Consumer policy in a market economy considerations from the perspective of the economics of information, the new institutional economics as well as behavioural economics

Journal of Consumer Policy

Volumn 31, Issue 3, 2008, Pages 285-313

  Rischkowsky, Franziska ^a   Döring, Thomas ^b  

^a IHS (Institute for Advanced Studies) Carinthia   (Austria)

^b CARINTHIA UNIVERSITY OF APPLIED SCIENCES   (Austria)

Author keywords

Behavioural economics; Consumer policy; Economics of information; New institutional economics; Regulation

Indexed keywords

EID: 48949090087     PISSN: 01687034     EISSN: 15730700     Source Type: Journal    
DOI: 10.1007/s10603-008-9076-3     Document Type: Article

References (108)

1. Akerlof, G. A. (1970). The market of lemons: Quality uncertainty and the market mechanism. Quarterly Journal of Economics, 84, 488-500.
2. Alchian, A. A., & Woodward, S. L. (1988). The firm is dead; Long live the firm: A review of Oliver E. Williamson's The economic institutions of capitalism. Journal of Economic Literature, 26, 65-79.
3. Arrow, K. (1969). The organisation of economic activity: Issues pertinent to the choice of market versus non-market allocation. In: Proceedings of the 91st Congress of the Joint Economic Committee, The analysis of and evaluation of public expenditure: The PBB-System, 1st Session, Vol. 1, Washington DC.
4. Arrow, K. (1985). The economics of agency. In J. W. Pratt, & R. J. Zeckhauser (Eds.), Principals and agents: The structure of business (p. 37-51). Boston, MA: Harvard Business School.
5. Bagwell, K., & Riordan, M. (1986). Equilibrium price dynamics for an experience good. Discussion Paper, 705, CMSEMS. Northwestern University.
6. Beales, H., Craswell, R., & Salop, S. C. (1981). The efficient regulation of consumer information. Journal of Law and Economics, 24, 491-539.
7. Becker, T. (1998). Markt versus Staat: Ein Vergleich unvollkommener Mechanismen. In R. Hermann, D. Krischke, & P. M. Schmitz (Eds.), Landwirtschaft in der Weltwirtschaft (pp. 2-36). Frankfurt (Main): Agrimedia.
8. Becker, T. (2000). To what extent are consumer requirements met by public quality policy? In T. Becker (Ed.), Quality policy and consumer behaviour in the European Union (pp. 247-266). Kiel: Wissenschaftsverlag Vauk.
9. Bettman, J. R. (1979). An information processing theory of consumer choice. Reading, MA: Addison-Wesley.
10. Bettman, J. R., Luce, M. F., & Payne, J. W. (1998). Constructive consumer choice processes. Journal of Consumer Research, 25, 187-217.
11. Bettman, J. R., & Park, W. (1980). Effects of prior knowledge and experience and phase of the choice process on consumer decision processes: A protocol analysis. Journal of Consumer Research, 7, 234-248.
12. Camerer, C. F., Issacharoff, S., Loewenstein, G. F., O'Donoghue, T., & Rabin, M. (2003). Regulation for conservatives: Behavioral economics and the case for asymmetric paternalism. University of Pennsylvania Law Review, 151, 1211-1254.
13. Camerer, C. F., & Loewenstein, G. F. (2004). Behavioral economics: Past, present, future. In C. F. Camerer, G. F. Loewenstein, & M. Rabin (Eds.), Advances in behavioral economics (pp. 3-51). Princeton, NJ: Princeton University Press.
14. Clapperton, D., & Corones, S. (2007). Unfair terms in 'clickwrap' and other electronic contracts. Australian Business Law Review, 35, 152-180.
15. Coase, R. (1960). The problem of social cost. Journal of Law and Economics, 1, 1-44.
16. Darby, R. R., & Karni, E. (1973). Free competition and the optimal amount of fraud. Journal of Law and Economics, 16, 67-88.
