Debiasing through law
By: Christine Jolls, Cass R. Sunstein.
Contributors: Sunstein, Cass R.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 11738; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 11738.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Discrimination -- Law and legislation.; Consumer protection -- Law and legislation.; Rational choice theory.
Description: "In many settings, human beings are boundedly rational.  A distinctive and insufficiently explored legal response to bounded rationality is to attempt to "debias through law," by steering people in more rational directions.  In many important domains, existing legal analyses emphasize the alternative approach of insulating outcomes from the effects of boundedly rational behavior, often through blocking private choices.  In fact, however, a large number of actual and imaginable legal strategies are efforts to engage in the very different approach of debiasing through law by reducing or even eliminating people's boundedly rational behavior.  In important contexts, these efforts to debias through law can avoid the costs and inefficiencies associated with regulatory approaches that take bounded rationality as a given and respond by attempting to insulate outcomes from its effects.  This paper offers a general account of how debiasing through law does or could work to address legal questions across a range of areas, from consumer safety law to corporate law to property law.  Discussion is also devoted to the risks of government manipulation and overshooting that are sometimes raised when debiasing through law is employed"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
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Mode of access: World Wide Web.