The Interface Between Competition and Consumer Policies 2008
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Financial Literacy: an Essential Tool for Informed Consumer Choice?
NBER WORKING PAPER SERIES FINANCIAL LITERACY: AN ESSENTIAL TOOL FOR INFORMED CONSUMER CHOICE? Annamaria Lusardi Working Paper 14084 http://www.nber.org/papers/w14084 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2008 I would like to thank Keith Ernst, Howell Jackson, Kevin Rhein, Peter Tufano, and participants to the conference "Understanding Consumer Credit: A National Symposium on Expanding Access, Informing Choices, and Protecting Consumers," Harvard Business School, November 2007, and the conference "Consumer Information and the Mortgage Market," Federal Trade Commission, Washington, D.C., May 2008 for suggestions and comments. This paper builds on several projects I have written in collaboration with Olivia Mitchell, whom I would like to thank for her encouragement, support, and many suggestions. Audrey Brown provided excellent research assistance. Any errors are my responsibility. This paper was written while visiting Harvard Business School and I would like to thank them, and in particular Peter Tufano, for their hospitality. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2008 by Annamaria Lusardi. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Financial Literacy: An Essential Tool for Informed Consumer Choice? Annamaria Lusardi NBER Working Paper No. -
Commercial Nuisance: a Theory of Consumer Protection
Commercial Nuisance: A Theory of Consumer Protection The fraudulent practices of some merchants, since they deprive the poor of much of their income, not only offend law and ethics but also impede efforts to alleviate the poverty upon which those practices depend.1 In part, the solution to this problem will depend on the remedies available in the courts. Regulatory statutes have been passed in increasing numbers, 2 and recent judicial expansion of the uncon- scionability doctrine indicates that judge-made law also may be in- creasingly important in affording relief.8 But because courts cannot act until cases are before them, expansion of substantive doctrine is unlikely to solve the problem, for the fraud which characterizes many retail transactions in poverty areas is largely dependent on the buyers' ignorance of their legal rights and the lack of available counsel. Fur- ther, buyers rarely have the financial resources to bring or defend an action. The sums at stake are low in comparison to the expenses of litigation, and since the fruit of victory is no more than rescission of the contract, success will not provide a lawyer's compensation. As a result, garnishment and attachment are frequently utilized to satisfy the amounts purportedly due.4 Every state has criminal penalties intended to regulate commercial transactions in some measure, but hesitancy to initiate criminal action 1 Such practices include selling reconditioned items as new, substituting low quality goods on delivery for those agreed upon in the store, and levying illegal credit charges. Other more subtle devices are written into the contract. -
Competition and Consumer Protection Implications of Algorithms, Artificial
Competition and Consumer Protection Implications of Algorithms, Artificial Intelligence, and Predictive Analytics Remarks at Competition and Consumer Protection in the 21st Century November 14, 2018 D. Bruce Hoffman Director, Bureau of Competition, U.S. Federal Trade Commission Introduction Good morning and welcome to the seventh FTC hearing on competition and consumer protection in the 21st century. This is an incredibly important series of events, and we have fantastic panelists who have important and interesting things to say. It will help us create a record that will be useful for a long time to come. Let me start by giving a couple of disclaimers. First, everything I say today in this brief introductory speech will be only my personal remarks, not necessarily the views of the Federal Trade Commission or any Commissioner. I also want to thank Howard Law School for hosting this event—it’s a pleasure to be here. The other disclaimer I need to give is that this event is being photographed and webcast. It will be posted to the FTC website, and by participating in this event, you consent to these terms. I thought I would start by talking briefly about why we are holding hearings on competition and consumer protection in the 21st century, and why we are doing a hearing on artificial intelligence. I know Professor Gavil mentioned this yesterday, and I’d like to echo the important educational purpose of these hearings. At the Federal Trade Commission, we are very much in study and learning mode on the issue of antitrust and its application to modern and developing technologies. -
Competition Law and Policy & Intellectual Property
