Technical Report #387
Thu, 04/04/2019
Authors: 
Leigh Anderson
Muel Kiel
Abstract: 

This technical report is an analysis of current trends and theories in consumer protection from both a legal and economic perspective. Traditional economic theory, especially the work of Akerlof (1970), suggests there are situations in which consumer protection is necessary to maintain healthy markets. Still, debate continues on the best methods of consumer protection. As an example, some economists argue for information disclosure, others paternalism, and still others so-called soft- or libertarian-paternalism. Any of these forms can be acheived through different bodies including government agencies, consumer associations, self-regulation, statutory and non-statutory standards bodies, ombudsman and professional organizations. Finally, the transition to digital economies has presented new challenges for consumer protection including security, privacy, complex liability chains, and the complexity of the products themselves.

Type of Research: 
Literature Review
Research Topic Category: 
Political Economy & Governance