Publication Date
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
First Page
537
Publisher
UC Berkeley School of Law
Keywords
economics, behavioral economics
Disciplines
Law
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
