NDLI: Cooling-Off Periods in the Consumer Laws of the EC Member States. A Comparative Law and Economics Approach

Content Provider	Springer Nature Link
Author	Rekaiti, Pamaria Van den Bergh, Roger
Copyright Year	2000
Abstract	Lawyers tend to see cooling-off periods in consumer laws as a remedy for the problems caused by unequal bargaining power between sellers of goods and consumers. This article takes a different approach and argues that cooling-off periods can be seen as efficiency-enhancing devices. From an economic point of view, cooling-off periods provide a remedy for irrational behaviour on the part of consumers and may cure market failures, in particular problems caused by situational monopolies and asymmetric information. In spite of these important benefits, the economic approach also warns against possible disadvantages. The latter range from a moral hazard problem on the side of the consumer to the adverse counter-productive effects of cooling-off periods. A legislator who is informed by economic analysis may design cooling-off periods in ways that maximise their ability to cure inefficiencies and at the same time minimise their potential detrimental effects. Unfortunately, the relevant EC Directives and the current consumer laws of the Member States are not in perfect harmony with an efficiency enhancing-approach.
Starting Page	371
Ending Page	408
Page Count	38
File Format	PDF
ISSN	01687034
Journal	Journal of Consumer Policy
Volume Number	23
Issue Number	4
e-ISSN	15730700
Language	English
Publisher	Kluwer Academic Publishers
Publisher Date	2000-01-01
Publisher Place	Dordrecht
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Commercial Law Economic Policy Marketing
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics Business, Management and Accounting

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