Challenging Coase: Socioeconomic Explanations in the First Year Contracts Course

36 Pages Posted: 11 Apr 2002

Date Written: April 2002

Abstract

Rational choice theory pervades modern legal texts, including those for first year contracts students. A number of influential judges espouse tenets of law and economics. Yet, from an empirical perspective, many of these ideas are, simply, wrong - or at least, woefully incomplete. The idea of human beings as rational, self-interested value maximizers is dangerously skewed. Instead, empirical findings from evolutionary game theory and cognitive psychology explain human behavior as motivated by a strong instinct for fairness and cooperation. My article makes the case that providing a richer, more empirically sound notion of human behavior gives students a better understanding of the function of law in general, and of the structure of contracts law in particular.

Suggested Citation

Beecher-Monas, Erica, Challenging Coase: Socioeconomic Explanations in the First Year Contracts Course (April 2002). Available at SSRN: https://ssrn.com/abstract=306565 or http://dx.doi.org/10.2139/ssrn.306565

Erica Beecher-Monas (Contact Author)

Wayne State University Law School ( email )

471 Palmer
Detroit, MI 48202
United States

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