Endowment theory holds the mere ownership of a thing causes people to assign greater value to it than they otherwise would. The theory entered legal scholarship in the early 1990s and quickly eclipsed other accounts of how ownership affects valuation. Today, appeals to a generic “endowment...

The Behavioral Economics of Accuracy and Discrimination at Trial -- Truth Standards in Behavioral Law and Economics -- The Fundamental Attribution Error and Accuracy in Trial Settings: Judges vs Jurors -- Implicit Racial Biases in Tort Trials -- Gender and Race-Based Statistical Tables in...

This chapter surveys literature on experimental law and economics. Long the domain of legally minded psychologists and criminologists, experimental methods are gaining significant popularity among economists interested in exploring positive and normative aspects of law. Because this literature...