Spindler, G.Behavioral Economics and consumer protection and security law in IT

Recommended reading

Gerald Spindler

Release date:
Februay 2020

Wirtschaftsdienst 100, pages 97–99 

Behavioral Economics has established itself as an independent economic research direction, which considerably relativizes the neo-institutional or classic models due to the behavioral science references (and questions their behavioral assumptions of the homo oeconomicus or rationally acting people). For consumer protection, in particular, behavioral economics contributes to taking new approaches into account, especially 'nudging', by including irrational consumer behaviors. From a legal perspective, behavioral economics in consumer protection law provides support for the development of new protection mechanisms that diverge from the traditional information model, still dominant in European consumer protection law, as well as from the cooling-off times to 'restore' rational behavior and put other instruments foreward. It can be shown that the classic right of withdrawal is less used as an opt-out right than it would be with a reverse arrangement, an opt-in in the form of a confirmation of the contract that was required again.

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