UNCTAD ’s work in the fields of Competition Law and Policy & Intellectual Property 1 Agenda • Part 1: Presentation of UNCTAD ’s work in the field of Competition Law and Policy • Part 2: Presentation of UNCTAD ’s work in the field of Intellectual Property 2 Rationale for UNCTAD ’s work in the field of Competition Law and Policy (1/2) Competition Law and Policy considered as: • important pillar for a thriving market economy , – wherein competitive pressure hones productive efficiency and – stimulates product and process innovation fundamental to international competitiveness and economic growth; • tool for consumer access to a wider range of cheaper and better products ; • means to ensure that benefits from trade liberalisation are passed on to the consumers. 3 Rationale for UNCTAD ’s work in the field of Competition Law and Policy (2/2) Global dimension of conviction of benefits of competition: • In 1980, less than 20 countries had a competition law; • Today, more than 100 countries and regional organisations have adopted a competition law regime; • Competition law and policy have become a matter of interest for many developing countries; • Large number of developing countries have adopted competition laws and policies or are currently in the process of doing so. 4 Basis for UNCTAD's work in the field of Competition Law and Policy Adopted in 1980, the “Set ”: • sets out equitable rules for the control of anti - competitive practices addressed to companies and states; • recognizes the development dimension of competition law and policy; -
Sass Employment Reference Check Verification Products: Employment and Income Related Information User Agreement
SASS EMPLOYMENT REFERENCE CHECK VERIFICATION PRODUCTS: EMPLOYMENT AND INCOME RELATED INFORMATION USER AGREEMENT 1. The terms and conditions contained in this User Agreement apply to information supplied by ADP’s third party vendor, TALX Corporation, a provider of Equifax Verification Solutions (“Equifax”), and used to verify certain employment and income related information (“Employment Information”). Client will request Employment Information only for Client’s exclusive use and held in strict confidence except to the extent that disclosure to others is required or permitted by law. Only designated representatives of Client will request Employment Information on Client’s employees, and employees will be forbidden to obtain Employment Information on themselves, associates or any other persons except in the exercise of their official duties. Client will not disclose Employment Information to a consumer except as permitted or required by law. 2. Client recognizes that Employment Information is not guaranteed for accuracy. 3. Client agrees to indemnify, defend and hold Equifax and its respective shareholders, directors, officers, employees, agents, subsidiaries, and affiliates (“Indemnified Party Indemnitees”) harmless from and against any and all losses, injuries, claims, demands, liabilities, obligations, suits, penalties, forfeitures, costs or expenses of every type or kind, including reasonable attorneys’ fees actually incurred, disbursements and costs of investigation which are imposed upon, incurred by or asserted against the Indemnified -
Advanced Eu Competition Law, Brussels 2019 What’S New for 2019?
Comp Delivered by Law Comp 28th Annual Law ADVANCED EU COMPETITION LAW, 25 November 2019 Digital Era Focus Day Or Mergers & Verticals Workshops BRUSSELS 2019 26 & 27 November 2019 Main Conference Days Connect with Europe’s largest competition law Le Plaza Hotel, Brussels community. Get your definitive annual update Knowledge Partner Media Partners and then dig deeper into what matters most to you Supporting Networking Reception Host Networking Lunch Host Sponsor Sponsors Associate Sponsors +44 (0)20 3377 3279 • [email protected] • law.knect365.com/advanced-eu-competition-law-brussels/CMS_LawTax_CMYK_from101.eps ADVANCED EU COMPETITION LAW, BRUSSELS 2019 WHAT’S NEW FOR 2019? 50+ In-house Counsel Speakers From a Variety of Sectors Bringing unique practical insights to the programme Michael Kefi Marceline Tournier Celine Fang Senior Antitrust Counsel EMEA Associate General Counsel EMENA & Global Principal Counsel Antitrust, Uber Head of Antitrust Ethics & Compliance Nestlé Legal Arm Comp Miriam Van Heyningen Catherine Higgs Thomas Gorham Senior Legal Counsel Law Global Head of Competition Law Director & Associate General Counsel Shell International GSK Procter & Gamble Oliver Bethell Romanie Dendooven Saar Dierckens Head of Competition, EMEA Legal & Corporate Affairs Director Senior Counsel Competition Google Anheuser-Busch InBev Siemens 6 Break Out Focus Streams Tailor your experience and dig deeper into what matters most to you Main Conference Day 1, 14:00 - 15:20 Main Conference Day 2, 14:30 - 15:50 Stream 1 Stream 2 Stream 3 Stream 1 Stream 2 Stream 3 VERTICALS & INFO STATE AID & BIG MERGER CARTELS DOMINANCE EXCHANGE ENFORCEMENT DATA CHALLENGES CONTROL & CO-OPERATION & COMPLIANCE 100+ Leading Experts on 40+ Sessions The Commision, NCAs, in-house and external counsel all in one room! This year’s programme is creating more opportunities than ever before for industry experts from all sides to get involved as a speaker. -
The More Economic Approach to European Competition Law
