Law & Economics Working Papers
New work on heuristics and biases has explored the role of emotions and affect; the idea of “dual processing”; the place of heuristics and biases outside of the laboratory; and the implications of heuristics and biases for policy and law. This review-essay focuses on certain aspects of Heuristics and Biases: The Psychology of Intuitive Judgment, edited by Thomas Gilovich, Dale Griffin, and Daniel Kahneman. An understanding of heuristics and biases casts light on many issues in law, involving jury awards, risk regulation, and political economy in general. Some attention is given to the possibility of “moral heuristics”—rules of thumb, for purposes of morality, that generally work well but that also systematically misfire.
Cass R. Sunstein, "Hazardous Heuristics" (John M. Olin Program in Law and Economics Working Paper No. 165, 2002).