Publication Date

3-2001

Journal

California Law Review

Abstract

Experiments in the last decade or so have demonstrated persistent failures on the part of ordinary individuals rationally to pursue self-interest. The experiments pose serious challenges to economics, rational choice theory, and the law and economics school. Some experiments, for example, suggest an "endowment effect", that contradicts the Coase Theorem; the notion that, in the absence of transaction costs, goods will find their most efficient distribution regardless of their initial assignment. Cass Sunstein has collected a set of essays by economists and legal scholars exploring these challenges, in a volume entitled Behavioral Law and Economics.

Volume

89

Issue

2

First Page

537

Last Page

568

Publisher

UC Berkeley School of Law

Keywords

Economics Law, Law and Society, Jurisprudence, Psychiatry and Psychology, Contracts

Disciplines

Contracts | Jurisprudence | Law | Law and Economics | Law and Society

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