Conferences on New Political Economy 24 The More Economic Approach to European Competition Law Edited by Dieter Schmidtchen,Max Albert, and Stefan Voigt Mohr Siebeck Manuscripts are to be sent to the editors (see addresses on page 357). We assume that the manuscripts we receive are originals which have not been submitted elsewhere for publication. The editors and the publisher are not liable for loss of or damage to manuscripts which have been submitted. For bibliographical references please use the style found in this volume. ISBN 978-3-16-149414-7 eISBN 978-3-16-156553-3 ISSN 1861-8340 (Conferences on New Political Economy) The Deutsche Nationalbibliothek lists this publication in the Deutsche National- bibliographie; detailed bibliographic data is available in the Internet at http://dnb.d- nb.de. 2007 by Mohr Siebeck,P. O. Box 2040,D-72010 Tübingen. This book may not be reproduced,in whole or in part,in any form (beyond that permitted by copyright law) without the publishers written permission. This applies particularly to reproductions,translations,microfilms and storage and processing in electronic systems. The book was typeset and printed by Konrad Triltsch in Ochsenfurt-Hohestadt on non- aging paper and bound by Großbuchbinderei Spinner in Ottersweier. Contents Dieter Schmidtchen: Introduction ................................. 1 Christian Kirchner: Goals of Antitrust and Competition Law Revisited ........................................................ 7 RogerVan den Bergh: The More Economic Approach and the Pluralist Tradition of European Competition Law (Comment) ..... 27 Wulf-Henning Roth: The “More Economic Approach” and the Rule of Law ................................................. 37 Roland Kirstein: “More” and “Even more Economic Approach” (Comment) ...................................................... 59 Clifford A. -
Competition: Antitrust Procedures in Abuse of Dominance Article 102 TFEU Cases
Competition: Antitrust procedures in abuse of dominance Article 102 TFEU cases Article 102 of the Treaty on the Functioning of the whether there are any barriers to this; the existence European Union (TFEU) prohibits abusive conduct by of countervailing buyer power; the overall size and companies that have a dominant position on a strength of the company and its resources and the particular market. extent to which it is present at several levels of the supply chain (vertical integration). An Article 102 case dealt with by the European Commission or a national competition authority can What is an abuse? originate either upon receipt of a complaint or through To be in a dominant position is not in itself illegal. A the opening of an own–initiative investigation. dominant company is entitled to compete on the Assessing dominance merits as any other company. However, a dominant company has a special responsibility to ensure that its The Commission's first step in an Article 102 conduct does not distort competition. Examples of investigation is to assess whether the undertaking behaviour that may amount to an abuse include: concerned is dominant or not. requiring that buyers purchase all units of a particular product only from the dominant company (exclusive Defining the relevant market is essential for purchasing); setting prices at a loss-making level assessing dominance, because a dominant position (predation); refusing to supply input indispensable for can only exist on a particular market. Before competition in an ancillary market; charging excessive assessing dominance, the Commission defines the prices. product market and the geographic market. -
Sacrificing Privacy for Convenience: the Need for Stricter FTC Regulations in an Age of Smartphone Surveillance
Journal of the National Association of Administrative Law Judiciary Volume 34 Issue 2 Article 6 12-15-2014 Sacrificing Privacy for Convenience: The Need for Stricter FTC Regulations in an Age of Smartphone Surveillance Ashton McKinnon Follow this and additional works at: https://digitalcommons.pepperdine.edu/naalj Part of the Administrative Law Commons, Consumer Protection Law Commons, Privacy Law Commons, and the Science and Technology Law Commons Recommended Citation Ashton McKinnon, Sacrificing Privacy for Convenience: The Need for Stricter FTC Regulations in an Age of Smartphone Surveillance, 34 J. Nat’l Ass’n Admin. L. Judiciary 484 (2014) Available at: https://digitalcommons.pepperdine.edu/naalj/vol34/iss2/6 This Comment is brought to you for free and open access by the Caruso School of Law at Pepperdine Digital Commons. It has been accepted for inclusion in Journal of the National Association of Administrative Law Judiciary by an authorized editor of Pepperdine Digital Commons. For more information, please contact [email protected], [email protected], [email protected]. Sacrificing Privacy for Convenience: The Need for Stricter FTC Regulations in an Age of Smartphone Surveillance By Ashton McKinnon* TABLE OF CONTENTS I. INTRODUCTION ......................................................................... 486 II. THE SMARTPHONE .................................................................... 488 III. APPS ........................................................................................ -
Behavioral Law & Economics and Consumer Financ
