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Theories of Choice: The Social Science and the Law of Decision Making

Theories of Choice: The Social Science and the Law of Decision Making

Author: Stefan Grundmann; Philipp Hacker
Publisher: Oxford University Press
ISBN: 9780198863175
Published In: January 2021
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Choice is a key concept of our time. It is a foundational mechanism for every legal order in societies that are, politically, constituted as democracies and, economically, built on the market mechanism. Thus, choice can be understood as an atomic structure that grounds core societal processes. In recent years, however, the debate over the right way to theorize choice - for example, as a rational or a behavioral type of decision making - has intensified. This collection provides an in-depth discussion of the promises and perils of specific types of theories of choice. It shows how the selection of a specific theory of choice can make a difference for concrete legal questions, in particular in the regulation of the digital economy or in choosing between market, firm, or network. In its first part, the volume provides an accessible overview of the current debates about rational versus behavioral approaches to theories of choice. The remainder of the book structures the vast landscape of theories of choice along with three main types: individual, collective, and organizational decision making. As theories of choice proliferate and become ever more sophisticated, however, the process of choosing an adequate theory of choice becomes increasingly intricate. This volume addresses this selection problem for the various legal arenas in which individual, organizational, and collective decisions matter. By drawing on economic, technological, political, and legal points of view, the volume shows which theories of choice are at the disposal of the legally relevant decision-maker, and how they can be operationalized for the solution of concrete legal problems.

Theories of Choice and the Law - An Introduction, Stefan Grundmann and Philipp Hacker

Part I: Foundations

1: The Proper Scope of Behavioural Law and Economics, Christoph Engel

2: Rational Choice and its Limits for the Solution and Legal Problems: Three Observations on Behavioural Law and Economics, Simon Deakin

3: Game Theory and the Law: Incomplete Knowledge About the Knowledge of Other Players, Marlies Ahlert

Part II: Individual Choice and the Law

4: Most People Like Nudges - And Why That Matters, Lucia A. Reisch, Cass R. Substein and Micha Keiser

5: Regulating Under Uncertainty About Rationality: From Decision Theory to Machine Learning and Complexity Theory, Philipp Hacker

6: Did You Say 'Theories of Choice'?: On the Limited and Variable Appetite for Theories in Consumer Law, Anne-Lise Sibony

Part III: Collective Choice and the Law

7: Itinera Europea: Four Scenarios and their Plausibility, Adrienne Heritier

8: The Social Welfare Function: A New Tool for Regulatory Policy Analysis, Matthew D. Adler

9: Collective Intelligence: Crowd Wisdom Versus Herding, Andreas Engert

Part IV: Organizational Choice and the Law

A. Firms

10: Decision Theory and Allocation Decision Making in the Firm, Julian Velasco

11: Institutional Investor Voting Behaviour: A Network Theory Perspective, Luca Enriques and Alessandro Romano

B. Institutions, Networks, and Courts

12: Conflict of Interest and Decision-Making, Genevieve Helleringer

13: Decision Making in Chains and Networks of Contracts, Stefan Grundmann

14: The Power of Sequence: A Quantum Perspective on Legal Decision Making, Christopher Brett Jaeger and Jennifer S. Trueblood

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