LET THE IGNORANT CONSUMER BEWARE: CONSUMER INFORMATION AND EFFICIENCY OF CONSUMER DECISION MAKING IN THE USA

Although many of the institutions which make up the modern economy pour out data which they hope will be used by consumers in their decision on what to consume, consumers still are regarded by some commentators as ‘ignorant’ when they make those decisions. Two main reasons are postulated, involving the cost of search and requirements for efficient data management. The policy implications are then assessed and the need for leadership in consumer information policy expressed. Finally, the way higher education can help fill the policy gap is briefly explored.