Consumer Policy: Theoretical Framework, Objectives and Tools
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Publication date: 2010-10-31
GNPJE 2010;243(10):57-77
The article focuses on the theoretical framework, objectives and tools of consumer policy. The author examines the issue on the basis of research reports focusing on consumer policy and discusses business practices in this area in OECD countries. The author shows that consumer policy is primarily based on the theory of information asymmetry, the transaction costs theory and behavioral economics. Another source of consumer policy is observation of market changes and commercial practices used, Lissowska says. The author reviews consumer policy tools used in OECD countries. The research confirms that consumer policy can help avoid the pitfalls of excessive protectionism. Consumer policy can be asymmetrical and protectionist to a minimum extent, Lissowska says. It benefits producers by helping them increase the competitive advantages of their goods and services and encouraging them to innovate. The latest economic crisis has demonstrated that consumer policy is indispensable, the author says, and that consumers should be protected from the implications of risky decisions.
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