Behavioral Models in Tort Law
37 Pages Posted: 24 Oct 2012
Date Written: October 23, 2012
In this paper, we illustrate how different behavioral problems can be incorporated into the standard economic model of tort law. Through this exercise, we develop a modeling language that can be utilized by law and economic scholars when considering the effect of behavioral biases and cognitive imperfections in tort law. We use these models in conjunction with the standard taxonomy of psychological biases, to show the effect of different biases on the behavior of tort agents. The models we present are applicable to a wide range of tort problems, and have the potential for application to a broader range of legal problems.
Keywords: behavioral biases, social biases, memory biases, tort law
JEL Classification: K13, K43, D03, D81
Suggested Citation: Suggested Citation