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The Essential Role of Empirical Analysis in Developing Law and Economics Theory

To serve as an effective basis for positive or normative analysis of law, theoretical law and economics analysis must be predicated on models that accurately capture the essential characteristics of the decision-making environment, decision-makers’ available choices, and individuals’ decision-making processes. Empirical analysis of law plays a vital role in helping theoretical analysis achieve this goal. Empirical analyses contribute indirectly by testing the predictions of models; results contrary to theoretical predictions regularly prompt theorists to reexamine the decision-making environment. Empirical analyses contribute directly by providing direct evidence on the decision-making environment, available choice sets or decision-makers mental processes. This interaction of empirical analysis and theory has led theory towards increasing use of models predicated on incomplete information, incomplete contracting, and decision-making that may deviate from rational choice theory.