Law, Psychology, and Morality: The Role of Loss Aversion by Eyal Zamir

Law, Psychology, and Morality: The Role of Loss Aversion

byEyal Zamir

Hardcover | November 19, 2014

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Kahneman and Tversky's Prospect Theory posits that people do not perceive outcomes as final states of wealth or welfare, but rather as gains or losses in relation to some reference point. People are generally loss averse, meaning that the disutility generated by a loss is greater than theutility produced by a commensurate gain. Loss aversion is related to psychological phenomena such as the status quo and omission biases, the endowment effect, and escalation of commitment.Law, Psychology, and Morality: The Role of Loss Aversion systematically analyzes the complex relationships between loss aversion and the law weaving together insights from cognitive and social psychology, neuropsychology, behavioral economics, experimental legal studies, economic analysis of law,normative ethics, moral psychology, and comparative law. It discusses diverse legal issues in private and public law, national and international law, and substantive and procedural law. Eyal Zamir provides an overview of the psychological studies of loss aversion to examine its effect on humanbehavior in the contexts of particular interest to the law, while discussing the impact of the law on people's behavior through the framing of the choices they encounter. The book further highlights an intriguing compatibility between loss aversion and fundamental features of the law and various legal doctrines, while theorizing about the causes of this compatibility by drawing on insights from the economic analysis of law and evolutionary psychology. The book pointsto the correlation between loss aversion, deontological and commonsense morality, and the law, while proposing many normative implications.

About The Author

Eyal Zamir is the Augusto Levi Professor of Commercial Law at the Hebrew University, where he served as Dean of the Faculty of Law from 2002 to 2005. He has been a visiting researcher or visiting professor at the law schools of Harvard, Yale, NYU, Georgetown, UCLA, and Zurich. He holds an LL.B. and Dr.Jur. from the Hebrew University of...
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Title:Law, Psychology, and Morality: The Role of Loss AversionFormat:HardcoverDimensions:280 pages, 9.25 × 6.12 × 0.98 inPublished:November 19, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199972052

ISBN - 13:9780199972050

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Table of Contents

AcknowledgmentsIntroductionPart I: The Psychology of Loss Aversion1. Loss Aversion: An OverviewA. IntroductionB. A Brief HistoryC. Prospect TheoryD. Reference PointsE. Alternative Theories, Limitations, and CritiqueF. Empirical StudiesG. Loss Aversion and EmotionsH. Related PhenomenaI. Professional DecisionmakingJ. Group DecisionmakingK. Debiasing Loss Aversion?L. Evolutionary Roots and Neural BasisM. Impact on Other DisciplinesN. ConclusionPart II: Understanding Human Behavior in Legal Contexts2. Consumer BehaviorA. IntroductionB. Framing Prices and Other AttributesC. Limited AvailabilityD. Escalation of CommitmentE. Lenient Return Policies and the Endowment EffectF. Status Quo and Omission BiasesG. Conclusion Impact on Other Disciplines3. The Market for Legal Services: Contingent FeesA. IntroductionB. The PuzzleC. Loss Aversion and Plaintiffs' PreferencesD. Loss Aversion and Defendants' PreferencesE. Conclusion4. Litigation and SettlementA. IntroductionB. Standard Economic AnalysisC. Framing Litigation Outcomes and Risk AttitudeD. Settlement, Regret, and Loss AversionE. Default Effect and Alternative Dispute ResolutionF. A Note on Plea BargainsG. ConclusionPart III: Framing by the Law5. Legally Induced Reference PointsA. IntroductionB. Default RulesC. Burden of PersuasionD. Legal Reforms and Temporary LegislationE. ConclusionPart IV: Loss Aversion and Basic Features of the Law6. Correspondence between Loss Aversion and the LawA. IntroductionB. Private Law: Tort vs. Unjust EnrichmentC. Contract Remedies: Expectation vs. DisgorgementD. Constitutional Property Law: Takings vs. GivingsE. Criminal Law: Necessity and Bad Samaritan LawsF. Human Rights: Civil and Political vs. Social and EconomicG. Civil Rights: Affirmative ActionH. Refugee and Immigration: Denying Entrance vs. ExpellingI. Tax Law: Tax Exemptions and Tax WithholdingJ. Evidence Law: Burden of Proof in Civil LitigationK. Civil Procedure: Preliminary InjunctionsL. Conclusion7. Evolutionary TheoriesA. IntroductionB. Efficiency-of-the-Common-Law TheoriesC. Loss Aversion and the Plaintiffs' RoleD. Assessment and Conclusion8. Cognitive Psychology, Commonsense Morality, and the LawA. IntroductionB. DeontologyC. Moderate Deontology and Commonsense MoralityD. Deontology, Commonsense Morality, and Loss AversionE. Commonsense Morality and LawF. Moral and Evolutionary PsychologyG. ConclusionPart V: Normative Analysis9. Loss Aversion: Normative ImplicationsA. IntroductionB. Preliminary IssuesC. Justifying Basic Features of Extant LawD. Legal PolicymakingE. Legal Decisionmakers' Loss AversionF. ConclusionConclusionIndex

Editorial Reviews

"Eyal Zamir masterfully analyzes and explains how the seminal research by Amos Tverksy and Daniel Kahneman on judgment and choice should affect our understanding of the way law has evolved and how legal rules should be rethought. Law, Psychology, and Morality is a must read for anyone whocares about the relationship between how we humans think and act and the type of rules we create to organize our societies." --Russell Korobkin, Richard C. Maxwell Professor of Law, UCLA