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Articles 1 - 3 of 3
Full-Text Articles in Law
Betting On Climate Policy: Using Prediction Markets To Address Global Warming, Gary M. Lucas Jr, Felix Mormann
Betting On Climate Policy: Using Prediction Markets To Address Global Warming, Gary M. Lucas Jr, Felix Mormann
Gary M. Lucas Jr.
Global warming, sea level rise, and extreme weather events have made climate change a top priority for policymakers across the globe. But which policies are best suited to tackle the enormous challenges presented by our changing climate? This Article proposes that policymakers turn to prediction markets to answer that crucial question. Prediction markets have a strong track record of outperforming other forecasting mechanisms across a wide range of contexts — from predicting election outcomes and economic trends to guessing Oscar winners. In the context of climate change, market participants could, for example, bet on important climate outcomes conditioned on the …
Behavioral Public Choice And The Law, Gary M. Lucas Jr., Slavisa Tasic
Behavioral Public Choice And The Law, Gary M. Lucas Jr., Slavisa Tasic
Gary M. Lucas Jr.
No abstract provided.
Behavioral Public Choice And The Law, Gary M. Lucas Jr., Slaviša Tasić
Behavioral Public Choice And The Law, Gary M. Lucas Jr., Slaviša Tasić
Gary M. Lucas Jr.
Behavioral public choice is the study of irrationality among political actors. In this context, irrationality means systematic bias, a deviation from rational expectations, or other departure from economists’ conception of rationality. Behavioral public choice scholars extend the insights of behavioral economics to the political realm and show that irrational behavior is an important source of government failure. This Article makes an original contribution to the legal literature by systematically reviewing the findings of behavioral public choice and explaining their implications for the law and legal institutions. We discuss the various biases and heuristics that lead political actors to support and …