Choice is a key concept of our time. It is a foundational mechanism for every legal order in societies that are, politically, constituted as democracies and, economically, built on the market mechanism. Thus, choice can be understood as an atomic structure that grounds core societal processes. In recent years, however, the debate over the right way to theorize choice - for example, as a rational or a behavioral type of decision making - has intensified.
This collection provides an in-depth discussion of the promises and perils of specific types of theories of choice. It shows how the selection of a specific theory of choice can make a
difference for concrete legal questions, in particular in the regulation of the digital economy or in choosing between market, firm, or network. In its first part, the volume provides an accessible overview of the current debates about rational versus behavioral approaches to theories of choice. The remainder of the book structures the vast landscape of theories of choice along with three main types: individual, collective, and organizational decision making. As theories
of choice proliferate and become ever more sophisticated, however, the process of choosing an adequate theory of choice becomes increasingly intricate. This volume addresses this selection problem for
the various legal arenas in which individual, organizational, and collective decisions matter. By drawing on economic, technological, political, and legal points of view, the volume shows which theories of choice are at the disposal of the legally relevant decision-maker, and how they can be operationalized for the solution of concrete legal problems. The editors acknowledge the kind support of the Fritz Thyssen Foundation for an exploratory conference on the subject of
the book.
Choice is a key concept of our time. It is a foundational mechanism for every legal order in societies that are, politically, constituted as democracies and, economically, built on the market mechanism. Thus, choice can be understood as an atomic structure that grounds core societal processes. In recent years, however, the debate over the right way to theorize choice - for example, as a rational or a behavioral type of decision making - has intensified.
This collection provides an in-depth discussion of the promises and perils of specific types of theories of choice. It shows how the selection of a specific theory of choice can make a
difference for concrete legal questions, in particular in the regulation of the digital economy or in choosing between market, firm, or network. In its first part, the volume provides an accessible overview of the current debates about rational versus behavioral approaches to theories of choice. The remainder of the book structures the vast landscape of theories of choice along with three main types: individual, collective, and organizational decision making. As theories
of choice proliferate and become ever more sophisticated, however, the process of choosing an adequate theory of choice becomes increasingly intricate. This volume addresses this selection problem for
the various legal arenas in which individual, organizational, and collective decisions matter. By drawing on economic, technological, political, and legal points of view, the volume shows which theories of choice are at the disposal of the legally relevant decision-maker, and how they can be operationalized for the solution of concrete legal problems. The editors acknowledge the kind support of the Fritz Thyssen Foundation for an exploratory conference on the subject of
the book.
Stefan Grundmann and Philipp Hacker: Theories of Choice and the Law
- An Introduction
Part I: Foundations
1: Christoph Engel: The Proper Scope of Behavioural Law and
Economics
2: Simon Deakin: Rational Choice and its Limits for the Solution
and Legal Problems: Three Observations on Behavioural Law and
Economics
3: Marlies Ahlert: Game Theory and the Law: Incomplete Knowledge
About the Knowledge of Other Players
Part II: Individual Choice and the Law
4: Lucia A. Reisch, Cass R. Substein and Micha Keiser: Most People
Like Nudges - And Why That Matters
5: Philipp Hacker: Regulating Under Uncertainty About Rationality:
From Decision Theory to Machine Learning and Complexity Theory
6: Anne-Lise Sibony: Did You Say 'Theories of Choice'?: On the
Limited and Variable Appetite for Theories in Consumer Law
Part III: Collective Choice and the Law
7: Adrienne Heritier: Itinera Europea: Four Scenarios and their
Plausibility
8: Matthew D. Adler: The Social Welfare Function: A New Tool for
Regulatory Policy Analysis
9: Andreas Engert: Collective Intelligence: Crowd Wisdom Versus
Herding
Part IV: Organizational Choice and the Law
A. Firms
10: Julian Velasco: Decision Theory and Allocation Decision Making
in the Firm
11: Luca Enriques and Alessandro Romano: Institutional Investor
Voting Behaviour: A Network Theory Perspective
B. Institutions, Networks, and Courts
12: Genevieve Helleringer: Conflict of Interest and
Decision-Making
13: Stefan Grundmann: Decision Making in Chains and Networks of
Contracts
14: Christopher Brett Jaeger and Jennifer S. Trueblood: The Power
of Sequence: A Quantum Perspective on Legal Decision Making
Dr. Stefan Grundmann, LL.M. (Berkeley), is a Professor of
Transnational Law and Theory at the European University Institute
(Florence) and Professor of Private and Business Law at Humboldt
University Berlin. His major publications in several languages
include overall treatises on European Company Law, European
Contract Law, Banking and Capital Market Law, New Private Law
Theory, and a host of articles in these areas, including
transnational and interdisciplinary
governance issues. He is editor-in-chief of the European Review of
Contract Law, the Ius Communitatis series of textbooks, and
president of the Society of European Contract Law (SECOLA), of the
European
Law School (Berlin/London/Paris/Rome/Amsterdam), and of the Theory
section of the German Association of Comparative Law.
Dr. Philipp Hacker, LL.M. (Yale) is a Professor of Law and Ethics
of the Digital Society at the European New School of Digital
Studies, located at European University Viadrina, and a Research
Fellow at the Centre for Law, Economics and Society and at the
Centre for Blockchain Technologies, both at University College
London. Previous positions included an AXA Postdoctoral Fellowship
at Humboldt University Berlin, a Max Weber Fellowship at the
European University Institute and an A.SK Fellowship
at the WZB Berlin Social Science Center. His research focuses on
behavioral law and economics as well as the interplay between
emerging technologies and the law.
This collection provides an in-depth discussion of the promises and
perils of specific types of theories of choice. Moreover, it shows
how the selection of a specific theory of choice can make a
difference for concrete legal questions, particularly in the
regulation of the digital economy or choosing between market, firm,
or network.
*Lucia A. Reisch and Friederike C. Doebbe, Journal of Consumer
Policy*
This is a wide-ranging and hugely well-informed study of choice and
its relationship with law and legal studies. The inclusion of
responses to practical issues such as investor voting behaviour and
networks of commercial contracts demonstrates a concerted attempt
to link theory to practice. Any legal text that attempts
interdisciplinary research (of sorts) with quantum physics is worth
a look.
*Tom Proverbs-Garbett, Law Society Gazette *
Choice is a foundational mechanism for every legal order in
societies that are, politically, constituted as democracies and,
economically, built on the market mechanism...The book provides an
in-depth discussion of the promises and perils of specific types of
theories of choice.
*Journal of Consumer Policy*
The book provides an in-depth discussion of the promises and perils
of specific types of theories of choice. It shows how the selection
of a specific theory of choice can make a difference for concrete
legal questions, in the regulation of the digital economy or in
choosing between market, firm, or network.
*Journal of Consumer Policy*
The book provides an in-depth discussion of the promises and perils
of specific types of theories of choice... the volume provides an
accessible overview of the current debates about rational versus
behavioural approaches to theories of choice.
*Journal of Consumer Policy*
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