Law and Economics of the Withdrawal Right in EU Consumer Law
2023
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This paper analyses possibilities for amending the withdrawal right under the EU consumer law, aiming to reduce the information asymmetry between contracting parties in distance sales and thus increase the number of concluded contracts and the overall contractual surplus. The main findings are that the rules suggested in law and economics theory (the personalized mandatory rules and the mandated-choice model) may not be optimal tools for amending the withdrawal right because they mostly seem to neglect the allocation of risk between contracting parties. Thus, this paper suggests the new 'risk allocation' rules as a tool for amending the withdrawal right, focusing on its use in distance sales. If amended in line with those rules, the withdrawal right could deal with information asymmetry problems more efficiently, incentivise contracting parties to enter more distance sales contracts, and increase the overall contractual surplus, especially within the realms of e-commerce. The suggested... proposal is conceived - at least for the time being - more as a thought experiment; relevant empirical analysis may follow up at a subsequent phase.
Ključne reči:
withdrawal right / law and economics / EU consumer law / Directive 2011/83/EU / consumer protectionIzvor:
Review of Law & Economics, 2023, 19, 3, 435-452Izdavač:
- Walter de Gruyter Gmbh, Berlin
DOI: 10.1515/rle-2022-0076
ISSN: 2194-6000
WoS: 001066754600001
Scopus: 2-s2.0-85180292118
Institucija/grupa
Pravni fakultet / Faculty of Law University of BelgradeTY - JOUR AU - Karampatzos, Antonios AU - Ilić, Nikola PY - 2023 UR - https://ralf.ius.bg.ac.rs/handle/123456789/1422 AB - This paper analyses possibilities for amending the withdrawal right under the EU consumer law, aiming to reduce the information asymmetry between contracting parties in distance sales and thus increase the number of concluded contracts and the overall contractual surplus. The main findings are that the rules suggested in law and economics theory (the personalized mandatory rules and the mandated-choice model) may not be optimal tools for amending the withdrawal right because they mostly seem to neglect the allocation of risk between contracting parties. Thus, this paper suggests the new 'risk allocation' rules as a tool for amending the withdrawal right, focusing on its use in distance sales. If amended in line with those rules, the withdrawal right could deal with information asymmetry problems more efficiently, incentivise contracting parties to enter more distance sales contracts, and increase the overall contractual surplus, especially within the realms of e-commerce. The suggested proposal is conceived - at least for the time being - more as a thought experiment; relevant empirical analysis may follow up at a subsequent phase. PB - Walter de Gruyter Gmbh, Berlin T2 - Review of Law & Economics T1 - Law and Economics of the Withdrawal Right in EU Consumer Law EP - 452 IS - 3 SP - 435 VL - 19 DO - 10.1515/rle-2022-0076 UR - conv_3204 ER -
@article{ author = "Karampatzos, Antonios and Ilić, Nikola", year = "2023", abstract = "This paper analyses possibilities for amending the withdrawal right under the EU consumer law, aiming to reduce the information asymmetry between contracting parties in distance sales and thus increase the number of concluded contracts and the overall contractual surplus. The main findings are that the rules suggested in law and economics theory (the personalized mandatory rules and the mandated-choice model) may not be optimal tools for amending the withdrawal right because they mostly seem to neglect the allocation of risk between contracting parties. Thus, this paper suggests the new 'risk allocation' rules as a tool for amending the withdrawal right, focusing on its use in distance sales. If amended in line with those rules, the withdrawal right could deal with information asymmetry problems more efficiently, incentivise contracting parties to enter more distance sales contracts, and increase the overall contractual surplus, especially within the realms of e-commerce. The suggested proposal is conceived - at least for the time being - more as a thought experiment; relevant empirical analysis may follow up at a subsequent phase.", publisher = "Walter de Gruyter Gmbh, Berlin", journal = "Review of Law & Economics", title = "Law and Economics of the Withdrawal Right in EU Consumer Law", pages = "452-435", number = "3", volume = "19", doi = "10.1515/rle-2022-0076", url = "conv_3204" }
Karampatzos, A.,& Ilić, N.. (2023). Law and Economics of the Withdrawal Right in EU Consumer Law. in Review of Law & Economics Walter de Gruyter Gmbh, Berlin., 19(3), 435-452. https://doi.org/10.1515/rle-2022-0076 conv_3204
Karampatzos A, Ilić N. Law and Economics of the Withdrawal Right in EU Consumer Law. in Review of Law & Economics. 2023;19(3):435-452. doi:10.1515/rle-2022-0076 conv_3204 .
Karampatzos, Antonios, Ilić, Nikola, "Law and Economics of the Withdrawal Right in EU Consumer Law" in Review of Law & Economics, 19, no. 3 (2023):435-452, https://doi.org/10.1515/rle-2022-0076 ., conv_3204 .