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Jonathan Baron and Tess Wilkinson-Ryan

Baron and Wilkinson-Ryan outline the conceptual foundations of behavioral law and economics. The authors concentrate on the behavioral concepts imported into the field from psychology and experimental economics, and survey the normative models, descriptive theories, and prescriptive approaches featured in behavioral law and economics research. They endeavor to point out common themes in the research in an effort to tie together various groups of findings and counter the criticism that the field lacks the cohesion of standard law and economics.

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Joshua C. Teitelbaum and Kathryn Zeiler

The subfield of behavioral economics, while still quite young, has made important contributions to our understanding of human behavior. Through a cycle of theory development and empirical investigation, work in behavioral economics taps into lessons from psychology with the goal of improving economics’ predictive power. While the focus diverges from that of neoclassical economics, the best work in both subfields has much in common. The most useful insights are produced by faithfully applying the scientific method—the development of explanations of behavior through repeated cycles of data collection and hypothesis testing. Gains in knowledge are incremental, and skepticism is encouraged until assumptions built into theory are able to hold up against data collected in multiple environments. In addition, both subfields strive to integrate relevant concepts—e.g., psychological concepts in the case of behavioral economics—into models that produce well-defined, testable, and falsifiable predictions. While some have characterized the mission of behavioral economics as an attempt to abandon rational choice theory and replace it with more realistic assumptions that reflect human fallibility, many behavioral economics models that find strong support in existing data assume a set of rational but non-standard preferences (Zeiler, forthcoming). In fact, a great many works in behavioral economics contain multiple theories able to explain large swaths of existing data, some of which assume individuals make systematic, predictable mistakes, while others assume the error-free expression of non-standard, rational preferences. The empiricist’s role is to discover ways to separate the theories by developing or observing environments in which the theories lead to divergent predictions. In some literatures models that assume mistake-making are in the lead, and in others models assuming non-standard preferences seem to best explain existing data.

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Ulf Bernitz, Moa Mårtensson, Lars Oxelheim and Thomas Persson

The introductory chapter provides an overview of the great social challenge that the EU currently faces. The editors raise the question of what can be done to bridge the prosperity gap in Europe. First, they briefly describe the background: the social dimension of European cooperation and its historical development. Second, they identify the new social challenges that the Union faces in the wake of the Great Recession, the ongoing refugee crisis, and the Brexit referendum. Third, an analytical point of departure for examining these challenges is presented, consisting of an interdisciplinary approach that pinpoints a number of overarching problems and possibilities associated with the social dimension of European integration. Fourth and finally, the book’s chapters are introduced, and their key policy recommendations are summarized. The chapter concludes with the argument that much of the EU’s future relevance and ability to stay together depends on its capacity to counteract the prosperity gap and reverse the negative trend that emerged during the crisis.

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Edited by Ulf Bernitz, Moa Mårtensson, Lars Oxelheim and Thomas Persson

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How we got here

An Institutional Critique

Frank H. Stephen

Chapter 1 sets the scene for the book. It discusses the reasons for the interest in the relationship between the law and economic development beginning with an outline of theories of development. The theory of development currently favoured by multilateral development agencies such as the World Bank is one of market-led development which emphasizes the role of the financial sector. Drawing on an analysis of the reasons why the Law and Development Movement of the 1960s and 1970s failed, criteria by which theories of law and the legal system’s role in development should be evaluated are identified. It is argued that a theory based on New Institutional Economics can satisfy these criteria.

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Contextualising the issue

The Subsidisation of Heavy Polluters under Emissions Trading Schemes

Elena de Lemos Pinto Aydos

Chapter 1 introduces the book and the book chapters. It discusses the exponential increase in anthropogenic greenhouse gas (GHG) emissions in the past decades and outlines the most recent global emissions trends. The chapter then introduces the Paris Agreement and the key domestic climate change policies that are being adopted by countries in order to meet their intended nationally determined contribution (INDCs). Carbon pricing has been increasingly adopted by countries aiming to mitigate GHG emissions. However, even now, many heavy polluters participating in emissions trading schemes (ETSs) are not paying the full price of carbon. Keywords: climate change – greenhouse gas (GHG) emissions – Paris Agreement – intended nationally determined contribution (INDCs) – carbon taxes – emissions trading schemes (ETSs)

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Alina Averchenkova, Sam Fankhauser and Michal Nachmany

Chapter 1 offers an overview of the book and summarizes the state and trends in climate change legislation. Making use of a unique global database, Climate Change Laws of the World, the chapter identifies over 1,200 climate change laws and policies of similar stature in the 164 countries the data covers. This stock of laws is the result of over 20 years of policy making and speaks to the growing attention that legislators are devoting to climate change. In 1997, at the time the Kyoto Protocol was signed, there were only about 60 relevant laws and policies. Countries use different routes to address climate change. In some countries the primary avenue is acts of parliament, that is, formal laws passed by the legislative branch. In others, the policy direction is defined through executive orders, decrees and strategies. Climate change laws also differ in scope and ambition. Some laws are specifically focused on climate change, advancing explicitly emissions reduction or adaptation targets. Others introduce climate concerns into sector policies, such as those on energy, or broader development plans. Understanding these different approaches becomes increasingly important as countries implement their pledges under the Paris Agreement.

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Peter J. Boettke and Todd J. Zywicki

The Austrian contribution to the development of law and economics is the study of endogenous rule formation, or the spontaneous evolution of social institutions, which can be traced to the founder of the Austrian School, Carl Menger. While Menger’s emphasis on spontaneous institutional analysis was born out of the Methodenstreit, a methodological battle engaged against the German Historical School, this chapter argues that the Austrian contribution to law and economics emerged directly from the socialist calculation debate against market socialism. This debate, we will argue, played an essential role in the re-discovery of the institutional framework in economics during the post-WWII era, particularly in the development of law and economics. In the aftermath of the socialist calculation debate, Menger’s earlier emphasis on institutional analysis was reemphasized by F.A. Hayek, who in turn influenced the early pioneers of law and economics, particularly Aaron Director, Ronald Coase, and Bruno Leoni.

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Anthony F. Lang, Jr. and Antje Wiener

This chapter provides an introduction and framework to the volume. It provides a historical overview of constitutional thought and highlights the four principles of constitutionalism: rule of law, separation of powers, constituent power, and rights. It demonstrates the ways in which this history and these principles are relevant for global constitutionalism. It argues that a practice-based approach to global constitutionalism provides space for contestation of the traditional liberal history and principles of constitutional thought, highlighting new ways in which this idea can be understood and assessed.

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Wenming Xu, Stefan E. Weishaar and Niels Philipsen