17. Denzau, A. T., & North, D. C. (1994). Shared mental models: Ideologies and institutions. Kyklos, 47, 3-31.
18. Dohse, D. (2001). Knowledge creation, knowledge diffusion and regional growth. In J. Bröcker, & H. Hermann (Eds.), Spatial change and interregional flows in the integrating Europe (pp. 131-142). Heidelberg: Physica.
19. Elster, J. (1996). Ulysses and the sirens: Studies in rationality and irrationality. Cambridge, MA: Cambridge University Press.
20. Elster, J. (1998). Emotions and economic theory. Journal of Economic Literature, 36, 47-74.
21. Englerth, M. (2004). Behavioral law and economics - Eine kritische Einfürung. Bonn: Preprints of the Max Planck Institute for Research on Collective Goods, 2004/11.
22. European Parliament and of the Council, (1997). Directive 97/7/EG of the European Parliament and of the Council of 20 May 1997 on the protection of consumers in respect of distance contracts ("Distance Contracts Directive").
23. European Parliament and of the Council, (2005). Directive 2002/29/EG of the European Parliament and of the Council of 11 May 2005 concerning unfair business-to-consumer commercial practices in the internal market and amending Council Directive 84/450/EEC, Directives 97/7/EC, 98/27/EC and 2002/65/EC of the European Parliament and of the Council and Regulation (EC) No 2006/2004 of the European Parliament and of the Council ("Unfair Commercial Practices Directive").
24. Featherstone, M. (1990). Perspectives on consumer culture. Sociology, 24, 5-22.
25. Field, C. (2007). Having one's cake and eating it too - An analysis of behavioural economics from a consumer policy perspective. Paper presented at the Australian Government Productivity Commission Roundtable on Behavioural Economics and Public Policy, Melbourne, 8-9th August 2007.
26. Furubotn, E. G., & Richter, R. (1998). Institutions and economic theory (2nd ed.). Ann Arbor, MI: University of Michigan Press.
27. Galbraith, J. K. (1967). The new industrial state. London: Hamish Hamilton.
28. Gallagher, K. (1997). Globalization and consumer culture. Overview essay. In N. R. Goodwin, F. Ackerman, & D. Kiron (Eds.), The consumer society (pp. 301-308). Washington, DC: Island.
29. Gino, F. (2004). Getting advice from the same source but at a different cost: Do we overweigh information just because we paid for it? Harvard Business School Working Paper Series, no. 05-017.
30. Girard, T. (2003). Influence of product category on consumer information search behaviour. Paper presented at DMEF's Robert B. Clarke Educator's Conference 2003.
31. Glaeser, E. L. (2003). Psychology and the market. Harvard Institute of Economic Research, Discussion Paper Number 2023, December 2003. http:// post.economics.harvard.edu/hier/2003papers/2003list.html.
32. Gröner, H., & Köhler, H. (1987). Verbraucherschutzrecht in der Marktwirtschaft. Tübingen: J.C.B. Mohr.
33. Grundmann, S., & Kerber, W. (2001). Information intermediaries and party autonomy - The example of securities and insurance markets. In S. Grundmann, W. Kerber, & S. Weatherill (Eds.), Party autonomy and the role of information in the internal market (pp. 264-310). Berlin: Walter de Gruyter.
34. Grundmann, S., Kerber, W., & Weatherill, S. (2001). Party autonomy and the role of information in the internal market - An overview. In S. Grundmann, W. Kerber, & S. Weatherill (Eds.), Party autonomy and the role of information in the internal market (pp. 1-38). Berlin: Walter de Gruyter.
