Vanderbilt Law Review

Vanderbilt Law Review is a magazine focusing on Law

Articles from Vol. 51, No. 6, November

Behavioral Economics Analysis of Redistributive Legal Rules
I. INTRODUCTION "Behavioral law and economics"-the general topic of this Symposium-seeks to bring together "behavior" and "law and economics." Law and economics (without the modifier) is of course already about behavior. But it is typically about behavior...
Behavioral Economics, the Economic Analysis of Bankruptcy Law and the Pricing of Credit
I. INTRODUCTION Bankruptcy has been a fertile ground for the economic analysis of law. A significant portion of bankruptcy scholarship during the past fifteen years applies the basic assumptions of standard economic theory to the problems caused by financial...
Behavioral Theories of Judgment and Decision Making in Legal Scholarship: A Literature Review
I. INTRODUCTION Nearly all interesting legal issues require accurate predictions about human behavior to be resolved satisfactorily. Judges, policymakers, and academics invoke mental models of individual and social behavior whenever they estimate the...
Can There Be a Behavioral Law and Economics?
I. INTRODUCTION The emergence of the modern law and economics analysis generally is dated to the early 1960s with the publication of seminal work by Ronald Coase1 and subsequently by Guido Calabresi and Douglas Melamed.2 These articles laid the foundation...
Comment: The Future of Behavioral Economic Analysis of Law
I. INTRODUCTION Behavioral economic analysis of law presents an important challenge to conventional law and economics, strengthened in part by the fact that conventional law and economics is itself a behavioral approach to law. Indeed, conventional law...
Inertia and Preference in Contract Negotiation: The Psychological Power of Default Rules and Form Terms
I. INTRODUCTION In The Problem of Social Cost,1 the foundational article of the law and economics movement, Ronald Coase suggested that when transaction costs are zero, the initial allocation of a legal entitlement is irrelevant to its eventual ownership.2...
Introduction
By the late 1970s, economics had far surpassed psychology and sociology as the strongest social scientific influence on legal thinking. This preeminence was due in part to the simplicity and elegance of the economists' utility-maximizing rational actor....
Putting Rational Actors in Their Place: Economics and Phenomenology
I. INTRODUCTION The model of human behavior that is used in microeconomics is both normative and descriptive. As a normative model, it is an historical successor to the medieval concept of grace and the Renaissance concept of virtue. As a descriptive...
Remedies and the Psychology of Ownership
I. INTRODUCTION It is surprising that there are cases like Boomer u. Atlantic Cement Co.1 The plaintiffs in Boomer were eight homeowners seeking injunctive relief against the dust and noise produced by a neighboring cement plant, the Atlantic Cement...
The Growing Pains of Behavioral Law and Economics
I. INTRODUCTION We are at the beginning of behavioral law and economics. We now see only dimly the outlines of the elaborate theory of decision making that is to come. We are like the independent scholars who examined the various parts of a very large...
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