More Than You Wanted to Know: The Failure of Mandated Disclosure

Princeton University Press
Free sample

Perhaps no kind of regulation is more common or less useful than mandated disclosure—requiring one party to a transaction to give the other information. It is the iTunes terms you assent to, the doctor's consent form you sign, the pile of papers you get with your mortgage. Reading the terms, the form, and the papers is supposed to equip you to choose your purchase, your treatment, and your loan well. More Than You Wanted to Know surveys the evidence and finds that mandated disclosure rarely works. But how could it? Who reads these disclosures? Who understands them? Who uses them to make better choices?

Omri Ben-Shahar and Carl Schneider put the regulatory problem in human terms. Most people find disclosures complex, obscure, and dull. Most people make choices by stripping information away, not layering it on. Most people find they can safely ignore most disclosures and that they lack the literacy to analyze them anyway. And so many disclosures are mandated that nobody could heed them all. Nor can all this be changed by simpler forms in plainer English, since complex things cannot be made simple by better writing. Furthermore, disclosure is a lawmakers' panacea, so they keep issuing new mandates and expanding old ones, often instead of taking on the hard work of writing regulations with bite.

Timely and provocative, More Than You Wanted to Know takes on the form of regulation we encounter daily and asks why we must encounter it at all.

Read more
Collapse

About the author

Omri Ben-Shahar is the Leo and Eileen Herzel Professor of Law at the University of Chicago. His books include Boilerplate: The Foundation of Market Contracts. Carl E. Schneider is the Chauncey Stillman Professor of Law and professor of medicine at the University of Michigan. His books include The Practice of Autonomy: Patients, Doctors, and Medical Decisions.
Read more
Collapse
Loading...

Additional Information

Publisher
Princeton University Press
Read more
Collapse
Published on
Apr 20, 2014
Read more
Collapse
Pages
240
Read more
Collapse
ISBN
9781400850389
Read more
Collapse
Read more
Collapse
Read more
Collapse
Language
English
Read more
Collapse
Genres
Law / Consumer
Political Science / Public Policy / General
Read more
Collapse
Content Protection
This content is DRM protected.
Read more
Collapse
Read Aloud
Available on Android devices
Read more
Collapse
Eligible for Family Library

Reading information

Smartphones and Tablets

Install the Google Play Books app for Android and iPad/iPhone. It syncs automatically with your account and allows you to read online or offline wherever you are.

Laptops and Computers

You can read books purchased on Google Play using your computer's web browser.

eReaders and other devices

To read on e-ink devices like the Sony eReader or Barnes & Noble Nook, you'll need to download a file and transfer it to your device. Please follow the detailed Help center instructions to transfer the files to supported eReaders.
Most leadership literature stems from and focuses on the private sector, emphasizing personal qualities that bind leaders and followers to a shared purpose. As the authors of New Public Leadership argue, if these shared purposes do not build trust and legitimacy in public institutions, such traditional leadership tropes fall short of the standard demanded by contemporary public servants. For twenty years the authors have been developing a leadership education and training framework specifically designed to encourage public service professionals to ‘lead from where they sit.’ This book presents that comprehensive, integrated, and practical leadership framework, grounded in the uniqueness of public legal missions, culture, history and values.

The authors explore three key elements of leadership success: 1) an understanding of our public service context, including the history, the values and the institutions that comprise our leadership setting, 2) a set of tools designed to help leaders initiate collective action in wicked challenge settings, and 3) tools to support sound judgment, enabling leaders to do the right thing in the right circumstances for the right reasons. The authors further provide readers with a basic understanding of democratic institutions, encouraging them to work within and across multiple vertical and horizontal systems of authority. The book is organized into four sections, each of which is accompanied by a Master Case that provides the reader with an opportunity to apply the principles and leadership tools discussed in the text to practice. To further reinforce the practice-centered approach to leadership knowledge and skills, the authors have developed an accompanying EMERGE Leadership Handbook, complete with exercises, available online. Written specifically with the practicing public manager in mind, this book arms public servants with a large repertoire of leadership skills, designed to accommodate changing public values and conflicting priorities at all levels of our public organizations.

