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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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Producing Disclosures

Producing Disclosures

Chapter:
(p.151) Chapter 10 Producing Disclosures
Source:
More Than You Wanted to Know
Author(s):

Omri Ben-Shahar

Carl E. Schneider

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691161709.003.0010

This chapter considers another reason why simplification cannot save mandated disclosure: regulatory method depends on disclosers, but the core problem of complexity makes it hard for lawmakers to write clear instructions and for disclosers to understand and obey them. The discloser's two important tasks are determining what should be included in the disclosure and assembling the data. These tasks are not always at hand, and collecting them can be costly and fraught with troublesome judgments. The chapter shows that the law governing complex situations is written along a continuum from rules to discretion. It discusses the challenges faced by disclosers in collecting information, presenting it, and disclosing it through agents, as well as their reasons and incentives to resist mandates and to manipulate disclosures. It concludes by giving an example that illustrates how conflicts of interest may arise in a disclosure.

Keywords:   simplification, mandated disclosure, complexity, lawmakers, disclosers, rules, discretion, agents, conflict of interest

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