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Prospect theory posits that people do not perceive outcomes as final states of wealth or welfare, but rather as gains or losses in relation to some reference point. People are generally loss averse: the disutility generated by a loss is greater than the utility produced by a commensurate gain. Loss aversion is related to such phenomena as the status quo and omission biases, the endowment effect, and escalation of commitment. The book systematically analyzes the relationships between loss aversion and the law.
Law and economics --- Economics --- Actions and defenses --- Loss aversion --- Cognitive psychology --- Law, Politics & Government --- Law, General & Comparative --- Psychological aspects --- Psychology, Cognitive --- Cognitive science --- Psychology --- Aversion, Loss --- Utility theory --- Civil actions --- Defense (Law) --- Interpleader --- Lawsuits --- Litigation --- Personal actions --- Real actions --- Suits (Law) --- Court proceedings --- Procedure (Law) --- Trial practice --- Civil procedure --- Remedies (Law) --- Behavioral economics --- Behavioural economics --- Economics and jurisprudence --- Economics and law --- Jurisprudence and economics --- Jurisprudence --- Law and legislation
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'The Oxford Handbook of Behavioral Economics and Law' brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its twenty-nine chapters are organized into four parts.
Economics --- Law and economics --- Economics and jurisprudence --- Economics and law --- Jurisprudence and economics --- Jurisprudence --- Economic theory --- Political economy --- Social sciences --- Economic man --- Psychological aspects --- E-books --- Behavioral economics --- Behavioural economics
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Law and economics --- Economics --- Human behavior models --- Behavioral modeling --- Behavioral models --- Modeling human behavior --- Models of behavior --- Psychology --- Behavioral economics --- Behavioural economics --- Economics and jurisprudence --- Economics and law --- Jurisprudence and economics --- Jurisprudence --- Psychological aspects --- Economic aspects --- Methodology --- Psychological aspects. --- Economic aspects. --- Law and economics - Psychological aspects --- Economics - Psychological aspects --- Human behavior models - Economic aspects
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This work examines the possibility of combining economic methodology and deontological morality through explicit and direct incorporation of moral constraints into economic models.
Law and economics. --- Law --- Economics --- Philosophy. --- Economic aspects. --- Moral and ethical aspects. --- Economic theory --- Political economy --- Social sciences --- Economic man --- Jurisprudence --- Economics and jurisprudence --- Economics and law --- Jurisprudence and economics --- Acts, Legislative --- Enactments, Legislative --- Laws (Statutes) --- Legislative acts --- Legislative enactments --- Legislation
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In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality. While the findings on bounded rationality and heuristics and biases were initially perceived as antithetical to standard economic and legal-economic analysis, over time they have been largely integrated into mainstream economic analysis, including economic analysis of law. Moreover, the impact of behavioral insights has long since transcended purely economic analysis of law: in recent years, the behavioral movement has become one of the most influential developments in legal scholarship in general. 'Behavioral Law and Economics' offers a state-of-the-art overview of the field.
Law and economics --- Economics --- Human behavior models --- Psychological aspects. --- Economic aspects. --- Behavioral modeling --- Behavioral models --- Modeling human behavior --- Models of behavior --- Psychology --- Behavioral economics --- Behavioural economics --- Economics and jurisprudence --- Economics and law --- Jurisprudence and economics --- Jurisprudence --- Methodology
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Law, Economics, and Morality examines the possibility of combining economic methodology and deontological morality through explicit and direct incorporation of moral constraints into economic models. Economic analysis of law is a powerful analytical methodology. However, as a purely consequentialist approach, which determines the desirability of acts and rules solely by assessing the goodness of their outcomes, standard cost-benefit analysis (CBA) is normatively objectionable. Moderate deontology prioritizes such values as autonomy, basic liberties, truth-telling, and promise-keeping over the promotion of good outcomes. It holds that there are constraints on promoting the good. Such constraints may be overridden only if enough good (or bad) is at stake. While moderate deontology conforms to prevailing moral intuitions and legal doctrines, it is arguably lacking in methodological rigor and precision.Eyal Zamir and Barak Medina argue that the normative flaws of economic analysis can be rectified without relinquishing its methodological advantages and that moral constraints can be formalized so as to make their analysis more rigorous. They discuss various substantive and methodological choices involved in modeling deontological constraints. Zamir and Medina propose to determine the permissibility of any act or rule infringing a deontological constraint by means of mathematical threshold functions. Law, Economics, and Morality presents the general structure of threshold functions, analyzes their elements and addresses possible objections to this proposal. It then illustrates the implementation of constrained CBA in several legal fields, including contract law, freedom of speech, antidiscrimination law, the fight against terrorism, and legal paternalism.
Law and economics --- Law --- Law --- Economics --- Law
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