Shmuel I. Becher of the College of Management (Israel) – School of Law and Yuval Feldman of Bar-Ilan University have written Non-Verbal Market Manipulation. Here is the abstract: Consumers make purchasing decisions in various markets every day. Contrary to common belief, such decision-making is often not the result of deliberate analysis of information and data […]
Author Archives: Jeff Sovern
by Jeff Sovern The American Bar Association's Business Law Section Consumer Financial Services Committee held a webinar earlier today in which the topic was listed as "The CFPB Begins Arbitration Rulemaking, But Its Own Study Shows that Arbitration Benefits Consumers." The sole speakers, other than the moderator, were Ballard Spahr's Alan Kaplinsky and Mark Levin. […]
HT: Kate Spellman
Jim Hawkins of Houston has written Using Advertisements to Diagnose Behavioral Market Failure. Here is the abstract: In imperfect markets where consumers have malleable preferences and bounded rationality, advertising has the potential to increase demand for products through persuasion and through information that exploits systematic mistakes that consumers make. Scholarship on advertising has criticized it […]
Here. But what is Trump's position on the CFPB?
CNBC has the story here. Three of the top four are the big three credit bureaus. The Consumer Bankers Association is dismissive of the findings. Quoting now from Marketplace: “They're basically in the shaming of banks business by providing what I call a ‘David Letterman Top 10 List’ of complaints,” says Richard Hunt, president of […]
Siona Robin Listokin of George Mason's School of Policy, Government, and International Affairs has written Industry Self Regulation of Data Privacy and Security. Here is the abstract: Industry self-regulation of consumer data privacy and security has been proposed as a flexible alternative and compliment to traditional government regulation. This study analyzes whether different types of existing […]
Jacob Hale Russell of Stanford has written Misbehavioral Law and Economics: Separating and Pooling in Responses to Consumer Financial Mistakes. Here is the abstract: Consumers’ choices in financial contracts do not always tell us what they really want. Put differently, revealed preferences are sometimes unreliable indicators of actual preferences. For instance, consider two consumers who […]
Here. Excerpt: * * * Congressmen Steve Womack (AR-3) and Tom Graves (GA-14) wrote an amendment to an appropriations bill that ignores all the evidence in the [2015 CFPB Arbitration] report. Unsurprisingly, they both have received consistent financial support for years from banking lobbyists. Adopted by voice vote within a matter of minutes, the amendment […]