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Things that We Would Like to Take for Granted: Minimum Standards for the Legal Framework of a Free and Democratic Society
We live in an age that glorifies the free market, small government and freedom of contract. Regulations are viewed as interferences with liberty and mandatory terms in contracts are derided as paternalistic interferences ...
Taking Behavioralism Seriously: The Problem of Market Manipulation
For the past few decades, cognitive psychologists and behavioral researchers have been steadily uncovering evidence that human decisionmaking processes are prone to nonrational, yet systematic, tendencies. These researchers ...
Taking Behavioralism Seriously: A Response to Market Manipulation
In two previous articles, we hypothesize that, because consumers are subject to predictable cognitive processes that depart from rational utility maximization, manufacturers have the opportunity and incentive to manipulate ...