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date: 19 June 2021

Abstract and Keywords

The chapter begins with several general policy examples that demonstrate how the empirical findings of cognitive and social psychology lead to very different predictions of human behavior and different policy options from those of rational choice theory. The chapter then turns to the topic of law and economics so as to contrast how some familiar conclusions of law and economics that were premised on rational choice by contract parties, potential injurers and victims, and others must be altered in light of the behavioral findings that undermine rational choice theory. The chapter also considers (and rejects) criticisms of behavioral law by economists, legal scholars, and philosophers. Finally, the chapter seeks to point to the next research steps in behavioral law.

Keywords: law and economics, behavioral law and economics, critiques of behavior economics, default rules, nudges, paternalism

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