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Spring 2001

ISSN 0890-913X

Volume 16, Number 2

Categories: Spring 2001

Does Information on the Internet Weaken the Case for Consumer Protection Regulation?

John C. Moorehouse, Wake Forest University

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DoesInformationontheInternetWeakentheCaseforConsumerProtectionRegulation?JohnC.Moorhouse*WakeForestUniversity...therealissueiswhether[consumer]protectionisbestprovidedby>regulation=orby>freecompetition.=ManuelF.Cohen(StiglerandCohen,1971,21)Justabouteverythingwe=veeverdonethathastodowithcommunicationandinformationhasbeendigitized,andnowwe=regoingtostarttacklingstuffthathasn=tbeendonebecauseyoucandoitonlywiththeInternet.(Levy,etal,1999,41)FromapplestoZ-cars,theregulationofconsumerproductsabounds.ThejustificationforsuchregulationisthesameeverywhereCconsumerignorance.Consumersdonotandcannotknowenoughtomakedecisionsthatareintheirownbestinterest,*IwanttothankDanielB.Kleinandananonymousrefereeforhelpfulcomments.Anyremainingerrorsaremine.properlyunderstood.1Numerousfederalandstateagenciespromulgateconsumerprotectionrules,regulations,andstandards.Atthenationalleveltheseadministrativeagenciesincludethe1Thereisawidelyacceptedargumentthatconsumerssystematicallyunderestimatetheriskofdeathfromactivitiesthathavearelativehighhazardrateandoverestimatetheriskfromsourceswithlowhazardrates.Newevidence,however,findstothecontrarythatconsumersgatheranduseinformationefficientlyinestimatingrisk.SeeDanielK.BenjaminandWilliamR.Dougan1997andDanielK.Benjamin,WilliamR.Dougan,andDavidBuschena1999.

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Metadata [hide]

Title	Does Information on the Internet Weaken the Case for Consumer Protection Regulation?
Authors/Creators:	John C. Moorehouse, Wake Forest University
Year:	2001
Volume:	16
Number:	2
Pages:	138 - 160
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles

Citation:
Moorehouse, John C. / 2001. "Does Information on the Internet Weaken the Case for Consumer Protection Regulation?." The Journal of Private Enterprise, 16(2): 138-160.