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| Author: | Faure, M.G. Luth, H. |
| Title: | Behavioural economics in unfair contract terms |
| Journal: | Journal of Consumer Policy
2011 : SEP, VOL. 34:3, p. 337-358 |
| Index terms: | consumers policy contracts law information literature |
| Language: | eng |
| Abstract: | This article questions the following: 'To what extent can the insights from the behavioural literature be applied in a way to formulate concrete suggestions to policy makers?' It is shown that many of the findings of the behavioural (henceforth as: beh-al.) literature are very context-specific, thus applying only as for particular products or services and specific consumer groups. That's why it is difficult to formulate general policy conclusions. However, as far as the specific domain of standard form contracts is concerned, the beh-al. literature is argued to have shown that the traditional remedy, being to focus on information disclosure cannot cure market failures resulting from failing information and the "signing-without-reading-problem". Thus, more substantive forms of intervention in standard form contracts may be indicated as a cure. |
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