Prospect theory posits that people do not perceive outcomes as final states of wealth or welfare, but rather as gains or losses in relation to some reference point. People are generally loss averse: the disutility generated by a loss is greater than the utility produced by a commensurate gain. Loss aversion is related to such phenomena as the status quo and omission biases, the endowment effect, and escalation of commitment. The book systematically analyzes the relationships between loss aversion and the law.

'The Oxford Handbook of Behavioral Economics and Law' brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its twenty-nine chapters are organized into four parts.

Brian Leiter defends a set of radical ideas from Nietzsche: there is no objectively true morality, there is no free will, no one is ever morally responsible, and our conscious thoughts and reasoning play almost no significant role in our actions and how our lives unfold. He presents a new interpretation of main themes of Nietzsche's moral psychology, including his anti-realism about value (including epistemic value), his account of moral judgment and its relationship to the emotions, his conception of the will and agency, his scepticism about free will and moral responsibility, his epiphenomenalism about certain kinds of conscious mental states, and his views about the heritability of psychological traits. In combining exegesis with argument, Leiter engages the views of philosophers like Harry Frankfurt, T. M. Scanlon, and Gary Watson, and psychologists including Daniel Wegner, Benjamin Libet, and Stanley Milgram. Nietzsche emerges not simply as a museum piece from the history of ideas, but as a philosopher and psychologist who exceeds David Hume for insight into human nature and the human mind, repeatedly anticipates later developments in empirical psychology, and continues to offer sophisticated and unsettling challenges to much conventional wisdom in both philosophy and psychology.

This book argues that overcoming people's inability to recognize their own wrongdoing is the most important but regrettably neglected area of the behavioral approach to law.

Petrazycki's socio-psychic orientation toward law is behavioral as well as thoughtful. He finds the most suitable methods for obtaining knowledge about legal experiences to be internal and external observation. His technique of introspection is similar to Max Weber's conceptual method. Petrazycki distinguishes between two kinds of interpretive understanding. External observation involves deriving the meaning of an act or symbolic expression from immediate observation without reference to any broader context, and internal observation involves placing the particular act in a broader context of meaning involving facts that cannot be derived from a particular act or expression. --

"New insights offered by neuroscience have provoked discussions of the nature of human agency and responsibility. Alces draws on neuroscience to explore the internal contradictions of legal doctrines, and consider what would be involved in constructing novel legal regimes based on emerging understandings of human capacities and characteristics not only in criminal law but in contract and tort law."--Provided by publisher.