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22 Sup. Ct. Econ. Rev. 1 (2015)

handle is hein.journals/supeco22 and id is 1 raw text is: An Assessment of Behavioral Law and Economics Contentions and What We Know Empirically about Credit Card Use by Consumers Thomas A. Durkin* Gregory Elliehausen * * Todd J. Zywicki* * * Behavioral Law and Economics (BLE) is a specialized com- ponent of the legal literature that purports to base its conclu- sions on a branch of economic analysis known as behavioral economics. The central claim of BLE is that by applying findings of behavioral economics to the real world it can pro- vide more accurate assumptions about individual behavior and decision making than neoclassical economics and thus better and more effective policy prescriptions where needed. To date, however, BLE's claims have been almost entirely a priori, taking certain suggested biases identified in the labo- ratory experiments by behavioral economists and claiming that they extend significantly to actual consumer behavior and the need for regulation. Yet it is well accepted that the proper test of the scientific validity of an economic theory is the accuracy of its predictions relative to empirically testable hypotheses, not a priori reasoning or hypothetical extensions. Formerly Senior Economist (now retired), Board of Governors of the Federal Reserve System. * Senior Economist, Board of Governors of the Federal Reserve System. The views expressed here are those of the authors and not those of the Federal Reserve Board or its staff. * * GMU Foundation Professor of Law, George Mason University School of Law; Senior Scholar, Mercatus Center. We would like to thank Darryl Getter, Bruce John- sen, Joshua Wright, and participants at the George Mason University School of Law Levy Fellows Workshop for comments on earlier drafts of this article and Chaim Mandelbaum for research assistance. © 2015 by the University of Chicago. All rights reserved. 978-0-226-16666-7/2015/0022-0001$10.00

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