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Seduction by ContractLaw, Economics, and Psychology in Consumer Markets$
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Oren Bar-Gill

Print publication date: 2012

Print ISBN-13: 9780199663361

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199663361.001.0001

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The Law, Economics, and Psychology of Consumer Contracts

The Law, Economics, and Psychology of Consumer Contracts

(p.6) 1 The Law, Economics, and Psychology of Consumer Contracts
Seduction by Contract

Bar-Gill Oren

Oxford University Press

This chapter develops a general approach for analyzing consumer markets and, more specifically, consumer contracts. A behavioural-economics model was used to explain how consumer psychology interacts with market forces to influence the design of consumer contracts. The resulting behavioural market failure entails potentially significant welfare costs, which market solutions can reduce but not eliminate. Optimally designed disclosure mandates, while not a panacea, can enhance efficiency and help consumers.

Keywords:   behavioural-economics model, consumer market analysis, consumer bias, welfare costs, disclosure mandates

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