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.

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