Behavioural economics in competition policy enforcement for financial product markets

Lyons, Bruce and Mazzarotto, Nicola (2015) Behavioural economics in competition policy enforcement for financial product markets. Competition Law Journal, 14 (2). pp. 141-151.

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Abstract

Behavioural Economics (BE) acknowledges that individuals often make choices that are not entirely rational. The UK Competition and Markets Authority and Financial Conduct Authority have recently highlighted the relevance of BE. This article explains the difference it makes to the economic analysis of competition and why it is seen as particularly relevant to financial product markets. BE is already being used to frame and test theories of harm. It also brings experimental techniques to the analytical toolkit. The current approach is illustrated with examples from recent and ongoing cases. Finally, the risks of over-intervention and unintended harm from inappropriate remedies are highlighted.

Item Type: Article
Additional Information: (approx)
Uncontrolled Keywords: behavioural economics,competition policy,financial product markets
Faculty \ School: Faculty of Social Sciences > School of Economics
Depositing User: Pure Connector
Date Deposited: 06 Dec 2015 02:06
Last Modified: 19 Mar 2020 02:29
URI: https://ueaeprints.uea.ac.uk/id/eprint/55653
DOI:

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