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REGULATING CHOICE

REGULATING CHOICE. WHY? 1. PERSON NOT CAPABLE OF MAKING CHOICES FOR THEMSELVES EXAMPLE: AGE – CHILDREN’S COGNITIVE AND PHYSICAL DEVELOPMENT NOT AT LEVEL TO BE ABLE TO MAKE MANY DECISIONS QUESTION – SAME AT ELDERLY LEVEL?. REGULATING CHOICE (CON’T.).

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REGULATING CHOICE

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  1. REGULATING CHOICE WHY? 1. PERSON NOT CAPABLE OF MAKING CHOICES FOR THEMSELVES EXAMPLE: AGE – CHILDREN’S COGNITIVE AND PHYSICAL DEVELOPMENT NOT AT LEVEL TO BE ABLE TO MAKE MANY DECISIONS QUESTION – SAME AT ELDERLY LEVEL?

  2. REGULATING CHOICE (CON’T.) OR, ASYMMETRIC INFORMATION – SELLER HAS MORE INFORMATION THAN BUYER * MEDICAL * FINANCIAL

  3. IN THESE CASES, GOVERNMENT STEPS IN TO RESTRICT CHOICE UNDER-AGE DRINKING, SMOKING DRIVING FDA (FOOD AND DRUG ADMINISTRATION) – MONITORS DEVELOPMENT AND SALE OF PHARMACEUTICALS CONSUMER FINANCIAL PROTECTION BUREAU – SET REQUIREMENTS FOR SALE OF FINANCIAL PRODUCTS

  4. BUT COSTS OF PRODUCT REGULATIONS 1. CAN DELAY OR INHIBIT SOME USEFUL PRODUCTS ADDS TO COST OF PRODUCT RESTRICTS FREE CHOICE – “I’M THE BEST JUDGE OF WHAT’S GOOD FOR ME.” MAY MOTIVATE CONSUMERS TO DO LESS INFORMATION COLLECTION ON OWN

  5. ALTERNATIVES TO REGULATIONS FOR “INFORMATIONAL” REGULATIONS: PRIVATE WARRENTIES, GUARANTEES, AND CERTIFICATIONS PRIVATE RESEARCH GROUPS LIKE CONSUMERS UNION (CONSUMER REPORTS)

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