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Restoring Consumer SovereigntyHow Markets Manipulate Us and What the Law Can Do About It$
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Adrian Kuenzler

Print publication date: 2017

Print ISBN-13: 9780190698577

Published to Oxford Scholarship Online: August 2017

DOI: 10.1093/oso/9780190698577.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 23 May 2022

Fashioning Consumer Cognitive Capability

Fashioning Consumer Cognitive Capability

(p.137) 4 Fashioning Consumer Cognitive Capability
Restoring Consumer Sovereignty

Adrian Kuenzler

Oxford University Press

This chapter moves beyond the existing contradictions in the accepted market regulatory approach to demonstrate that markets should often be seen in terms of their ability to yield cognitive capability. Particularly, the cognitive psychological research convincingly shows that there is room for manipulation of consumer preferences by product manufacturers and sellers, which may have adverse effects on consumer sovereignty and the establishment of market equilibria based on what consumers value, because exogenous consumer preferences no longer interact with technologies and initial endowments to generate corresponding equilibrium prices and production levels. Based on insights gained by Friedrich August von Hayek about the workings of the competitive process, this chapter reconceptualizes the notion of consumer sovereignty and explains how an increased promotion of intratype competition can help consumers to arrive at less biased decisions.

Keywords:   market manipulation, information disclosure, intratype competition, consumer sovereignty, dual-process theory, agency, reflective equilibrium

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