Cristoforo Osti

Markets out of their mind. Irrational consumers, irrational directors and irrational judges

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Cognitive psychology and behavioral economics have evidenced a series of problems regarding the assumption of rationality of economic agents as well as their tendency to maximize utility on the basis of their preferences. Such research begins to be taken into consideration by lawyers with reference to consumer biases, mainly in the area of consumer and product liability law. This article purports to review the impact of cognitive studies in the new area of antitrust, as well as to consider those biases which concern managers, i.e. the supply side of the market, and judges, who are called to regulate the market based on the available legal rules.


  • behavioral economics
  • antitrust


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