Economic Analysis of Law in European Legal Scholarship – serie

This book analyses EU food law from a regulatory, economic and managerial perspective. It presents an economic assessment of strategies of food safety regulation, and discusses the different regulatory regimes in EU food law. It examines the challenges of food safety in the internal market as well as the regulatory tools that are available. The book’s generic theorising and measurement of regulatory effects is supplemented by detailed analysis of key topics in food markets, such as health claims, enforcement strategies, and induced risk management at the level of the organizations producing food. The regulatory effects discussed in the book range from classical regulatory analysis covering e.g. effects of ex-ante versus ex-post regulation and content-related versus information-related regulation to new regulatory options such as behavioral regulation. The book takes as its premise the idea that economic considerations are basic to the design and functioning of the European food supply arena, and that economic effects consolidate or induce modification of the present legal structures and principles. The assessments, analyses and examination of the various issues presented in the book serve to answer the question of how economic theory and practice can explain and enhance the shaping and modification of the regulatory framework that fosters safe and sustainable food supply chains. ​​

This book offers an edited volume for all readers who wish to gain an in-depth grasp of the economic analysis of recent developments in energy law and policy in Europe and the United States. In response to waning resources and heightened environmental awareness, many countries are now seeking to redefine their energy mix. Several energy sources are available: coal and oil, natural gas, and a variety of renewables. Yet which of them are capable of addressing core energy-related concerns? Reliability, security, affordability, fairness, and sustainability all have to be taken into account. Further, once a target mix has been identified, two challenges remain for legal scholars: what role does the law play in achieving a specified energy mix, and, how can the law best fulfill that role? The essential energy concerns are just as important in defining the way we shape our energy mix as they are in defining the mix itself.An example of current challenges in energy law and policy canbe seen in the pursuit by the German and Swiss governments of the so-called “Energiewende” (energy transition). These policies are intended to enable the transition from a non-sustainable use of fossil and nuclear energy to a more sustainable approach based on renewable energies. On the one hand, the goal is to achieve a decarbonization of the energy economy by reducing the use of fossil energy sources such as petroleum, carbon and natural gas. On the other, and in response to the Fukushima nuclear accident, a phase out is intended to eliminate the dangers of nuclear technologies. Achieving these goals poses tremendous challenges for the two countries’ energy policies – partly because the energy transition will not only affect energy production, but also energy consumption.From a Law and Economics perspective, a number of questions arise: to what extent is it justifiable to rely on markets and continued technological innovation, especially with regard to the present exploitation of scarce resources? To what extent is it necessary for states to intervene in energy markets? Regulatory instruments are available to create and maintain more sustainable societies: command and control regulations, restraints, Pigovian taxes, emission certificates, nudging policies, and more. If regulation in a certain legal field is necessary, which policies and methods will most effectively spur the sustainable consumption and production of energy in order to protect the environment while mitigating any potential negative impacts on economic development? Do neoclassical and behavioural economics provide us with a suitable framework for predicting the market’s complex reactions to a changing energy policy? This book provides theoretical insights as well as empirical findings in order to answer these vital questions.

This book further develops both the traditional and the behavioural approach to competition law, and applies these approaches to a variety of timely issues. It discusses several fundamental questions regarding competition law and economics, and explores the applications of competition law and economics. In turn, the book analyses the interplay of intellectual property rights and patents in various aspects of competition law, and investigates the impacts that developments in information technology, such as big data analytics, have on competition law. The book also discusses the impact of energy law reforms on energy markets from a competition law perspective.Competition law is a classic field of economic analysis. This is largely due to the fact that competition law uses terms such as market, price, and competition and must therefore rely on economic know-how and analyses. In the United States, economic analysis has greatly influenced not just the scholarship on antitrust law, but also judicial decisions and agency enforcement. Antitrust law and economics are based on the traditional paradigm of neoclassical economics, which relies on the assumption that the market players, i.e. consumers and producers, are rational. This approach to competition law was later received in Europe under the banner of a “more economic approach”.For the past two decades, behavioural law and economics, which seeks to generate better insights into legal phenomena by providing more realistic psychological foundations for economic models, and to offer a multitude of applications in legislation and legal adjudication, has challenged the traditional economic approach to law in general and, more recently, to competition law specifically.

