect good character". Because good character could be an indicator of knowing good or bad behavior in determining both the success and the failure of business itself.

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.

Alcohol, Alcoholism, and Crime

1963 ◽  
Vol 9 (1) ◽  
pp. 1-14 ◽  
Author(s):  
Selden D. Bacon
Keyword(s):  
Human Behavior ◽  
The Other ◽  
General Knowledge ◽  
Social Custom ◽  
The Government ◽  
The Impact

This article is concerned with the overlapping of two phe nomena, each of which can occur independently of the other. The first is deviation from the specific social custom of drinking. The second, crime, refers to a class of deviations from many different customs of a society—deviations possessing one unique attribute in common, that of eliciting purposeful, negative sanc tions by the government. General knowledge about deviation from custom and about the impact of alcohol upon human behavior must be combined with an understanding of each of these two categories of deviance in order to assess the overlap.

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