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European Perspectives on Behavioural Law and Economics (Economic Analysis of Law in European Legal Scholarship)

Edited by: Klaus Mathis

ISBN13: 9783319357409
Published: October 2016
Publisher: Springer-Verlag
Country of Publication: Germany
Format: Hardback
Price: £89.99



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This anthology highlights the theoretical foundations as well as the various applications of Behavioural Law and Economics in European legal culture. By the same token, it fosters the dialogue between European and American Law and Economics scholars. The traditional neo-classical microeconomic theory explains human behaviour by using Rational Choice. According to this model, people tend to maximize the difference between expected utility and cost ("expected utility theory"). This theory includes three assumptions: (1) unbounded rationality, (2) unbounded self-interest, and (3) unbounded willpower. Behavioural Economics questions these assumptions and endeavours to render economic analysis more realistic by underpinning it with psychological insights. In recent years, the influence of Behavioural Economics on the Economic Analysis of Law has gained momentum. Behavioural Law and Economics generates a better theoretical understanding of legal phenomena and offers a multitude of applications in legislation and legal adjudication. This volume is testament to the growing and thriving Law and Economics movement in Europe. The European Law and Economics community has steadily grown and the yearly Law and Economics Conference at the law faculty of the University of Lucerne has successfully become a guiding star in the vast sky of Law and Economics.

Contents:
Foreword
Sebastian Heselhaus
Preface
Klaus Mathis
Introduction
Klaus Mathis
About the Authors
Part I: Foundations
1. European and American Perspectives on Behavioral Law and Economics
Thomas Ulen
2. The Next Generation of Behavioural Law and Economics
Avishalom Tor
3. From Rational Choice to Behavioural Economics
Klaus Mathis and Ariel David Steffen
Part II: Applications
4. Why Do We Need Responsive Regulation and Behavioural Research in EU Internal Market Law?
Kai Purnhagen
5. Can EU Consumer Law Benefit from Behavioural Insights?
Anne-Lise Sibony
6. Buttons, Boxes, Ticks, and Trust
Martin Engel and Johanna Stark
7. Loss Aversion, Omission Bias and the Civil Standard of Proof
Mark Schweizer
8. How Role and Framing Influence Litigants' Perception of Civil Procedure
Edgar Klinger and Gunter Bierbrauer
9. Investment Suitability Requirements in the Light of Behavioural Findings
Rainer Baisch and Rolf H. Weber
10. Retail Investors and Disclosure Requirements
Genevieve Helleringer
11. Behavioural Antitrust
Andreas Heinemann
12. New York Times v. Sullivan in European Context
Mariusz J. Golecki
Index.