front cover of The Theory of Rules
The Theory of Rules
Karl N. Llewellyn
University of Chicago Press, 2011

Karl N. Llewellyn was one of the founders and major figures of legal realism, and his many keen insights have a central place in American law and legal understanding. Key to Llewellyn’s thinking was his conception of rules, put forward in his numerous writings and most famously in his often mischaracterized declaration that they are “pretty playthings.” Previously unpublished, The Theory of Rules is the most cogent presentation of his profound and insightful thinking about the life of rules.

This book frames the development of Llewellyn’s thinking and describes the difference between what rules literally prescribe and what is actually done, with the gap explained by a complex array of practices, conventions, professional skills, and idiosyncrasies, most of which are devoted to achieving a law’s larger purpose rather than merely following the letter of a particular rule. Edited, annotated, and with an extensive analytic introduction by leading contemporary legal scholar Frederick Schauer, this rediscovered work contains material not found elsewhere in Llewellyn’s writings and will prove a valuable contribution to the existing literature on legal realism.

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front cover of Time and Decision
Time and Decision
Economic and Psychological Perspectives of Intertemporal Choice
George Loewenstein
Russell Sage Foundation, 2003
How do people decide whether to sacrifice now for a future reward or to enjoy themselves in the present? Do the future gains of putting money in a pension fund outweigh going to Hawaii for New Year's Eve? Why does a person's self-discipline one day often give way to impulsive behavior the next? Time and Decision takes up these questions with a comprehensive collection of new research on intertemporal choice, examining how people face the problem of deciding over time. Economists approach intertemporal choice by means of a model in which people discount the value of future events at a constant rate. A vacation two years from now is worth less to most people than a vacation next week. Psychologists, on the other hand, have focused on the cognitive and emotional underpinnings of intertemporal choice. Time and Decision draws from both disciplinary approaches to provide a comprehensive picture of the various layers of choice involved. Shane Frederick, George Loewenstein, and Ted O'Donoghue introduce the volume with an overview of the research on time discounting and focus on how people actually discount the future compared to the standard economic model. Alex Kacelnik discusses the crucial role that the ability to delay gratification must have played in evolution. Walter Mischel and colleagues review classic research showing that four year olds who are able to delay gratification subsequently grow up to perform better in college than their counterparts who chose instant gratification. The book also delves into the neurobiology of patience, examining the brain structures involved in the ability to withstand an impulse. Turning to the issue of self-control, Klaus Wertenbroch examines the relationship between consumption and available resources, showing, for example, how a high credit limit can lead people to overspend. Ted O'Donoghue and Matthew Rabin show how people's awareness of their self-control problems affects their decision-making. The final section of the book examines intertemporal choice with regard to health, drug addiction, dieting, marketing, savings, and public policy. All of us make important decisions every day-many of which profoundly affect the quality of our lives. Time and Decision provides a fascinating look at the complex factors involved in how and why we make our choices, so many of them short-sighted, and helps us understand more precisely this crucial human frailty.
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front cover of Towards a Cognitive Mode in Global Finance?
Towards a Cognitive Mode in Global Finance?
The Governance of a Knowledge-Based Financial System
Edited by Torsten Strulik and Helmut Willke
Campus Verlag, 2007
The global finance system has been the subject of hot debate for several years. Major players such as the International Monetary Fund and the World Bank have come under fire for their financial practices, while the role of epistemic authorities, including rating agencies, remains unclear. This book systematically analyzes the role knowledge plays in global finance reform by considering its influence in the empirical areas of finance (banking, accounting, and bond rating, for example). As the contributors demonstrate, current institutional management strategies reflect a shift toward “cognitive,” or learning-based modes of managing financial and political risks—and this cognitive thinking has its own consequences for the global marketplace.
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