Many legal rules—ranging from common-law contract doctrines to modern consumer protection regulation—are designed to protect individuals from their own mistakes. Scholars have neglected a core difficulty facing such policies: we humans are a motley bunch, and we are defined in part by our...

Moderne Marktordnungen schützen den Verbraucher vor Schäden und sichern den Leistungswettbewerb und die Funktionsfähigkeit von Märkten. Wettbewerbsorientierte Verbraucherpolitik und verbraucherorientierte Wettbewerbspolitik ergänzen sich dabei. Die Verhaltensökonomik zeigt allerdings, dass...

Over the past decade, cost-benefit analysis in the field of financial regulation (“financial CBA”) has emerged as a topic of intense public interest. In reviewing rulemakings under the Administrative Procedure Act, courts have demanded greater rigor in the financial CBA that regulators...

This paper describes the Consumer Movement landscape in China, especially explains why consumer protection level is not match to the economic development of the country. Most activity on behalf of consumers in China cannot be described as “activism”. Rather, the government dominates consumer...

The internet is hailed as the virtual abode of men characterized by the ability for subjects to rule and be ruled simultaneously, with each individual being the custodian of this kingdom of wires and diodes. Recent technological advancement has enormously affected the internet and increased the...

This chapter introduces the reader to the basic behavioural concepts and their importance for consumer law. The analysis is organized on three levels, the descriptive, the axiological and the prescriptive. The focus is primarily on European research and its connections with EU law. At the...

Competition and economic regulation policies have traditionally been based on the conception of a “standard” consumer who is perfectly rational, has a high level of computational skills, and is invariant to the environment in which choices are made. An ever-expanding body of research...

Modern legal scholars frequently and increasingly base their analyses on the assumption, grounded largely in the extensive experimental literature, that individuals are subject to a number of systematic behavioral biases. Within the legal literature, behavioral economic analysis has been relied...

As part of its overhaul of financial services regulation the Obama Administration has proposed stronger protection of consumers of financial products and services. The Consumer Financial Protection Agency Act of 2009 (CFPA Act), which the Administration submitted to the U.S. Congress on June 30,...