Behavioral Economics and Its Applications by Diamond Peter; Vartiainen Hannu; & Hannu Vartiainen

Author:Diamond, Peter; Vartiainen, Hannu; & Hannu Vartiainen [Diamond, Peter; Vartiainen, Hannu;]
Language: eng
Format: mobi, epub
Publisher: Princeton University Press
Published: 2007-01-10T07:00:00+00:00

Conclusion

Stylized facts are bound to overly accentuate differences. If one looks at individual contributions in the literature, it will often not be easy to classify them as either behavioral law and economics or law and psychology (a good example is Rachlinski (2003)). The point of this comment, therefore, is as follows: the catchy label “behavioral law and economics” should not lure lawyers into looking exclusively at behavioral economics for insights. Psychology proper is as attractive for the enterprise of laying behavioral foundations for law as governance.

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