This book assesses the Statute for a European Cooperative Society (SCE) regarding agricultural activities by comparing how specific questions arising in this context must be dealt with under the Italian and Austrian legal systems. In this regard, Council Regulation (EC) No. 1435/2003, of 22 July 2003, on the Statute for a European Cooperative Society (SCE), is used as a tool for the structured analysis of various aspects of agricultural cooperatives. However, a comparison is only meaningful if the results are made comparable on the basis of a previously defined standard. Accordingly, the study uses, on one hand, a cooperative model developed by European legal scholars that defines general guidelines on how cooperatives should function (PECOL). On the other, the results are presented in connection with economic considerations to discuss how efficient rules can be developed.

This book assesses the Statute for a European Cooperative Society (SCE) regarding agricultural activities by comparing how specific questions arising in this context must be dealt with under the Italian and Austrian legal systems. In this regard, Council Regulation (EC) No. 1435/2003, of 22 July 2003, on the Statute for a European Cooperative Society (SCE), is used as a tool for the structured analysis of various aspects of agricultural cooperatives. However, a comparison is only meaningful if the results are made comparable on the basis of a previously defined standard. Accordingly, the study uses, on one hand, a cooperative model developed by European legal scholars that defines general guidelines on how cooperatives should function (PECOL). On the other, the results are presented in connection with economic considerations to discuss how efficient rules can be developed.

This edited volume covers the challenges currently faced by consumer law in Europe and the United States, ranging from fundamental theoretical questions, such as what goals consumer law should pursue, to practical questions raised by disclosure requirements, the General Data Protection Regulation and technology advancements. With governments around the world enacting powerful new regulations concerning consumers, consumer law has become an important topic in the economic analysis of law. Intended to protect consumers, these regulations typically seek to do so by giving them tools to make better decisions, or by limiting the consequences of their bad decisions. Legal scholars are divided, however, regarding the efficacy and effects of these regulations; some call for certain policies to be abolished, while others support a regulatory expansion.

This edited volume covers the challenges currently faced by consumer law in Europe and the United States, ranging from fundamental theoretical questions, such as what goals consumer law should pursue, to practical questions raised by disclosure requirements, the General Data Protection Regulation and technology advancements. With governments around the world enacting powerful new regulations concerning consumers, consumer law has become an important topic in the economic analysis of law. Intended to protect consumers, these regulations typically seek to do so by giving them tools to make better decisions, or by limiting the consequences of their bad decisions. Legal scholars are divided, however, regarding the efficacy and effects of these regulations; some call for certain policies to be abolished, while others support a regulatory expansion.

This book offers in-depth legal and political analysis concerning the compatibility of the Westphalian state model with globalization and the digital revolution. It explores the concept of democracy in a globalized world, discusses the legitimacy of economic integration in the global market, and presents three case studies (from Brazil, Taiwan and Spain) on the impact of social media on elections. It further entails novel perspectives on the impact of digitalization on national borders, and the role of citizens and experts in the shaping of globalization. A final chapter addresses the extent to which insights gained from the analysis of the abovementioned aspects will need to be considered in efforts to recover from the current global health and economic crisis.

This book offers in-depth legal and political analysis concerning the compatibility of the Westphalian state model with globalization and the digital revolution. It explores the concept of democracy in a globalized world, discusses the legitimacy of economic integration in the global market, and presents three case studies (from Brazil, Taiwan and Spain) on the impact of social media on elections. It further entails novel perspectives on the impact of digitalization on national borders, and the role of citizens and experts in the shaping of globalization. A final chapter addresses the extent to which insights gained from the analysis of the abovementioned aspects will need to be considered in efforts to recover from the current global health and economic crisis.

This book explores current issues regarding the regulation of various economic sectors, theoretically and empirically, discussing both neoclassical and behavioural economics approaches to regulation. Regulation has become one of the main determinants of modern economies, and virtually every sector is subject to general laws and regulations as well as specific rules and standards. A traditional argument to justify regulatory interventions is the promotion of public interests. Fixing markets that lack competition, balancing information asymmetries, internalising externalities, mitigating systemic risks, and protecting consumers from irrational behaviour are frequently invoked to complement the invisible hand of the market with the visible hand of the state.However, regulations can lead to unintended consequences, and serve the interests of powerful private interest groups rather than the public interest and social welfare. In addition, new insights from behavioural economics question the traditional regulatory approaches, most prominently in attitudes towards consumers. Furthermore, digitalisation and technological innovation in general present new challenges in terms of both the type of regulation and the regulatory process.Part I of this book discusses various theoretical approaches to the economic analysis of regulations, while Part II looks at specific applications of the law and economics of regulation.

