Behavioral Law and Economics

3 credits · Undergraduate

Economic analysis of law has long influenced discussions of law, whether to explain how the law works or shape how it should work. Traditional principles of law and economics make certain assumptions about human behavior, positing that people function as rational actors in making decisions in the market. The role of law is to address the effects of such behavior on markets and participants. But human behavior is more complex, which has consequences for law. Behavioral law and economics concerns the psychological and cognitive biases that affect decision-making by consumers in markets as well as decision-making by lawyers, judges, and juries. This course will introduce traditional principles of law and economics to explore the importance of behavioral law and economics to law. Prerequisite/Corequisite: ULAW 1000. [3]