Cognitive Law and Economics

Abstract

The tendency to consider the Behavioral Law and 11 Economics and Cognitive Law and Economics as 12 different sides of the same coin has been wide-13 spread inside the discipline. That was the conse-14 quence of a miscomprehension of what behavioral 15 economics and cognitive economics are. These 16 two research areas arise from a shared critique to 17 standard neoclassical economics assumption of 18 agents' perfect rationality and a common idea 19 that economic agents, in the real world, are hetero-20 geneous and more cognitive complex than what 21 the theory assumed, but soon they diverge pursu-22 ing different goals and partially applying different 23 research tools. Particularly BL&E is more con-24 cerned with what agents do, while CL&E is more 25 about how agents think. 26 Hence we need a proper discussion of what 27 Cognitive Law and Economics is as well as we 28 need a proper definition of Behavioral Law and 29 Economics.