RATIONAL CHOICE THEORY, as a descriptive theory of human behaviour, claims that individuals seek to maximize their expected well-being.2 But cognitive psychologists have shown this to be false through experimental and empirical research.3 Instead, human behaviour is predictably subject to cognitive biases, resulting in judgments and decisions considered “irrational” by rational choice theorists. One such bias is loss aversion, whereby people prefer not losing some good over gaining a good of equal value.4 In Law, Psychology, and Morality: The Role of Loss Aversion, Eyal Zamir argues that loss aversion provides a partial explanation for many features of human behaviour within legal contexts and procedural and substantive legal principles.
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"Book Note: Law, Psychology, And Morality: The Role Of Loss Aversion, by Eyal Zamir."
Osgoode Hall Law Journal