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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.
This book contains illuminating and carefully written literature reviews on the central topics of the economics of property rights and institutions. As a bonus, it includes two fascinating chapters on topics off the beaten path slavery and new types of property rights in environmental goods. This book will be indispensible for students and experienced scholars alike. Eric Posner, University of Chicago Law School, US This study covers property law and property rights, providing a full summary and comprehensive bibliography of the existing law, together with discussion from an economic perspective on the most important aspects of property law. Leading experts have brought together their knowledge and insight on a full range of issues including comparative property law and the history of property law to create a truly autonomous interdisciplinary resource. This essential reference work will strongly appeal to scholars and students enrolled in academic programmes of law and economics. Academic lawyers involved in research and teaching of private (common) law, practicing lawyers in the field of real estate law, as well as economists involved in researching development economics and transition economics will also find this an invaluable resource.
The Political Economy of Rule Evasion and Policy Reform develops the logic underlying the connections between breaking the rules and making the rules. Approaching policy issues from the point of view of rule circumvention provides a perspective that illuminates a wide variety of phenomena:* implicit tolerance of extensive illegal behaviour, treadmi
Acclaim for the first edition: Backhaus s book is a good companion. Pablo Salvador Coderch, Indret A most valuable collection of papers serving to provide the reader both with an overview of some key areas in law and economics and with a biographical introduction to the work of some important, if also neglected, sources of scholarship in the discipline. Anthony I. Ogus, CBE, University of Manchester, UK This thoroughly updated and revised edition of a popular and authoritative reference work introduces the reader to the major concepts and leading contributors in the field of law and economics. The Companion features accessible, informative and provocative entries on all the significant issues, and breaks new ground by bringing together widely dispersed yet theoretically congruent ideas. Following a comprehensive introduction by the editor, the renowned contributors look in detail at several critical areas including: fundamentals of the law and economics approach private law and economics public law and economics labour law and economics regulation, taxation and public enterprise dispute resolution different sources of the law economic analysis of a legal problem classical authors in law and economics. Students and scholars interested in a comprehensive and rigorous overview of the field of law and economics will find this volume to be a unique and welcome resource. The Companion will also have a broad appeal amongst industrial economists and historians of economic thought.
The past 20 years have seen unparalleled advances in neurobiology, with findings from neuroscience being used to shed light on a range of human activities - many historically the province of those in the humanities and social sciences - aesthetics, emotion, consciousness, music. Applying this new knowledge to law seems a natural development - the making, considering, and enforcing of law of course rests on mental processes. However, where some of those activities can be studied with a certain amount of academic detachment, what we discover about the brain has considerable implications for how we consider and judge those who follow or indeed flout the law - with inevitable social and political consequences. There are real issues that the legal system will face as neurobiological studies continue to relentlessly probe the human mind - the motives for our actions, our decision making processes, and such issues as free will and responsibility. This volume represents a first serious attempt to address questions of law as reflecting brain activity, emphasizing that it is the organization and functioning of the brain that determines how we enact and obey laws. It applies the most recent developments in brain science to debates over criminal responsibility, cooperation and punishment, deception, moral and legal judgment, property, evolutionary psychology, law and economics, and decision-making by judges and juries. Written and edited by leading specialists from a range of disciplines, the book presents a groundbreaking and challenging new look at human behaviour.
A great deal of economics is about law - the functioning of markets, property rights and their enforcement, financial obligations, and so forth - yet these legal aspects are almost never addressed in the academic study of economics. Conversely, the study and practice of law entails a significant understanding of economics, yet the drafting and administration of laws often ignore economic principle. The New Palgrave Dictionary of Economics and the Law is uniquely placed by the quality, breadth and depth of its coverage to address this need for building bridges. Drawn from the ranks of academics, professional lawyers, and economists in eight countries, the 340 contributors include world experts in their fields. Among them are Nobel laureates in economics and eminent legal scholars. First published in 1998 and now available in paperback for the first time, The New Palgrave Dictionary of Economics and the Law has established itself as a classic reference work in this important field.
Law and Economics: New and Critical Perspectives is a unique collection of original scholarly essays. In this one book, the editors have assembled the contributions of many of the leading scholars in law and economics and have succeeded in capturing the breadth and depth of current debates within the field. There are essays describing the multiple perspectives and conflicting approaches to law and economics as well as contributions that apply the law and economics method to a variety of particular social problems. The essays show that law and economics analysis has evolved into a rich discourse with political, economic, and social consequences. This book will be of interest to a wide variety of researchers and students concerned with interdisciplinary approaches to some of our most pressing social problems.
Over the past 20 years, cognitive neuroscience has revolutionized our ability to understand the nature of human thought. Working with the understandings of traditional psychology, the new brain science is transforming many disciplines, from economics to literary theory. These developments are now affecting the law and there is an upsurge of interest in the potential of neuroscience to contribute to our understanding of criminal and civil law and our system of justice in general. The international and interdisciplinary chapters in this volume are written by experts in criminal behaviour, civil law and jurisprudence. They concentrate on the potential of neuroscience to increase our understanding of blame and responsibility in such areas as juveniles and the death penalty, evidence and procedure, neurological enhancement and treatment, property, end-of-life choices, contracting and the effects of words and pictures in law. This collection suggests that legal scholarship and practice will be increasingly enriched by an interdisciplinary study of law, mind and brain and is a valuable addition to the emerging field of neurolaw.
Real Estate Transactions: Problems, Cases, and Materials, Second Edition, provides an updated and thorough explanation of both the principles and the process to give students a complete understanding of what happens and why.The casebook earned the respect of instructors nationwide through its effective structure and approach: - detailed text explains basic elements and market factors involved in each area of law - problems that increase in difficulty are the main teaching vehicle - carefully chose cases illustrate key points and the ways in which complications arise in practice, addressing both commercial and residential real estate - cases and materials reveal ethical issues as they arise in the real world - an extremely helpful Teacher's Manual includes answers to all the problems and an analysis of all principal casesThe Second Edition responds to user feedback to make the casebook even more effective: - the accompanying forms disk includes Contracts, deeds, mortgages, title insurance policies, and many other common real estate documents, together with problem sets keyed to the documents - streamlined for easier classroom use -- the text is over 300 pages shorter than the previous edition - provides updated information on UCC Article 9 as it relates to commercial lending practice - commentary on new federal legislation related to electronic signatures - offers cases relating to brokers, deed warranties of title, title insurance, mortgage default, and race and mortgage lending practices