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More Than You Wanted to KnowThe Failure of Mandated Disclosure$
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Omri Ben-Shahar and Carl E. Schneider

Print publication date: 2014

Print ISBN-13: 9780691161709

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691161709.001.0001

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The Failure of Mandated Disclosure

The Failure of Mandated Disclosure

(p.33) Chapter 3 The Failure of Mandated Disclosure
More Than You Wanted to Know

Omri Ben-Shahar

Carl E. Schneider

Princeton University Press

This chapter presents evidence showing that mandate disclosure consistently fails to accomplish its stated goals. It begins by asking what standard we should use to assess mandated disclosure and goes on to apply the standard that lawmakers and disclosurites set for it. The chapter then reviews empirical studies of disclosure's success as well as results from laboratory experiments that attempt to make disclosure work with research subjects. It also considers signs of deteriorating faith in disclosure among some sophisticated lawmakers and commentators. The chapter shows that some lawmakers have doubts about mandates so they reform them so often and so much, while regulators are expressly critical. Based on the evidence, it shows that mandated disclosure is a regulatory device thats ambitions outweigh its abilities.

Keywords:   mandated disclosure, lawmakers, empirical studies, laboratory experiments, regulators, disclosurites

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