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Christoph Engel

Christoph Engel is Director of the Max Planck Institute for Research on Collective Goods, Bonn, and a member of the Faculty of Law and Economics at the University of Bonn. He is the author of Generating Predictability: Institutional Analysis and Design and other books.

Titles by This Editor

Decision Making, the Human Mind, and Implications for Institutions

Conscious control enables human decision makers to override routines, to exercise willpower, to find innovative solutions, to learn by instruction, to decide collectively, and to justify their choices. These and many more advantages, however, come at a price: the ability to process information consciously is severely limited and conscious decision makers are liable to hundreds of biases. Measured against the norms of rational choice theory, conscious decision makers perform poorly.

In recent decades, the economists' concept of rational choice has dominated legal reasoning. And yet, in practical terms, neither the lawbreakers the law addresses nor officers of the law behave as the hyperrational beings postulated by rational choice.