Abstract and Keywords
Experimental economics finds an analytical foothold in at least three archetypal areas of legal scholarship and practice. First, it can be used to explore the functioning of legal institutions, such as settlement bargaining, jury deliberation, and alternative dispute resolution. Second, it can be directed to the study of legal doctrines, such as those relating to proper-ty-rule liability, damages doctrines, and the negligence standard. Third, it can contribute to the practice of law, for example, by informing how the presentation of probabilities is handled at trial, or how damages claims or other complicated legal theories are demonstrated to the trier of fact. This article illustrates the current achievements and future role of experimental economics in shaping law and legal analysis in each of these three broad subject areas. Starting with a brief primer on the theory and methodology of experimental economics, the article goes on to discuss some important topics within each broad area of application. It focuses on general findings, areas for development, and opportunities for innovation and growth. The unifying theme of this discussion is a versatile relationship between experimental economics and legal analysis broadly construed.
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