This book explores current issues regarding the regulation of various economic sectors, theoretically and empirically, discussing both neoclassical and behavioural economics approaches to regulation. Regulation has become one of the main determinants of modern economies, and virtually every sector is subject to general laws and regulations as well as specific rules and standards. A traditional argument to justify regulatory interventions is the promotion of public interests. Fixing markets that lack competition, balancing information asymmetries, internalising externalities, mitigating systemic risks, and protecting consumers from irrational behaviour are frequently invoked to complement the invisible hand of the market with the visible hand of the state.However, regulations can lead to unintended consequences, and serve the interests of powerful private interest groups rather than the public interest and social welfare. In addition, new insights from behavioural economics question the traditional regulatory approaches, most prominently in attitudes towards consumers. Furthermore, digitalisation and technological innovation in general present new challenges in terms of both the type of regulation and the regulatory process.Part I of this book discusses various theoretical approaches to the economic analysis of regulations, while Part II looks at specific applications of the law and economics of regulation.

Algorithms are ubiquitous in our daily lives. They affect the way we shop, interact, and make exchanges on the marketplace. In this regard, algorithms can also shape competition on the marketplace. Companies employ algorithms as technologically innovative tools in an effort to edge out competitors. Antitrust agencies have increasingly recognized the competitive benefits, but also competitive risks that algorithms entail. Over the last few years, many algorithm-driven companies in the digital economy have been investigated, prosecuted and fined, mostly for allegedly unfair algorithm design. Legislative proposals aim at regulating the way algorithms shape competition. Consequently, a so-called “algorithmic antitrust” theory and practice have also emerged. This book provides a more innovation-driven perspective on the way antitrust agencies should approach algorithmic antitrust. To date, the analysis of algorithmic antitrust has predominantly been shaped by pessimistic approaches to the risks of algorithms on the competitive environment. With the benefit of the lessons learned over the last few years, this book assesses whether these risks have actually materialized and whether antitrust laws need to be adapted accordingly. Effective algorithmic antitrust requires to adequately assess the pro- and anti-competitive effects of algorithms on the basis of concrete evidence and innovation-related concerns. With a particular emphasis on the European perspective, this book brings together experts and scrutinizes on the implications of algorithmic antitrust for regulation and innovation.

Algorithms are ubiquitous in our daily lives. They affect the way we shop, interact, and make exchanges on the marketplace. In this regard, algorithms can also shape competition on the marketplace. Companies employ algorithms as technologically innovative tools in an effort to edge out competitors. Antitrust agencies have increasingly recognized the competitive benefits, but also competitive risks that algorithms entail. Over the last few years, many algorithm-driven companies in the digital economy have been investigated, prosecuted and fined, mostly for allegedly unfair algorithm design. Legislative proposals aim at regulating the way algorithms shape competition. Consequently, a so-called “algorithmic antitrust” theory and practice have also emerged. This book provides a more innovation-driven perspective on the way antitrust agencies should approach algorithmic antitrust. To date, the analysis of algorithmic antitrust has predominantly been shaped by pessimistic approaches to the risks of algorithms on the competitive environment. With the benefit of the lessons learned over the last few years, this book assesses whether these risks have actually materialized and whether antitrust laws need to be adapted accordingly. Effective algorithmic antitrust requires to adequately assess the pro- and anti-competitive effects of algorithms on the basis of concrete evidence and innovation-related concerns. With a particular emphasis on the European perspective, this book brings together experts and scrutinizes on the implications of algorithmic antitrust for regulation and innovation.

