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
Recommended Citation
Kyron Huigens,
Law, Economics, and the Skeleton of Value Fallacy,
89
Calif. L. Rev.
537
(2001).
https://larc.cardozo.yu.edu/faculty-articles/276
Included in
Contracts Commons, Jurisprudence Commons, Law and Economics Commons, Law and Society Commons
Comments
Review Essay