The Rationality Of Preference Construction And The Irrationality Of Rational Choice
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The Rationality of Preference Construction (and the Irrationality of Rational Choice).
Economists typically assume that preferences are fixed - that people know what they like and how much they like it relative to all other things, and that this rank-ordering is stable over time. But this assumption has never been accepted by any other discipline. Economists are increasingly having difficulty arguing that the assumption is true enough to generate useful predictions and explanations. Indeed, law and economics scholars increasingly acknowledge that preferences are constructed, and that the law itself can help construct preferences. Still, fixed preferences are often treated as a normative ideal: Even if people don't have fixed preferences, they should. Behavioral law and economics scholars offer approaches to deal with this normative shortcoming. My article argues that preference construction, properly understood, is not normatively undesirable. Having fixed preferences means having a complete and stable rank ordering of what we want that dictates our choices. But we often do not have such an ordering, and rationally so. My article argues instead for an alternative process-based, account of preference construction. Rather than having a complete rank ordering, we have ways of making choices. We construct narratives, using evaluative criteria against a backdrop of wants, desires and inclinations, some of which we rank order and some of which we do not. The evaluative criteria embed a consideration of transaction costs: critically, where a decision is not very consequential, a formulaic decision rule that permits a ready choice among roughly comparable alternatives may serve our purposes better than a more considered alternative-by-alternative assessment. Our wants, desires and inclinations are for both traditional objects of choice and higher order values and desires; they are both previously constructed and constructed and elicited in the choice-making process. My article makes the case for such an account's potential explanatory power, as well as its tractability.
The Oxford Handbook of Behavioral Economics and the Law
Author: Eyal Zamir
language: en
Publisher: Oxford University Press
Release Date: 2014-09-16
The past twenty years have witnessed a surge in behavioral studies of law and law-related issues. These studies have challenged the application of the rational-choice model to legal analysis and introduced a more accurate and empirically grounded model of human behavior. This integration of economics, psychology, and law is breaking exciting new ground in legal theory and the social sciences, shedding a new light on age-old legal questions as well as cutting edge policy issues. The Oxford Handbook of Behavioral Economics and Law brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its 29 chapters organized in four parts. The first part provides a general overview of behavioral economics. The second part comprises four chapters introducing and criticizing the contribution of behavioral economics to legal theory. The third part discusses specific behavioral phenomena, their ramifications for legal policymaking, and their reflection in extant law. Finally, the fourth part analyzes the contribution of behavioral economics to fifteen legal spheres ranging from core doctrinal areas such as contracts, torts and property to areas such as taxation and antitrust policy.
The Wiley Handbook on the Cognitive Neuroscience of Addiction
Author: Stephen J. Wilson
language: en
Publisher: John Wiley & Sons
Release Date: 2015-04-28
This volume provides a thorough and up-to-date synthesis of the expansive and highly influential literature from the last 30 years by bringing together contributions from leading authorities in the field, with emphasis placed on the most commonly investigated drugs of abuse. Emphasises the most commonly investigated drugs of abuse, including alcohol, cocaine, nicotine, and opiates Brings together the work of the leading authorities in all major areas of the field Provides novel coverage of cutting-edge methods for using cognitive neuroscience to advance the treatment of addiction, including real-time neurofeedback and brain stimulation methods Includes new material on emerging themes and future directions in the use of cognitive neuroscience to advance addiction science