The coronavirus pandemic struck unexpectedly, posing unprecedented challenges around the world. At the same time, this crisis also offers a unique opportunity for reflection, research, and insight regarding this and similar global and domestic crises. There is much to be learned from analysing the effects of the crisis. It provides a chance for a fresh scholarly examination of important aspects of legal regulation, policymaking, and more. This volume pursues these questions from a broad range of Law and Economics perspectives and is divided into two parts. The first part examines the immediate impact of and responses to the coronavirus crisis, while the second explores the future possibilities that scholarly analysis of this crisis can offer.  As to the immediate impact and responses, questions of compliance with regulations and safety measures, nudging and decision-making with regard to the coronavirus crisis are examined from the perspective of behavioural economics. In addition, the short- and long-term effects of various emergency policy responses on contract law are studied. Current issues and challenges like the regulation of internet platforms, excessive pricing, the right to adequate food, risk and loss allocation, as well as remote learning and examinations, which have been impacted, brought about, complicated or aggravated by the coronavirus crisis, are analysed in depth. Lastly, future possibilities in the areas of data access rights, economic instability and the balance between political-economic interests and social interests, patenting, food labels and open data are illustrated.

The coronavirus pandemic struck unexpectedly, posing unprecedented challenges around the world. At the same time, this crisis also offers a unique opportunity for reflection, research, and insight regarding this and similar global and domestic crises. There is much to be learned from analysing the effects of the crisis. It provides a chance for a fresh scholarly examination of important aspects of legal regulation, policymaking, and more. This volume pursues these questions from a broad range of Law and Economics perspectives and is divided into two parts. The first part examines the immediate impact of and responses to the coronavirus crisis, while the second explores the future possibilities that scholarly analysis of this crisis can offer.  As to the immediate impact and responses, questions of compliance with regulations and safety measures, nudging and decision-making with regard to the coronavirus crisis are examined from the perspective of behavioural economics. In addition, the short- and long-term effects of various emergency policy responses on contract law are studied. Current issues and challenges like the regulation of internet platforms, excessive pricing, the right to adequate food, risk and loss allocation, as well as remote learning and examinations, which have been impacted, brought about, complicated or aggravated by the coronavirus crisis, are analysed in depth. Lastly, future possibilities in the areas of data access rights, economic instability and the balance between political-economic interests and social interests, patenting, food labels and open data are illustrated.

This book shares state-of-the-art insights on judicial decision-making from both theoretical and empirical perspectives. It offers in-depth coverage of the forefront of the field and reviews the most important issues and discussions connected with an empirical approach to judicial decision-making. It also addresses the challenges of judicial psychology to the ideal of rule of law and explores the promise and perils of applying artificial intelligence in law. In closing, it offers empirically-driven guidance on ways to improve the quality of legal reasoning.Chapter “The Challenges of Artificial Judicial Decision-Making for Liberal Democracy” is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.

This book shares state-of-the-art insights on judicial decision-making from both theoretical and empirical perspectives. It offers in-depth coverage of the forefront of the field and reviews the most important issues and discussions connected with an empirical approach to judicial decision-making. It also addresses the challenges of judicial psychology to the ideal of rule of law and explores the promise and perils of applying artificial intelligence in law. In closing, it offers empirically-driven guidance on ways to improve the quality of legal reasoning.Chapter “The Challenges of Artificial Judicial Decision-Making for Liberal Democracy” is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.

This book pursues the questions from a broad range of law and economics perspectives. Digital transformation leads to economic and social change, bringing with it both opportunities and risks. This raises questions of the extent to which existent legal frameworks are still sufficient and whether there is a need for new or additional regulation in the affected areas: new demands are made on the law and jurisprudence.

This book pursues the questions from a broad range of law and economics perspectives. Digital transformation leads to economic and social change, bringing with it both opportunities and risks. This raises questions of the extent to which existent legal frameworks are still sufficient and whether there is a need for new or additional regulation in the affected areas: new demands are made on the law and jurisprudence.

Sustainable (public and private) finance is closely interlinked with the Sustainable Development Goals (SDGs). The latter focus on enhancing the protection of both social and environmental assets at the local and global level, from the real economy and everyday life to financial markets and public policies, thereby laying the groundwork for a transition. Global sustainability challenges – including climate change, natural resource depletion, and rising inequality – are affecting the commercial environment and real economy in a way that presents both risks and opportunities for the private and public financial sectors. On the one hand, policymakers and investors (including banks and pensions funds) are increasingly recognizing the environment’s implications for the financial sector through both physical and transitional risks, producing impacts on financial services and products, not to mention corporate governance. On the other hand, governments and European and international institutions are aware of their sustainability-related responsibilities and the consequences of their actions. Both regulate and supervise financial markets but also use their budgetary and tax policies (e.g. carbon tax) and their participation in financial markets (e.g. green bonds and development banks) to overcome sustainability challenges. Therefore, the objective of this book is to help readers understand how private and public financial systems can be modified to create better value for society through sustainable approaches and initiatives such as the integration of environmental, social, and governance (ESG) factors in investment, procurement, and budgeting.