This book employs a careful, rigorous, yet lively approach to the timely question of whether we can justly generalize about members of a group on the basis of statistical tendencies of that group. For instance, should a military academy exclude women because, on average, women are more sensitive to hazing than men? Should airlines force all pilots to retire at age sixty, even though most pilots at that age have excellent vision? Can all pit bulls be banned because of the aggressive characteristics of the breed? And, most controversially, should government and law enforcement use racial and ethnic profiling as a tool to fight crime and terrorism? Frederick Schauer strives to analyze and resolve these prickly questions. When the law "thinks like an actuary"--makes decisions about groups based on averages--the public benefit can be enormous. On the other hand, profiling and stereotyping may lead to injustice. And many stereotypes are self-fulfilling, while others are simply spurious. How, then, can we decide which stereotypes are accurate, which are distortions, which can be applied fairly, and which will result in unfair stigmatization? These decisions must rely not only on statistical and empirical accuracy, but also on morality. Even statistically sound generalizations may sometimes have to yield to the demands of justice. But broad judgments are not always or even usually immoral, and we should not always dismiss them because of an instinctive aversion to stereotypes. As Schauer argues, there is good profiling and bad profiling. If we can effectively determine which is which, we stand to gain, not lose, a measure of justice.
It is common (and comforting) to see public policy as the result of careful craft work by expert officials who recognise a problem, identify and evaluate possible responses, and choose the most appropriate strategy the policy cycle'. The reality is more complex and challenging. Many hands are involved in policy-making, not all of them official, they are not all addressing the same problem, they have different ideas about what would be a good answer, and the process is rarely brought to a neat close by a clear decision. The development of policy can resemble firefighting, with players rushing to react to demands for action in areas that are already in crisis, or it can be a less frenetic process of weaving, as they search for an outcome which reflects the concerns of all the stakeholders. Effective participation in the policy process calls for a clear understanding of this complexity and ambiguity.

Beyond the Policy Cycle sets policy in this wider context. It recognises that participants in the process are drawn from both government and diverse areas outside government, and looks not at a model' process but rather at how the game is played: how issues rise to prominence, who is actually doing the work, and exactly what it is that they are doing.

With detailed Australian case studies, and examining the implications of recent trends in policy such as the outsourcing of service provision, Beyond the Policy Cycle offers students and practitioners a critical and engaged look at the activity of policy that reflects the reality of the policy experience.
Consumers routinely enter into long-term contracts with providers of goods and services - from credit cards, mortgages, cell phones, insurance, TV, and internet services to household appliances, theatre and sports events, health clubs, magazine subscriptions, transportation, and more. Across these consumer markets certain design features of contracts are recurrent, and puzzling. Why do sellers design contracts to provide short-term benefits and impose long-term costs? Why are low introductory prices so common? Why are the contracts themselves so complex, with numerous fees and interest rates, tariffs and penalties? Seduction by Contract explains how consumer contracts emerge from the interaction between market forces and consumer psychology. Consumers are short-sighted and optimistic, so sellers compete to offer short-term benefits, while imposing long-term costs. Consumers are imperfectly rational, so sellers hide the true costs of products and services in complex contracts. Consumers are seduced by contracts that increase perceived benefits, without actually providing more benefits, and decrease perceived costs, without actually reducing the costs that consumers ultimately bear. Competition does not help this behavioural market failure. It may even exacerbate it. Sellers, operating in a competitive market, have no choice but to align contract design with the psychology of consumers. A high-road seller who offers what she knows to be the best contract will lose business to the low-road seller who offers what the consumer mistakenly believes to be the best contract. Put bluntly, competition forces sellers to exploit the biases and misperceptions of their customers. Seduction by Contract argues that better legal policy can help consumers and enhance market efficiency. Disclosure mandates provide a promising avenue for regulatory intervention. Simple, aggregate disclosures can help consumers make better choices. Comprehensive disclosures can facilitate the work of intermediaries, enabling them to better advise consumers. Effective disclosure would expose the seductive nature of consumer contracts and, as a result, reduce sellers' incentives to write inefficient contracts. Developing its explanation through a general framework and detailed case studies of three major consumer markets (credit cards, mortgages, and cell phones), Seduction by Contract is an accessible introduction to the law and economics of consumer contracts, and a powerful critique of current regulatory policy.
©2019 GoogleSite Terms of ServicePrivacyDevelopersArtistsAbout Google|Location: United StatesLanguage: English (United States)
By purchasing this item, you are transacting with Google Payments and agreeing to the Google Payments Terms of Service and Privacy Notice.