search query: @freeterm consumer welfare / total: 2
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| Author: | Tsai, C.I. Hsee, C.K. |
| Title: | A behavioral account of compensation awarding decisions |
| Journal: | Journal of Behavioral Decision Making
2009 : APR, VOL. 22:2, p. 138-152 |
| Index terms: | compensation law |
| Freeterms: | legal decision making lay rationalism consumer welfare |
| Language: | eng |
| Abstract: | The study suggests that compensation decisions often ignore value and are based on cost instead, except when the cost is zero. This is explained in terms of lay scientism. It is discussed how the prevalent cost-based compensation rule hurts consumer welfare. |
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