Consumer Financial Protection Bureau Behavioral Economics Symposium Panel 2: Behavioral Law & Economics and Consumer Financial Protection The Role of Behavioral Economics in Consumer Protection Policy: Reflections of a Consumer Economist Janis K. Pappalardo, Ph.D.1 Assistant Director, Division of Consumer Protection Bureau of Economics, Federal Trade Commission Washington, DC September 19, 2019 1 The views expressed are those of the author and may not reflect the views of the Federal Trade Commission or any individual Commissioner. This statement draws from my prior work. I thank Jason Chen and Scott Syms for research assistance and many colleagues who have contributed to my understanding of this topic over the years, but I am responsible for any errors. Background on my Perspective Let me tell you a bit about my experience to shed light on my perspective. I joined the Federal Trade Commission’s Bureau of Economics, Division of Consumer Protection in 1986 immediately after obtaining a Ph.D. from Cornell University with a major field in consumer economics and minor fields in industrial organization and statistics. As a staff economist, I analyzed consumer protection legal and policy matters related to unfair or deceptive practices, provided expert declarations for litigation, and conducted research on information regulation. I have published work in the American Economic Review: Papers & Proceedings, Journal of Consumer Affairs, Antitrust Law Journal, Review of Industrial Organization, and Journal of Public Policy and Marketing, from which I received two outstanding article awards. I serve on the editorial review boards of the Journal of Consumer Affairs and the Journal of Public Policy and Marketing, and I am co-editing a symposium on the economics of consumer protection for Economic Inquiry. -
Model Family Financial Protection Act
Model Family Financial Protection Act By Robert J. Hobbs, April Kuehnhoff, and Chi Chi Wu National Consumer Law Center® Revised December 2020 © Copyright 2020, National Consumer Law Center, Inc. All rights reserved. ABOUT THE AUTHORS Robert J. Hobbs has specialized in consumer credit issues, with particular attention to fair debt collection practices, in his more than 30 years at the National Consumer Law Center, Inc. (NCLC). He writes NCLC’s popular treatise Fair Debt Collection (6th Ed.) and The Practice of Consumer Law (2nd Ed. 2006); he edited NCLC’s annual volumes, Consumer Law Pleadings. He testified on and proposed amendments adopted as part of ABOUT THE NATIONAL the Fair Debt Collection Practices Act and the Truth in Lending Act, and participated in the drafting of NCLC's CONSUMER LAW CENTER Model Consumer Credit Code (1974). He was the designated consumer representative in two Federal Trade Since 1969, the nonprofit Commission rulemakings to regulate creditor remedies and National Consumer Law Center® to preserve consumers' claims and defenses. He is an (NCLC®) has used its expertise NCLC Senior Fellow, former Deputy Director of NCLC; a in consumer law and energy former member of the Consumer Advisory Council to the Federal Reserve Board; a founder, former Director and policy to work for consumer Treasurer of the National Association of Consumer justice and economic security Advocates, Inc.; and a graduate of Vanderbilt University for low-income and other and of the Vanderbilt School of Law. disadvantaged people, in the April Kuehnhoff is a staff attorney at the National United States. NCLC’s expertise Consumer Law Center whose focus includes fair debt includes policy analysis and collection. -
Mass-Marketing Fraud
Mass-Marketing Fraud A Report to the Attorney General of the United States and the Solicitor General of Canada May 2003 ��� Binational Working Group on Cross-Border Mass-Marketing Fraud Table of Contents Executive Summary ......................................................... ii Introduction ...............................................................viii Section I: Mass-Marketing Fraud Today ........................................1 Section II: The Response to Mass-Marketing Fraud, 1998-2003 .................... 26 Section III: Current Challenges in Cross-Border Fraud - Towards A Binational Action Plan .................................................................56 Appendix - Selected Cross-Border Mass-Marketing Fraud Enforcement Actions ..... 69 i Executive Summary Section I: Mass-Marketing Fraud Today Telemarketing Fraud ! Cross-border telemarketing fraud remains one of the most pervasive forms of white-collar crime in Canada and the United States. The PhoneBusters National Call Centre estimates that on any given day, there are 500 to 1,000 criminal telemarketing boiler rooms, grossing about $1 billion a year, operating in Canada. (3) ! Several types of cross-border telemarketing fraud have increased substantially from 1997 to 2002: fraudulent prize and lottery schemes; fraudulent loan offers; and fraudulent offers of low-interest credit cards or credit-card protection. (3) ! Seven trends in cross-border telemarketing fraud since 1997 are especially noteworthy: • (1) Types of Telemarketing Fraud “Pitches”. The most prevalent among Canadian-based telemarketing fraud operations are fraudulent offers of prizes or lotteries; fraudulent loan offers; and fraudulent offers of low- interest credit cards or credit-card protection. (5) • (2) Methods of Transmitting Funds. Criminal telemarketers generally prefer their victims to use electronic payment services, such as Western Union and Travelers Express MoneyGram, to send funds for the promised goods or services.