35. Herrnstein, R. J., Loewenstein, G. F., Prelec, D., & Vaughan, W. (1993). Utility maximization and melioration: Internalities in individual choice. Journal of Behavioral Decision Making, 6, 149-185.
36. Hörner, J. (2002). Reputation and competition. American Economic Review, 92, 644-663.
37. Howell, N. (2006). Catching up with consumer realities: The need for legislation prohibiting unfair terms in consumer contracts. Australian Business Law Review, 34, 447-465.
38. Jacoby, J., Speller, D. E., & Kohn, C. (1974). Brand choice behavior as a function of information load. Journal of Marketing Research, 11, 63-69.
39. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior. Agency costs and ownership structure. Journal of Financial Economics, 3, 305-360.
40. Jolls, Ch., Sunstein, C. R., & Thaler, R. (1998). A behavioral approach to waw and economics. Stanford Law Review, 50, 1471-1550.
41. Kaas, K. P. (1994). Ansätze zu einer institutionenökonomischen Theorie des Konsumentenverhaltens. In Forschungsgruppe Konsum und Verhalten (Ed.), Konsumentenforschung (pp. 245-260). München: Vahlen.
42. Kahneman, D. (2003). Maps of bounded rationality: Psychology for behavioral economics. American Economic Review, 93, 1449-1475.
43. Kahneman, D., Knetsch, J. L., & Thaler, R. (1991). Anomalies. The endowment effect. Loss aversion and status quo bias. Journal of Economic Perspectives, 5, 193-206.
44. Kahneman, D., & Tversky, A. (1984). Choices, values and frames. American Psychologist, 39, 341-350.
45. Katona, G. (1972). Motivation und Konsumwahl. In W. Kroeber-Riel (Ed.), Marketingtheorie - Verhaltensorientierte Erklärungen von Marktreaktionen (pp. 61-77). Köln: Kiepenheuer & Witsch.
46. Kirstein, R. (2003). Ökonomische Analyse des Rechts. Center for the Study of Law and Economics, Discussion Paper 2003-06.
47. Klein, L. R. (1998). Evaluating the potential of interactive media through a new lens: Search versus experience goods. Journal of Business Research, 41, 195-203.
48. Koch, W. A., & Czogalla, C. (2004). Grundlagen der Wirtschaftspolitik (2nd ed.). Stuttgart: Lucius & Lucius.
49. Korobkin, R. B., & Ulen, T. S. (2000). Law and behavioral Sciences: Removing the rationality assumption from law and economics. California Law Review, 88, 1053-1144.
50. Kroeber-Riel, W. (1977). Kritik und Neuformulierung der Verbraucherpolitik auf verhaltenswissenschaftlicher Grundlage. Die Betriebswirtschaft, 37, 89-103.
51. Kroeber-Riel, W., & Weinberg, P. (2003). Konsumentenverhalten. München: Vahlen.
52. Kuhlmann, E. (1990). Verbraucherpolitik - Grundzüge ihrer Theorie und Praxis. München: Vahlen.
53. Lazear, E. (2000). Economic imperialism. Quarterly Journal of Economics, 115, 99-146.
54. Leland, H. (1979). Quacks, lemons and licensing: A theory of minimum quality standards. Journal of Political Economy, 87, 1328-1346.
55. Lingenfelder, M., Lauer, A., & Funk, C. (1998). Die Markenbereitschaft und Markentransparenz von Konsumenten im Lichte der Informations Ëkonomie, Arbeitspapiere Nr. 5, Phillips-Universität Marburg.
56. Loewenstein, G. F. (2000). Emotions in economic theory and economic behavior. American Economic Review: Papers and Proceedings, 90, 426-432.
57. Lury, C. (1996). Consumer culture. Cambridge, MA: Polity.
58. Mähling, F. W. (1983). Werbung, Wettbewerb und Verbraucherpolitik. München: Florentz.
59. Maital, S. (2004). Daniel Kahneman: On redefining rationality. Journal of Socio-Economics, 22, 1-14.
60. March, J. G. (1978). Bounded rationality, ambiguity, and the engineering of choice. Bell Journal of Economics, 9, 587-608.
