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95 Minn. L. Rev. 715 (2010-2011)
Regulation in the Behavioral Era

handle is hein.journals/mnlr95 and id is 715 raw text is: Article Regulation in the Behavioral Era Michael P. Vandenbergh,t Amanda R. Carrico,tt and Lisa Schultz Bressmanitt Introduction ........................................... 716 I. Models for Predicting Behavior: Theoretical Background ................................... 728 A. The Importance of Models for Predicting Behavior ... 728 B. The Extent and Limits of Rational Action ..................730 II. An Analytical Framework ................................ 741 A. Updating the Rationality and Monetary Outcome Assumptions ............................... 742 1. Monetary Outcomes ............... ........742 a. Rational Action .................. ....... 742 i. Inaccurate Information ....... .......743 ii. Insufficient Information ....... ....... 744 b. Extra-Rational Action ..................745 i. Hyperbolic Discounting ....... .......746 ii. Cognitive Costs ............... ..... 747 iii. Framing ..................... ..... 749 2. Social Outcomes .................... .....749 a. Rational Action .................. ....... 751 t Professor of Law, Carlton Tarkington Chair in Teaching Excellence; Director, Environmental Law Program; and Director, Climate Change Re- search Network, Vanderbilt University Law School. This Article was sup- ported by funds from Vanderbilt Law School, the Vanderbilt Climate Change Research Network, and the Vanderbilt Institute for Energy and Environment. We would like to thank Jonathan Z. Cannon, Mark A. Cohen, Forrest Forster, Sharon Shewmake, W. Kip Viscusi, and Jonathan Baert Wiener for their in- sights on our project, and Steven Buechner, Elizabeth Forsyth, Erin Guffey, Kimberly Tuthill, and Andrew Yi for excellent research assistance. ft Post Doctoral Fellow, Climate Change Research Network, Vanderbilt Institute for Energy and Environment, Vanderbilt University. ttt Associate Dean for Academic Affairs and Professor of Law, Vanderbilt University Law School. Copyright © 2011 by Michael P. Vandenbergh, Aman- da R. Carrico, and Lisa Schultz Bressman. 715

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