As law and economics turns 40 years old, its continued vitality is threatened by its unrealistic core behavioral assumption: that people subject to the law act rationally. Professors Korobkin and Ulen argue that law and economics can reinvigorate itself by replacing the rationality assumption...

Introduction: the struggle over Cold War rationality -- Enlightenment reason, Cold War rationality, and the rule of rules -- The bounded rationality of Cold War operations research -- Saving the planet from nuclear weapons and the human mind -- "The situation" in the Cold War behavioral sciences...

Rational agents must perform backwards induction by thinking contingently about future states and actions, but failures of backwards induction and contingent reasoning are ubiquitous. How do boundedly-rational agents make decisions when they fail to correctly forecast actions in the future? We...