61. Martiensen, J. (2000). Institutionenökonomik: Die Analyse der Bedeutung von Regeln und Organisationen für die Effizienz ökonomischer Tauschbeziehungen. München: Vahlen.
62. Mas-Colell, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic theory. Oxford: Oxford University Press.
63. Mc Auley, I. (2007). Roundtable on economics for consumer policy. Summary report by the committee on consumer policy (CCP) of the OECD, Paris.
64. McDonald, F. (2000). Consumer protection policy in the European Union. European Business Journal, 12, 39-46.
65. Meyer, D. (1990). Asymmetrische Information, Institutional Choice und die Funktion von Wertorientierungen. Jahrbuch für Sozialwissenschaft, 41, 104-121.
66. Miljkovic, D. (2005). Rational choice and irrational individuals or simply an irrational theory: A critical review of the hypothesis of perfect rationality. Journal of Socio-Economics, 34, 621-634.
67. Mitropoulos, S. (1997). Verbraucherpolitik in der Marktwirtschaft: Konzeptionen und internationale Erfahrungen. Berlin: Duncker und Humblot.
68. Mulholland, J. (2007). Behavioural economics and the federal trade commission. Paper presented at the Australian Government Productivity Commission Roundtable on Behavioural Economics and Public Policy. Melbourne, 8-9th August 2007.
69. Musgrave, R. A. (1959). The theory of public finance. New York: McGraw-Hill.
70. Musgrave, R. A. (1996). Public Finance and Finanzwissenschaft: Traditions compared. Finanzarchiv, 53, 145-193.
71. Nelson, P. (1970). Information and consumer behavior. Journal of Political Economy, 78, 311-329.
72. Nelson, P. (1974). Advertising as information. Journal of Political Economy, 81, 721-754.
73. Neuner, M., Raab, G., & Reisch, L. A. (2005). Compulsive buying as a consumer policy issue in East and West Germany. In K. G. Grunert, & J. Thøgersen (Eds.), Consumers, policy and the environment (pp. 89-114). Heidelberg: Springer.
74. North, D. C. (1999). Understanding the process of economic change. London: Institute of Economic Affairs.
75. Ölander, F. (2005). Consumer psychology: Not necessarily a manipulative science. In K. G. Grunert, & J. Thøgersen (Eds.), Consumers, policy and the environment (pp. 1-22). Heidelberg: Springer.
76. Ölander, F., & Thøgersen, J. (1995). Understanding consumer behaviour as a prerequisite for environmental protection. Journal of Consumer Policy, 18, 345-385.
77. Payne, J. W., Bettman, J. R., & Johnson, E. J. (1992). Behavioral decision research: A constructive processing perspective. Annual Review of Psychology, 43, 87-131.
78. Priest, G. L. (1981). A theory of the consumer product warranty. Yale Law Journal, 90, 1297-1352.
79. Rabin, M. (1998). Psychology and economics. Journal of Economic Literature, 36, 11-46.
80. Roßmanith, T. (2001). Informationsverhalten und involvement im internet. Doctoral dissertation, Universität Fridericiana zu Karlsruhe. http://www.ubka.uni-karlsruhe.de/cgi-bin/psview?document=2001/ wiwi/1&format= 0&search=%2f2001%2fwiwi%2f1).
81. Rudd, J. (1983). The consumer information overload controversy and public policy. Policy Studies Review, 2, 465-473.
82. Sappington, D. E. (1991). Incentives in principal-agent relationships. Journal of Economic Perspectives, 5, 45-66.
83. Schäfer, H.-B. (1998). Grenzen des Verbraucherschutzes und adverse Effekte des Europäischen Verbraucherrechts. In S. Grundmann (Ed.), Systembildung und Systemlücken in Kerngebieten des Europäischen Privatrechts (pp. 559-568). Tübingen: Mohr Siebeck.
84. Schäfer, H.-B., & Ott, C. (2000). Lehrbuch der ökonomischen Analyse des Zivilrechts (3rd ed.). Berlin: Springer.
