The Consumer Welfare Hypothesis in Law and Economics

Towards a Synthesis for the 21st Century

New Horizons in Law and Economics series

Fabrizio Esposito, Assistant Professor in Private Law, NOVA School of Law, Universidade Nova de Lisboa, Portugal

The Consumer Welfare Hypothesis in Law and Economics is a compelling account of market relations with firm roots in economic theory and legal practice. This incisive book challenges the mainstream view that allocative efficiency is about total welfare maximisation. Instead, it argues for the consumer welfare hypothesis, in which allocating resources efficiently means maximising consumer welfare, and demonstrates that legal structures such as antitrust and consumer law are in reality designed and practised with this goal in mind.

'The Consumer Welfare Hypothesis is the most reasonable one because we do not like the inefficiency of monopoly and its redistributive effects. I believe that scholars interested in the institutional interaction between law and markets should read this important book.’
– Ugo Pagano, University of Siena, Italy

'This book is a major achievement, based on a deep knowledge and understanding of both legal and economic theory, and a keen appreciation of the methodological challenges of interdisciplinary studies. The analysis is multi-layered and complex, but always presented attractively. The claims being advanced will be challenging for law and economics scholarship.’
– Simon Deakin, University of Cambridge, UK

'This much needed book explores how consumer welfare ought to be the main beacon both lawyers and economists use when assessing some potentially unfair trading behaviours. By focusing on this economic concept, it is possible to influence the development of consumer law and arrive at a more protective environment for consumers.’
– Christine Riefa, University of Reading, UK

'This original work offers a distinctive contribution to several strands of literature and methodological debates including EU consumer law, EU competition law, Law and economics and Quantitative study of jurisprudence. I am convinced that this will be an important and often cited book.’
– Anne-Lise Sibony, UCLouvain School of Law, Belgium

'I have not often seen such an original, at the same time practically important and very concise and stringent work. I could not imagine one part in this book that should be deleted or that is less important. At the same time, I could not imagine a part that I would still want to see. It is an outstanding addition to the literature on law and economics.’
– Stefan Grundmann, Humboldt Universität, Germany and European University Institute, Italy