Seduction by contract [electronic resource] : law, economics, and psychology in consumer markets / Oren Bar-Gill
- Author
- Bar-Gill, Oren
- Published
- Oxford : Oxford University Press, 2012.
- Physical Description
- 1 online resource : illustrations
Access Online
- Oxford scholarship online: ezaccess.libraries.psu.edu
- Contents
- Machine generated contents note: 1.The Law, Economics, and Psychology of Consumer Contracts -- Introduction -- I.The Behavioral Economics of Consumer Contracts -- II.Welfare Implications -- III.Market Solutions and Their Limits -- IV.Policy Implications: Disclosure Regulation -- Conclusion -- Appendix -- 2.Credit Cards -- Introduction -- I.The Credit Card Market -- II.The Credit Card Contract -- III.Rational-Choice Theories and Their Limits -- IV.A Behavioral-Economics Theory -- V.Welfare Implications -- VI.Market Solutions -- VII.Policy Implications: Rethinking Disclosure -- Conclusion -- Appendix: Teaser Rates -- 3.Mortgages -- Introduction -- I.The Subprime Mortgage Market -- II.The Subprime Mortgage Contract -- III.Rational-Choice Theories and Their Limits -- IV.A Behavioral-Economics Theory -- V.Welfare Implications -- VI.Policy Implications -- Conclusion -- 4.Cell Phones -- Introduction -- I.The Cell Phone and the Cellular Service Market -- II.The Cellular Service Contract -- III.Explaining the Cellular Service Contract -- IV.Welfare Implications -- V.Market Solutions -- VI.Policy Implications -- Conclusion.
- Summary
- 'Seduction by Contract' explains how consumer contracts emerge from market forces and consumer psychology. Consumers' predictable mistakes - they are short-sighted, optimistic, and imperfectly rational - compel sellers to compete by hiding the true costs of products in complex, misleading contracts. Only better law can overcome the market's failure.
- Subject(s)
- ISBN
- 9780191751660 (ebook)
- Bibliography Note
- Includes bibliographical references and index.
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