Seduction by contract: law, economics, and psychology in consumer markets
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford [u.a.]
Oxford Univ. Press
2012
|
| Ausgabe: | 1. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | XVI, 280 S. graph. Darst. |
Internformat
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Datensatz im Suchindex
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|---|---|
| adam_text | IMAGE 1
CONTENTS
LIST OF FIGURES AND TABLES XIII
ABBREVIATIONS XV
INTRODUCTION I
1. THE LAW, ECONOMICS, AND PSYCHOLOGY OF CONSUMER CONTRACTS 6
INTRODUCTION 6
I. THE BEHAVIORAL ECONOMICS OF CONSUMER CONTRACTS 7
II. WELFARE IMPLICATIONS 23
III. MARKET SOLUTIONS AND THEIR LIMITS 26
IV. POLICY IMPLICATIONS: DISCLOSURE REGULATION 32
CONCLUSION 43
APPENDIX 44
2. CREDIT CARDS 51
INTRODUCTION 51
I. THE CREDIT CARD MARKET 56
II. THE CREDIT CARD CONTRACT 65
III. RATIONAL-CHOICE THEORIES AND THEIR LIMITS 75
IV. A BEHAVIORAL-ECONOMICS THEORY 78
V. WELFARE IMPLICATIONS 97
VI. MARKET SOLUTIONS 101
VII. POLICY IMPLICATIONS: RETHINKING DISCLOSURE 105
CONCLUSION 112
APPENDIX: TEASER RATES 113
3. MORTGAGES 116
INTRODUCTION 116
I. T HE SUBPRIME MORTGAGE MARKET 128
II. T HE SUBPRIME MORTGAGE CONTRACT 135
IMAGE 2
XLL CONTENTS
III. RATIONAL-CHOICE THEORIES AND THEIR LIMITS 146
IV. A BEHAVIORAL-ECONOMICS T H E O RY 156
V. WELFARE IMPLICATIONS 166
VI. POLICY IMPLICATIONS 174
CONCLUSION 183
4. CELL PHONES 185
INTRODUCTION 185
I. T HE CELL PHONE AND THE CELLULAR SERVICE MARKET 194
II. T HE CELLULAR SERVICE CONTRACT 205
III. EXPLAINING THE CELLULAR SERVICE CONTRACT 212
IV. WELFARE IMPLICATIONS 229
V. MARKET SOLUTIONS 233
VI. POLICY IMPLICATIONS 238
CONCLUSION 246
CONCLUSION 248
BIBLIOGRAPHY 251
INDEX 269
Consumers routinely enter into contracts with
providers of goods and services
—
from credit
cards, mortgages, cell phones, insurance, cable
TV, and Internet services to household
appliances, theater and sports events, health
clubs, magazine subscriptions, transportation,
and more. Using both general theory and
detailed case studies, this book explains the costs
—
to consumers and society at large
—
imposed by
seductive contracts, and outlines a promising
legal policy solution.
Consumer contracts are the product of an
interaction between market forces and consumer
psychology. They provide short-term benefits,
while imposing long-term costs
—
because
consumers are myopic and optimistic. They are
excessively complex
—
because complexity allows
sellers to hide the true cost of the product or
service from the imperfectly rational consumer.
Consumers are seduced by contracts that increase
perceived benefits, without actually providing
more benefits, and decrease perceived costs,
without actually reducing the costs that
consumers bear.
Competition does not alleviate this behavioral
market failure. It may even exacerbate it. Sellers,
operating in a competitive market, have no
choice but to align contract design with the
psychology· of consumers. A high-road seller who
offers what she knows to be the best contract will
lose business to the low-road seller who offers
what the consumer mistakenly believes to be the
best contract. Put blundy, competition forces
sellers to exploit the biases and misperceptions of
their customers.
Legal policy can help consumers and enhance
efficiency. Disclosure mandates provide a
promising avenue for regulatory intervention.
Simple, aggregate disclosures can help consumers
make better choices. Comprehensive disclosures
can facilitate the work of intermediaries, enabling
them to better advise consumers. Effective
disclosure would expose the seductive nature of
consumer contracts and, as a result, reduce
sellers incentives to write inefficient contracts.
Oren
Bar-Gill is a Professor of Law and
co-Director of the Center for Law, Economics and
Organization at the New York University School
of Law.
|
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| illustrated | Illustrated |
| indexdate | 2024-07-10T00:24:42Z |
| institution | BVB |
| language | English |
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| physical | XVI, 280 S. graph. Darst. |
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| spelling | Bar-Gill, Oren Verfasser (DE-588)124928862 aut Seduction by contract law, economics, and psychology in consumer markets Oren Bar-Gill 1. ed. Oxford [u.a.] Oxford Univ. Press 2012 XVI, 280 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Verbraucherschutz (DE-588)4117338-7 gnd rswk-swf Verbrauchervertrag (DE-588)7527895-9 gnd rswk-swf Ökonomische Theorie des Rechts (DE-588)4135492-8 gnd rswk-swf Verbrauchervertrag (DE-588)7527895-9 s Verbraucherschutz (DE-588)4117338-7 s Ökonomische Theorie des Rechts (DE-588)4135492-8 s DE-604 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025330327&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025330327&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Bar-Gill, Oren Seduction by contract law, economics, and psychology in consumer markets Verbraucherschutz (DE-588)4117338-7 gnd Verbrauchervertrag (DE-588)7527895-9 gnd Ökonomische Theorie des Rechts (DE-588)4135492-8 gnd |
| subject_GND | (DE-588)4117338-7 (DE-588)7527895-9 (DE-588)4135492-8 |
| title | Seduction by contract law, economics, and psychology in consumer markets |
| title_auth | Seduction by contract law, economics, and psychology in consumer markets |
| title_exact_search | Seduction by contract law, economics, and psychology in consumer markets |
| title_full | Seduction by contract law, economics, and psychology in consumer markets Oren Bar-Gill |
| title_fullStr | Seduction by contract law, economics, and psychology in consumer markets Oren Bar-Gill |
| title_full_unstemmed | Seduction by contract law, economics, and psychology in consumer markets Oren Bar-Gill |
| title_short | Seduction by contract |
| title_sort | seduction by contract law economics and psychology in consumer markets |
| title_sub | law, economics, and psychology in consumer markets |
| topic | Verbraucherschutz (DE-588)4117338-7 gnd Verbrauchervertrag (DE-588)7527895-9 gnd Ökonomische Theorie des Rechts (DE-588)4135492-8 gnd |
| topic_facet | Verbraucherschutz Verbrauchervertrag Ökonomische Theorie des Rechts |
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