Sustainable (public and private) finance is closely interlinked with the Sustainable Development Goals (SDGs). The latter focus on enhancing the protection of both social and environmental assets at the local and global level, from the real economy and everyday life to financial markets and public policies, thereby laying the groundwork for a transition. Global sustainability challenges – including climate change, natural resource depletion, and rising inequality – are affecting the commercial environment and real economy in a way that presents both risks and opportunities for the private and public financial sectors. On the one hand, policymakers and investors (including banks and pensions funds) are increasingly recognizing the environment’s implications for the financial sector through both physical and transitional risks, producing impacts on financial services and products, not to mention corporate governance. On the other hand, governments and European and international institutions are aware of their sustainability-related responsibilities and the consequences of their actions. Both regulate and supervise financial markets but also use their budgetary and tax policies (e.g. carbon tax) and their participation in financial markets (e.g. green bonds and development banks) to overcome sustainability challenges. Therefore, the objective of this book is to help readers understand how private and public financial systems can be modified to create better value for society through sustainable approaches and initiatives such as the integration of environmental, social, and governance (ESG) factors in investment, procurement, and budgeting.

While previous volumes have examined specific issues and developments such as the coronavirus crisis or digital transformation from a law and economics perspective, the anniversary edition returns to the methodological and philosophical fundament of the discipline of law and economics. The present book aims to examine these foundations in general and, in particular, efficiency, reciprocity and meritocracy, and their relation to law and justice from an interdisciplinary perspective.Efficiency: Traditionally, the economic analysis of law has been guided by the goal of efficiency. Economists usually define efficiency as Pareto or Kaldor–Hicks efficiency. Any change that makes one member of society better off without anyone else being worse off is a Pareto improvement. A change is a Kaldor–Hicks improvement if the gainers value their gains more than the losers value their losses, with only hypothetical compensation required.Reciprocity: Economists have traditionally basedtheir models on the self-interest hypothesis of homo oeconomicus. In this model, an individual maximises his own utility without being altruistic or jealous. Behavioural economics challenges the self-interest hypothesis. In fact, many people deviate from purely self-interested behaviour. There are also signs that considerations of fairness and mutual benefit are important in bilateral negotiations and in the functioning of markets. Meritocracy: The concept of meritocracy refers to a system, organisation, or society in which people are selected and promoted to positions of success, power, and influence on the basis of their abilities and merits. This means that an individual is able to climb the social ladder through hard work. Moreover, meritocracy directs the most talented people into the most functionally important positions, thereby increasing a society's efficiency. However, the equalising function of meritocracy has been criticised. Rather than reducing inequality, meritocracy is seen as the cause of racial, economic and social inequality.

While previous volumes have examined specific issues and developments such as the coronavirus crisis or digital transformation from a law and economics perspective, the anniversary edition returns to the methodological and philosophical fundament of the discipline of law and economics. The present book aims to examine these foundations in general and, in particular, efficiency, reciprocity and meritocracy, and their relation to law and justice from an interdisciplinary perspective.Efficiency: Traditionally, the economic analysis of law has been guided by the goal of efficiency. Economists usually define efficiency as Pareto or Kaldor–Hicks efficiency. Any change that makes one member of society better off without anyone else being worse off is a Pareto improvement. A change is a Kaldor–Hicks improvement if the gainers value their gains more than the losers value their losses, with only hypothetical compensation required.Reciprocity: Economists have traditionally basedtheir models on the self-interest hypothesis of homo oeconomicus. In this model, an individual maximises his own utility without being altruistic or jealous. Behavioural economics challenges the self-interest hypothesis. In fact, many people deviate from purely self-interested behaviour. There are also signs that considerations of fairness and mutual benefit are important in bilateral negotiations and in the functioning of markets. Meritocracy: The concept of meritocracy refers to a system, organisation, or society in which people are selected and promoted to positions of success, power, and influence on the basis of their abilities and merits. This means that an individual is able to climb the social ladder through hard work. Moreover, meritocracy directs the most talented people into the most functionally important positions, thereby increasing a society's efficiency. However, the equalising function of meritocracy has been criticised. Rather than reducing inequality, meritocracy is seen as the cause of racial, economic and social inequality.

