Psychology and Institutional Design

Tyler Tom
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Tyler Tom: New York University

Review of Law & Economics, 2008, vol. 4, issue 3, 801-887

Abstract: I argue for the usefulness of a value-based approach to legal regulation. The value-based approach designs institutions in ways that promote the development of values such as legitimacy. Such a development of values encourages people to follow the rules because they believe they ought to, rather than out of fear of punishment. I suggest that the deterrence approach has limits and that the values-based model is a more efficient and effective basis for encouraging people to bring their behavior into line with law and legal institutions.

Date: 2008
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DOI: 10.2202/1555-5879.1233

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