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date: 17 June 2021

Abstract and Keywords

This chapter critically surveys the behavioral law-and-economics literature on property law. First, it sketches the main features of existing studies and their tendency to excessively focus on certain topics, such as the home. The chapter then discusses various issues with respect to which behavioral analysis has made an impact, such as the characterization of property as a “thing” or as a “bundle of sticks,” compensation for takings of property, the choice between property rules and liability rules, and redistribution through rules of property law. The chapter proceeds to highlight several gaps in the current literature, such as the disregard of commercial property, fungible property, and movables. Finally, the chapter addresses the desirability and possibility of debiasing, and offers recommendations for future research.

Keywords: behavioral law, economics, endowment effect, property, property rules, liability rules, redistribution

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