Monday, December 13, 2010

In Defense of Behavioral Law & Economics

Last week's symposium on behavioral law and economics at the Truth on the Market blog (here), about which I blogged here, was more of an attack on behavioralism than a balanced account of its value, influence, and limitations. Perhaps for that reason, Truth on the Market belatedly invited behavioral economist Richard Thaler to provide a rejoinder to what were, in his view, some over-statements, inaccuracies, and knee-jerk responses from the symposium contributers. Thaler's excellent rejoinder is here.

(As Josh Wright comments below, Thaler was among the first scholars invited to participate in the symposium, but he was only available to comment after the fact.)


  1. Dan, your post requires a correction. The invitation to Thaler was not late. Indeed, Thaler was one of the very first invitees! He was busy and offered to chime in a bit later. We're quite glad that he did.

  2. Josh, duly noted. Thanks. By the way, I did not mean to aver that Truth on the Market stacked the deck against the behavioralists; the contributions just more or less came out that way.


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