‘Is Contract Law Only for the Stubborn?’

Aditi Bagchi, Contract and the Problem of Fickle People, 53 Wake Forest Law Review (forthcoming), available at SSRN. Whether by design or by accident (or both), the world rewards people who are stable – who have reliable desires, low discount rates, and long-term plans. Young children who pass the marshmallow test appear to do well on achievement tests ten years later. ‘Commitment’ and ‘follow-through’ are often prized cultural values, and focus and single-mindedness often correlate with success. We link consistency with rationality; economists often don’t even know what to do with people who don’t have consistent preferences. As Aditi Bagchi suggests in Contract and the Problem of Fickle People, maybe the law inappropriately helps to enshrine this state of affairs … (more)

[Shawn Bayern, JOTWELL, 10 August]

Leave a Reply