This book aims to analyse the principles and merits of CSR and ESG approaches using a law and economics perspective. The traditional law and economics view of corporate governance emphasises profit-maximisation and a shareholder-oriented approach. This perspective, famously endorsed by Milton Friedman, suggests that a business's sole social responsibility is to maximise profits within legal boundaries. Consequently, mainstream corporate governance scholarship has focused on structuring and regulating business organisations to achieve efficiency and minimise agency costs arising from diverging interests and asymmetric information among managers, shareholders, and creditors. However, recent decades have seen increased attention to the role and interests of other corporate stakeholders, such as employees, consumers, and communities. This shift includes the concept of corporate social responsibility (CSR), which addresses ethics-based issues like working conditions, human rights, fair competition, and environmental protection. While CSR has often been a form of self-regulation, regulatory schemes now support and incentivise this practice, promoting "stakeholderism" to enhance corporate reputation and profitability while ensuring social accountability. More recently, the focus on business sustainability has intensified under the banner of environmental, social, and governance (ESG) criteria. ESG considerations are now central in the corporate world, influencing ratings, investment decisions, and corporate strategies. Despite support from some scholars and institutions, critics argue that CSR and ESG may fail to benefit stakeholders and could impose high costs on businesses and the economy. Additionally, there are concerns about whether board members and managers are properly incentivised to protect stakeholder interests, as CSR and ESG can sometimes be used to avoid regulation or advance private interests.

This book addresses the question of how to tackle AI-enabled price discrimination (AIPD), which is commonly used in digital markets and can negatively impact competition and consumers. It explores the economic rationale behind AIPD, compares its assessment under EU and Chinese competition law and beyond, evaluates current legal regimes on AIPD from a comparative law and economics perspective, and provides policy recommendations to those jurisdictions for approaching AIPD as an infringement of competition law and beyond.Since the protection of free competition and consumer welfare are objectives of competition law in both the EU and China, two major jurisdictions, there seems to be a legal basis for competition law intervention. This book offers competition authorities guidance on how to tackle anticompetitive AIPD. Given that AIPD takes place in competitive and monopolistic markets, competition law alone is inadequate to fully address the potential concerns. This book, therefore, also examines other possibilities. Legislation on data protection, consumer protection and business regulation can contribute to tackling AIPD in different phases: (1) collection and processing of consumer data, (2) prediction of the consumer’s willingness to pay, and (3) application of discriminatory pricing in digital markets. As such, this work also offers insights to help the relevant authorities (i.e., those responsible for data protection, consumer protection and business regulation) tackle welfare-reducing AIPD in digital markets.This book will be of interest to academics, practitioners, policymakers, enforcers and consumers. It offers theoretical guidance for the relevant authorities (such as competition agencies, courts and regulators), practitioners and consumers, helping them understand the economic rationale behind AIPD, and provides suggestions to tackle anticompetitive and welfare-reducing AIPD in digital markets from a comparative law and economics perspective.

This book addresses the question of how to tackle AI-enabled price discrimination (AIPD), which is commonly used in digital markets and can negatively impact competition and consumers. It explores the economic rationale behind AIPD, compares its assessment under EU and Chinese competition law and beyond, evaluates current legal regimes on AIPD from a comparative law and economics perspective, and provides policy recommendations to those jurisdictions for approaching AIPD as an infringement of competition law and beyond.Since the protection of free competition and consumer welfare are objectives of competition law in both the EU and China, two major jurisdictions, there seems to be a legal basis for competition law intervention. This book offers competition authorities guidance on how to tackle anticompetitive AIPD. Given that AIPD takes place in competitive and monopolistic markets, competition law alone is inadequate to fully address the potential concerns. This book, therefore, also examines other possibilities. Legislation on data protection, consumer protection and business regulation can contribute to tackling AIPD in different phases: (1) collection and processing of consumer data, (2) prediction of the consumer’s willingness to pay, and (3) application of discriminatory pricing in digital markets. As such, this work also offers insights to help the relevant authorities (i.e., those responsible for data protection, consumer protection and business regulation) tackle welfare-reducing AIPD in digital markets.This book will be of interest to academics, practitioners, policymakers, enforcers and consumers. It offers theoretical guidance for the relevant authorities (such as competition agencies, courts and regulators), practitioners and consumers, helping them understand the economic rationale behind AIPD, and provides suggestions to tackle anticompetitive and welfare-reducing AIPD in digital markets from a comparative law and economics perspective.

