The chapter critically surveys the behavioral analysis of commercial law. It begins by examining the preliminary question of whether bounded rationality can persist in well-functioning, highly competitive markets. As the theoretical analysis and empirical evidence demonstrate, irrational...

This Article introduces the concept of nudge — low cost behaviorally informed modes of regulation that influence peoples' decisions without limiting their choice set — into the behavioural analysis of international law. The Article sketches out the pathways through which nudges might...

Many human decisions, ranging from the taking of loans with compound interest to fighting deadly pandemics, involve phenomena that entail exponential growth. Yet a wide and robust body of empirical studies demonstrates that people systematically underestimate exponential growth. This phenomenon,...

This chapter, forthcoming in the Oxford Handbook of Behavioral Economics and the Law, critically reviews the behavioral literature on judicial decisionmaking. Among other things, it presents general theories of judicial decisionmaking, such as the story model and coherence-based reasoning. It...

Since its publication in 1973, Economic Analysis of Law (the Treatise) by Richard Posner has been recognized as the canonical treatise in the field. Given this status, observing changes over time in the different editions of the book can highlight substantial and methodological shifts in the...

Under the formal procedural rules, fact-finders are required to apply a uniform standard of proof in all criminal cases. Experimental studies as well as real world examples indicate, however, that fact-finders often adjust the evidentiary threshold for conviction in accordance with the severity...