The Economics and Regulation of Financial Privacy: An by Nicola Jentzsch

By Nicola Jentzsch

This e-book presents the 1st in-depth research of the economics and legislation of economic privateness. it really is a global comparability of credits reporting structures within the usa and in eu international locations. at the theoretical point the ebook explains pageant in info markets, specially in markets for items made up of hugely own and delicate details. It experiences the microeconomics of knowledge and privateness and discusses the industrial incentives to reveal or to hide details. The booklet additionally makes a speciality of the associations of credits reporting, the background of credits reporting companies and the rules of privateness and credits reporting on each side of the Atlantic in addition to the world over. ultimately, at the empirical point, it studies the microeconomic and capability macroeconomic results of credits reporting within the credits markets of nations round the world.

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The Economics and Regulation of Financial Privacy: An International Comparison of Credit Reporting Systems

This e-book presents the 1st in-depth research of the economics and rules of economic privateness. it really is a global comparability of credits reporting platforms within the usa and in ecu nations. at the theoretical point the booklet explains festival in info markets, specifically in markets for items made up of hugely own and delicate info.

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With little specification of the rights to the data in the primary transaction, the consumer has no power for determining the terms of trade in the secondary let alone any further transactions. Usually firms claim that they are the owner of the data. In this setting, externalities may arise, because the consumer is typically not involved in the price-setting process in the secondary transaction. One advantage of specifying “intellectual property rights in information” is, that the market would now sort out many problems.

However, as will be discussed in the section on credit scoring, the failure to not make adjustments to the economic conditions could lead to inefficiencies. 3. ) 58 Bad financial management 12 Lack of information 26 Other 4 Note: Some of the numbers do not add up to 100 because multiple reasons could be cited. Source: Jentzsch and San Jose Riestra (2006) Altogether, it is obvious that markets for information goods are not strictly comparable to markets for common goods. Information has some special features that can create problems if it is traded like an economic good.

23 In theoretical models, asymmetric information might lead to multiple results (separating and pooling equilibria). In separating equilibria economic agents signal their differing types by choosing a specific action. In pooling equilibria, all agents make the same choice. Which role might government play here? Orthodox theory sees only a very limited role, because of the risk of regulatory failure. It is, however not admissible to compare incomplete information situations to those of complete information.

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