Chapter 1 Notes
Chapter 1 Notes CSM 401
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This 2 page Class Notes was uploaded by Amaris Robinson on Saturday February 7, 2015. The Class Notes belongs to CSM 401 at University of Alabama - Tuscaloosa taught by Dr. Melissa Wilmarth in Spring2015. Since its upload, it has received 89 views. For similar materials see CSm 401 Comsumer Protection in Environmental Science at University of Alabama - Tuscaloosa.
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Date Created: 02/07/15
CSM 401 Notes Consumer protections lf markets worked perfectly and consumers were fully informed and fully understanding consumer sovereignty would prevail There would be no need for consumerism consumer organizations and consumer representation Micheal Walden In a simpli ed world there are two ways to protect consumers from risks 1 Labels and warnings expiration dates cigarettealcohol warnings medicine and vehicle operation Interest rates nancing fees 2 Prohibition drug sales of all sorts transportation of minor in certain seats meat handling and processing prohibitions locally the sale of raw milk The challenge Risky activities and products have bene ts 0 Could the government easily require restrictor plates for our costs 0 Why are we so comfortable living with the risk that a speeding fool can kill us at any moment 0 Complexity came from example Food Inc 0 Felcher article 1 What are the criteria for information being provided to consumers as presented by Walden 2 How do Walden s two risk mitigation options inform the challenge described by Felcher 3 How do you suppose the folks at the Center for Consumer Freedom would respond to Felcher Issues discussed about consumer Product Regulation FOIC Requests How the CPSC nds out about dangerous products Manyfactures obligation of reporting 0 Consumer hotline Hospital reporting system How consumers are noti ed of a recallJoint recalls Language of a recall press release Recall effectiveness How do Walden s risk mitigation options inform the challenge describes by Felcher Strategy 1 Labels and warnings Risk mitigation by banning of products 0 Make resale of recalled products illegal Make it illegal to continue use of a prod after recall E Scott Maynes Asymmetric power that funds business 0 Business employs millions of workers to handle information persuasion complaint resolution government relations 0 Products are increasingly complex numerous Disadvantaged consumers due to Intelligence time capacity location etc lnformationally Imperfect a consumer markets pay too much receive less in tradeoffs not meeting needs 0 Mechanicalinduced causes include Technical complexity of modern products 0 Seller induced causes include Business generally controls information 4 The classical monopoly problem a Less prevalent now b Retail has problem was signi cant source of consumer problems in early America 5 Consumer grievances cause are inforamationally imperfect markets but additional contracts laws nancing regulation delivery of goodservice ancillary services a Character of retail establishment b Complicated by geographic dispersion of sellers 6 Undereprenstation of consumer interests a Consumers need help asserting their interests i Consumers goals are broad seller goals are focused
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