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Details
Table of Contents
Intro
Preface
Introduction
Contents
Contributors
Part I: Behavioural Insights to Consumer Law
The Target Opportunity Costs of Successful Nudges
1 Introduction
2 The Seemingly Low Costs of Nudges
3 Target Opportunity Costs
4 The Opportunity Costs of Nudges
5 Nudges ́Opportunity Costs Largely Ignored
6 Conclusion
References
Complex Mortgage Loans as a Case Study for Consumer Law and Economics
1 Foreign Currency Mortgage Loans in Europe
2 The Jurisprudence of the Court of Justice of the European Union
3 Assessing the Unfairness
4 Substituting Unfair Contract Terms with Provision of National Law
5 The Notion of Transparency: Lenderś Obligations Towards the Borrower
6 The Concept of the Average Reasonable Consumer
7 Assessment
8 Mortgage Loans and Behavioural Law and Economics: How Low Instalment Rates Lured Individuals and Judges Alike
9 Conclusion
References
The PRIIPs Regulation in View of Behavioural Research: An Example of Hyperbolized Mandated Disclosure
1 Introduction
1.1 The Point of Departure
1.2 The Disclosure Paradigm
1.3 The Acceptance of Behavioural Research
2 The Failure of Mandated Disclosure: Analysis
2.1 Mandated Disclosure in Financial Market Law
2.2 Protagonists: Lawmakers, Disclosers and Disclosees
2.2.1 Lawmakers: The Root of All Evil?
2.2.2 Disclosers: Producers, Distributors and Advisors
2.2.3 Disclosee: Incapable, Innumerate and Biased
2.3 Interim Results
3 PRIIP
3.1 Concept
3.2 Consumer Testing Study
3.3 Discussing the Details
3.4 Key Information Document
3.4.1 Summary Risk Indicator
3.4.2 Performannce Scenarios
3.4.3 Presentation of Costs
3.5 Experiences with the KID
3.6 Revision of the PRIIPs KID
4 Further Pillars of Investor Protection
4.1 POS Regulation
4.2 Product Governance
5 New Challenges
5.1 Robo Advice
5.2 Tokenization of Assets
6 Conclusion
References
Part II: Mandated Disclosure
From Disclosure to Transparency in Consumer Law
1 Introduction
2 Legal Tradition: Consumer Protection by Rule-Making
3 Challenges: Findings of Behavioral Sciences and Economics
3.1 Behavioral Sciences in General
3.2 Mandated Disclosure in Particular
4 Societal Perspective: Right-Holders ́Approach and Transparency Concept
4.1 Informational Misdirection
4.1.1 Over-Information
4.1.2 Overconfidence
4.2 Right-Holders ́Concept
4.3 Transparency Concept
4.3.1 Yardsticks of Transparency
4.3.2 Implementation of Transparency
5 Conclusion
References
No Need to Read: `Self-Enforcing ́Pre-Contractual Consumer Information in European and German Law
1 Introduction
2 The Concept and Problems of Information Based Consumer Protection
2.1 Doctrinal Foundation and Development of the Consumer Image
2.2 The Informed Consumer and False Assumptions: Behavioural Insights
Preface
Introduction
Contents
Contributors
Part I: Behavioural Insights to Consumer Law
The Target Opportunity Costs of Successful Nudges
1 Introduction
2 The Seemingly Low Costs of Nudges
3 Target Opportunity Costs
4 The Opportunity Costs of Nudges
5 Nudges ́Opportunity Costs Largely Ignored
6 Conclusion
References
Complex Mortgage Loans as a Case Study for Consumer Law and Economics
1 Foreign Currency Mortgage Loans in Europe
2 The Jurisprudence of the Court of Justice of the European Union
3 Assessing the Unfairness
4 Substituting Unfair Contract Terms with Provision of National Law
5 The Notion of Transparency: Lenderś Obligations Towards the Borrower
6 The Concept of the Average Reasonable Consumer
7 Assessment
8 Mortgage Loans and Behavioural Law and Economics: How Low Instalment Rates Lured Individuals and Judges Alike
9 Conclusion
References
The PRIIPs Regulation in View of Behavioural Research: An Example of Hyperbolized Mandated Disclosure
1 Introduction
1.1 The Point of Departure
1.2 The Disclosure Paradigm
1.3 The Acceptance of Behavioural Research
2 The Failure of Mandated Disclosure: Analysis
2.1 Mandated Disclosure in Financial Market Law
2.2 Protagonists: Lawmakers, Disclosers and Disclosees
2.2.1 Lawmakers: The Root of All Evil?
2.2.2 Disclosers: Producers, Distributors and Advisors
2.2.3 Disclosee: Incapable, Innumerate and Biased
2.3 Interim Results
3 PRIIP
3.1 Concept
3.2 Consumer Testing Study
3.3 Discussing the Details
3.4 Key Information Document
3.4.1 Summary Risk Indicator
3.4.2 Performannce Scenarios
3.4.3 Presentation of Costs
3.5 Experiences with the KID
3.6 Revision of the PRIIPs KID
4 Further Pillars of Investor Protection
4.1 POS Regulation
4.2 Product Governance
5 New Challenges
5.1 Robo Advice
5.2 Tokenization of Assets
6 Conclusion
References
Part II: Mandated Disclosure
From Disclosure to Transparency in Consumer Law
1 Introduction
2 Legal Tradition: Consumer Protection by Rule-Making
3 Challenges: Findings of Behavioral Sciences and Economics
3.1 Behavioral Sciences in General
3.2 Mandated Disclosure in Particular
4 Societal Perspective: Right-Holders ́Approach and Transparency Concept
4.1 Informational Misdirection
4.1.1 Over-Information
4.1.2 Overconfidence
4.2 Right-Holders ́Concept
4.3 Transparency Concept
4.3.1 Yardsticks of Transparency
4.3.2 Implementation of Transparency
5 Conclusion
References
No Need to Read: `Self-Enforcing ́Pre-Contractual Consumer Information in European and German Law
1 Introduction
2 The Concept and Problems of Information Based Consumer Protection
2.1 Doctrinal Foundation and Development of the Consumer Image
2.2 The Informed Consumer and False Assumptions: Behavioural Insights