Law Commons^™

¡Las Preferencias Dependen Del Punto De Referencia!: Un Desafío Al Análisis Económico –Y Coaseano– Del Derecho, Daniel A. Monroy

Daniel A Monroy C

The “coasean” theory of Law and the theory of Law & Economics (L&E) in general, implicitly assume the truthfulness of certain behavioral assumptions: the "preference exogeneity" and "reference independence". In this context, this paper points out some objections to these assumptions, and in this order, the paper shows multiple and deep inconsistencies with regard to: (i) how the L&E predicts individual behavior and the effects of legal rules, and (ii) –from a normative point of view– the way that economic theory recommends the lawmakers decisions. The paper also shows some L&E challenges associated with the behavioral assumption that people value …