Can behavioral research advance mandatory law, information duties, standard terms and withdrawal rights?

Abstract

Current European consumer law mainly acts on the assumption that people behave in line with the ‘rational man’ (homo oeconomicus), who has stable preferences and can absorb all available information and process as well as integrate it into her consumer decisions. This assumption has been challenged by findings of behavioral sciences such as behavioral economics, psychology and neurosciences. This article examines if and how findings from behavioral research are in a position to advance European consumer contract law (mandatory law in general as well as information duties, standard terms and rights to withdraw in specific).