Is it time for competition authorities to modernize their vision of the consumer?

Behavioural economics and the economics of happiness have demonstrated that a consumer’s choices are biased and imperfect. It is time for antitrust authorities to consider them.*

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. Is it not time to modernize and make more complex the competition authorities' vision of the consumer? To follow in the footsteps of economic theory, whose conceptions now go far beyond the figure of the consumer homo œconomicus? The implementation of competition law gives priority to the consumer's interest. To do so, it relies on various concepts and models of economic analysis: demand function, heterogeneity of preferences, estimation of consumer surplus, etc. These instruments are very useful but correspond to a limited vision of consumer behavior, that of an economic agent sovereign in his tastes, looking at the market

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François Lévêque, Is it time for competition authorities to modernize their vision of the consumer?, May 2022, Concurrences N° 2-2022, Art. N° 106117, www.concurrences.com

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