Bogucki Artur, Classical theories of rational choice and homo oeconomicus in the light of behavioural law and economic

The Law and Economics movement had initially intended to use the implications of the theory of microeconomics in analysis of legal standards and regulations, however, over time the inability of the current of economic analysis of law to make predictions about behaviours that could have a wide application in creating the law caused the Law and Economics to seek narrower applications of the method. The problems in terms of formulation of useful predictions by the rational choice theory directly arise from its unrealistic behavioural premise that people bound by the law take rational actions.

The objective of the article is to present how Law and Economics may improve the paradigm of the rational choice theory by modifying the premise of rationality to follow a more...