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Revista de Derecho Privado

versão impressa ISSN 0123-4366


GAVIRIA, Juan Antonio. The Effect of Penalty Clauses on the Breach of Contracts. An Analysis through the Lens of Behavioral Economics. Rev. Derecho Privado [online]. 2019, n.36, pp.59-92. ISSN 0123-4366.

This paper shows how behavioral economics and, particularly, empirical researches based on its theories allow the analysis of classic concepts of private law through new standpoints. Under this approach, this text presents a research explaining why civil law countries restrict the amount of penalty clauses and low-amount penalties might incentivize breaches of contracts. This paper also proposes an experiment on penalty clauses and analyzes its results. As concluding remarks, the text briefly mentions other topics in private law whose analysis might also be enriched by behavioral economics.

Palavras-chave : Penalty Clauses; Private Law; Behavioral Economics; Standard Economic Theory; Breach of contract.

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