85. Schmalensee, R. (1986). Advertising and market structure. In J. Stiglitz, & F. Matthewson (Eds.), New developments in the analysis of market structures (pp. 373-396). Cambridge, MA: MIT.
86. Shafir, E. (2007). A behavioural background for economic policy, Paper presented at the Australian Government Productivity Commission Roundtable on Behavioural Economics and Public Policy, Melbourne, 8-9th August 2007.
87. Shapiro, C. (1982). Consumer information, product quality, and seller reputation. Bell Journal of Economics, 13, 20-35.
88. Shapiro, C. (1983). Consumer protection policies in the United States. Journal of Institutional and Theoretical Economics, 139, 527-544.
89. Shapiro, C. (1986). Investment, moral hazard, and occupational licensing. Review of Economic Studies, 53, 843-862.
90. Sinn, H.-W. (1989). Verbraucherschutz als Problem asymmetrischer Informationskosten. In C. Ott, & H.-B. Schäfer (Eds.), Allokationseffizienz in der Rechtsordnung (pp. 81-90). Berlin: Springer.
91. Sinn, H.-W. (2003). Verbraucherschutz als Staatsaufgabe. Perspektiven der Wirtschaftspolitik, 4, 281-294.
92. Smith, V. L. (2005). Behavioral economics research and the foundations of economics. Journal of Socio-Economics, 34, 135-150.
93. Spence, M. (1975). Monopoly, quality and regulation. Bell Journal of Economics, 6, 417-429.
94. Spence, M. (1977). Consumer misperceptions, product failure, and product liability. Review of Economic Studies, 44, 561-572.
95. Spence, M. (2002). Signalling in retrospect and the informational structure of markets. American Economic Review, 92, 434-459.
96. Stigler, G. J. (1961). The economics of information. Journal of Political Economy, 69, 213-225.
97. Stiglitz, J. E. (2000). The contributions of the economics of information to twentieth century economics. The Quarterly Journal of Economics, 115, 1441-1478.
98. Thaler, R. (1985). Toward A positive theory of consumer choice. Journal of Economic Behavior and Organization, 1, 39-60.
99. Thøgersen, J. (2005). How may consumer policy empower consumers for sustainable lifestyles? Journal of Consumer Policy, 28, 143-177.
100. Tirole, J. (1990). The theory of industrial organization. Cambridge, MA: MIT.
101. Triandis, H. C. (1994). Culture and social behavior. New York: McGraw-Hill.
102. Ulen, T. S. (2001). Information in the market economy - Cognitive errors and legal correctives. In S. Grundmann, W. Kerber, & S. Weatherill (Eds.), Party autonomy and the role of information in the internal market (pp. 98-129). Berlin/New York: Springer.
103. Wein, T. (2001). Consumer information problems - Causes and consequences. In S. Grundmann, W. Kerber, & S. Weatherill (Eds.), Party autonomy and the role of information in the internal market (pp. 80-97). Berlin: Springer.
104. Weinberg, P. (1981). Das Entscheidungsverhalten der Konsumenten. Paderborn: Schoeningh.
105. Weinberg, P. (1994). Emotionale Aspekte des Entscheidungsverhaltens. Ein Vergleich von Erklärungskonzepten. In Forschungsgruppe Konsum und Verhalten (Ed.), Konsumentenforschung (pp. 171-181). München: Vahlen.
106. Williamson, O. E. (1975). Markets and hierarchies - Analysis and antitrust implications: A study in the economics of internal organization. New York: Free Press.
107. Williamson, O. E. (2005). Transaction cost economics. In C. Menard, & M. M. Shirley (Eds.), Handbook of new institutional economics (pp. 41-65). Dordrecht: Springer.
108. Zauberman, G. (2003). The intertemporal dynamics of consumer lock-in. Journal of Consumer Research, 30, 405-419.