About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

92 Tex. L. Rev. See Also 53 (2013-2014)
Can Antitrust Law Incorporate Insights from Behavioral Economics?

handle is hein.journals/seealtex92 and id is 53 raw text is: Texas Law Review See Also Volume 92 Response Can Antitrust Law Incorporate Insights from Behavioral Economics? Christopher R. Leslie* In Understanding Behavioral Antitrust, Professor Tor builds on his previous scholarship that explores how insights from behavioral economics can be used to improve antitrust jurisprudence. The Chicago School of law and economics revolutionized antitrust law. By applying insights from microeconomics, scholars associated with the Chicago School introduced more rigor into antitrust analysis. Antitrust law is now viewed through an economics lens. Today, it is essentially impossible to practice antitrust law without understanding several economic concepts. The field of economics, however, has evolved in ways that undermine the foundations of the Chicago School philosophy. Professor Tor explains how behavioral economics has improved upon the basic microeconomic models that have been so influential in antitrust jurisprudence over the past few decades. The insights from behavioral economics challenge the policy prescriptions associated with the Chicago School. The traditional form of law and economics associated with the Chicago School argues that many aspects of antitrust law are unnecessary because business decision makers are rational and markets are self-correcting.' According to this theory, firms do not engage in costly anticompetitive conduct.2 Behavioral economics identifies several ways in which individuals-and firms-deviate from so- called rationality. The lessons from behavioral economics demonstrate how * Professor of Law, University of California Irvine School of Law. 1. See, e.g., Richard Posner, The Chicago School of Antitrust Analysis, 127 U. PA. L. REv. 925, 925-28 (1979); Frank Easterbrook, The Limits of Antitrust, 63 TEXAs L. REv. 1, 1-4 (1984). 2. Posner, supra note 1, at 925-28.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most