In many situations legal systems use ambiguous standards and moral language in instructing people to behave. In the realm of the common law, much of this ambiguous, morally inflected legal component is associated with “equity.” In civil law systems, something similar goes under the banner of...

How do we understand human nature? The purpose of this Essay is to examine the relationship between human nature and social institutions. More concretely, the question is: What does an accurate account of human nature tell us about the choice of a desirable set of social institutions? Accounts...

In the past decade behavioral economics has established itself as a contender to the throne of neoclassical economics in the economic analysis of law. The pros and cons of behavioral as compared to neoclassical economics have been vigorously debated at the general, methodology level. But the...