The purchaser is requesting assumption of the existing Flood insurance policy upon closing in order to maintain continuous coverage. They then systematically examine the empirical evidence inconsistent with the rationality assumption and, drawing on a wide range of substantive areas of law, explain how normative policy conclusions of law and economics will change and improve under the law-and-behavioral-science approach. Easy Policy Assumption Request Form The named insured is selling or transferring ownership of property at the address below. The authors first explain the various ways the rationality assumption is used in legal scholarship and why it leads to unsatisfying policy prescriptions. The submission may require additional information and documentation. The request will be subject to underwriting review and will not be considered bound. Professors Korobkin and Ulen argue that law and economics can reinvigorate itself by replacing the rationality assumption with a more nuanced understanding of human behavior that draws on cognitive psychology, sociology, and other behavioral sciences, thus creating a new scholarly paradigm called "law and behavioral science." This article provides an early blueprint for research in this paradigm. To review the assumption process and policy eligibility, go to and select Assume Policy. As law and economics turns forty years old, its continued vitality is threatened by its unrealistic core behavioral assumption: that people subject to the law act rationally. Many of these laws took the form of re- quiring that all insurance providers must include in their policies coverage for specific treatments under certain.
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