Law Commons^™

Imposing Self-Interest: Behavioural Law And Economics, The Ultimatum Game, And Value Possibilities, Michael Ilg

Dalhousie Law Journal

With the recent emergence of the behavioural approach to law and economics, there is now a systematic critique of law and economics which remains sympathetic to its overall objectives. Rather than seek to undermine traditional law and economics, the intent of the behavioural approach is generally to augment it, and render its formulations more representative of reality. Drawing upon experimental evidence and well-known examples of anomalies within economic theory, behavioural scholars claim that the law needs to better account for instances of individual irrationality. Having identified the situations when rational maximization does not hold, behavioural scholars are then able to …