Imagine every ad, every price, and even every contract completely tailored to you — welcome to the age of AI-driven hyper-personalization.Today, vast amounts of consumer data are collected and processed to build individualized profiles with ever-increasing precision. This enables one-to-one interactions that evolve in real time and allow firms to influence behavior with unprecedented subtlety. Personalized marketing holds the promise of meeting consumer needs more effectively and making digital experiences more relevant and efficient. Yet this seemingly customized environment raises urgent concerns about the power of such marketing to exploit cognitive biases, reshape preferences, and deepen asymmetries in digital markets.This book offers the first in-depth law and economics analysis of personalized marketing in the digital age. It examines how personalized advertising, pricing, and contracting challenge foundational principles of consumer protection and explores to what extent these practices are regulated under the current EU legal framework. The analysis shows that while existing rules provide some safeguards, they fall short of addressing the systemic risks posed by hyper-personalization.To respond to these challenges, the book develops a four-part policy approach aimed at reinforcing consumer autonomy, equity, and welfare in data-driven markets and bridging the regulatory gaps that personalization opens up.Regulating these developments involves a clear trade-off between efficiency and fairness. How much freedom do you give up in exchange for a hyper-personalized experience? How confident are you that the price you pay will not exceed what others pay for the exact same service? And what does it mean for your autonomy when an algorithm predicts your behavior better than you do yourself?This book offers a critical starting point for future regulation and a call to rethink the role of personalization in the digital economy.

This volume brings together a collection of essays that critically engage with the methodological foundations, historical development, and contemporary applications of Law and Economics across diverse legal systems. Anchored in a comparative and interdisciplinary perspective, the volume reaffirms the enduring relevance of civil law of European origin as a shared legal tradition, while simultaneously scrutinising the promises and limitations of applying economic reasoning to law.The point of departure is twofold: first, the centrality of legal institutions in shaping social order and in conceptualising law not merely as a set of rules, but as a historically contingent and normatively rich system; second, the imperative to interrogate the philosophical, moral, and political assumptions that underpin economic analysis, often obscured under the guise of methodological neutrality.Through a dialogue between international scholars, the chapters address both classical and emerging questions. Core themes include the principle of wealth maximisation, the contested legacy of Pareto efficiency, and the image of the legislator as a rational decision-maker. Equally, the volume delves into contemporary concerns, such as behavioural analysis, the normative implications of nudging strategies in criminal law, and the growing influence of evidence-based legal design.Several essays explore the expressive and symbolic dimensions of law, offering insights into the interaction between legal norms and social meanings—areas where traditional economic models struggle to provide adequate explanatory power. Others examine the legislative process itself through the lens of L&E, engaging with debates on the relative merits of rules versus standards and the cost-benefit calculus in regulatory design.In addition to theoretical investigations, the volume offers historical and contextual analyses of the reception and evolution of L&E in countries such as Mexico, Peru, Colombia, Chile, Ecuador, Portugal, and Italy. These contributions reveal the contingent trajectories of L&E scholarship outside the Anglo-American mainstream, highlighting both its diffusion and its local reinterpretations.Taken together, the essays invite a reconsideration of civil law not only as a legal order but as an intellectual heritage capable of engaging critically with economic paradigms—neither uncritically embracing them nor rejecting them in toto, but seeking a deeper integration that remains attentive to legal specificity, normative coherence, and institutional context.

This book brings together legal and economic perspectives to examine how organizational structures, incentives and behavioural factors shape the actions of firms and their decision-makers. It covers principal agent problems, corporate criminal and civil liability,sustainability and ESG governance, as well as emerging questions related to decentralization,DLT and blockchain. Further chapters address organisational challenges in corporate law, behavioural barriers in governance and practical financial decision-making. Overall, the volume highlights how law and economics jointly contribute to understanding and improving organisational behaviour.