Abstract
The economic analysis of law assumes that court decisions are key to incentivizing people and maximizing social welfare. This article reviews the behavioral literature on court decision making, and highlights numerous heuristics and biases that impact judges and jurors and cause them to make decisions that diverge from the social optimum. In light of this review, the article analyzes some of the institutional features of the court system that may help minimize the costs of biased decisions in the courts.
| Original language | English |
|---|---|
| Pages (from-to) | 385-418 |
| Number of pages | 34 |
| Journal | Review of Law and Economics |
| Volume | 17 |
| Issue number | 2 |
| DOIs | |
| State | Published - 1 Jul 2021 |
Bibliographical note
Publisher Copyright:© 2021 Walter de Gruyter GmbH, Berlin/Boston.
Keywords
- anchoring
- behavioral law and economics
- debias
- hindsight bias
- judicial decision making