Abstract
Attorneys frequently make decisions involving choices that are risky or uncertain as to their consequences. Some of these decisions are imbued with issues of legal ethics. Some legal scholars, especially proponents of the so-called law and economics school of legal analysis, have begun to study these decisions under cumulative prospect theory, a behavioral decision theory focusing on decisions under risk and uncertainty. This essay begins with an overview of this theory. It then examines whether cumulative prospect theory should be applied to legal ethics. Assuming the viability of the theory and its application to legal ethics, Rule 3.3 of the Model Rules of Professional Conduct was the test subject of a survey administered to practitioners. This essay will share the empirical results and observations from this survey. Finally, this essay offers conclusions and recommendations for future research and scholarship.
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