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The Law And Economics Of Consumer Debt Collection And Its Regulation, Todd J. Zywicki
The Law And Economics Of Consumer Debt Collection And Its Regulation, Todd J. Zywicki
Todd J. Zywicki
This article reviews the law and economics of consumer debt collection and its regulation a topic that has taken on added urgency in light of the announcement by the Consumer Financial Protection Bureau that it is considering new regulations on the subject. Although stricter regulation of permissible debt collection practices can benefit those consumers who are in default and increase demand for credit by consumers, overly-restrictive regulation will result in higher interest rates and less access to credit for consumers, especially higher-risk consumers. Regulation of particular practices may also have the unintended consequence of providing incentives for creditors to more …
Limiting Limited Liability, Giuseppe Dari-Mattiacci
Limiting Limited Liability, Giuseppe Dari-Mattiacci
Giuseppe Dari-Mattiacci
Limited liability may result in inefficient accident prevention, because a relevant portion of the expected harm is externalized on victims. This paper shows that under some restrictive conditions further limiting liability by means of a liability cap can improve caretaking.