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Scheitern Finanzdienstleistungen am Verbraucher?: Eine theoretische Analyse rationalen Verbraucherverhaltens im Rahmen des Anlageberatungsprozesses


  • Daniel Kohlert
  • Andreas Oehler


Consumer policy should protect consumers where they cannot protect themselves. Therefore, the knowledge of actual consumer behavior is a necessary condition for the effective design of measures involving consumer policy. Particularly when dealing with financial services that mainly rely on advice giving and taking, it is essential to know about the weaknesses of consumers' information behavior. The paradigm of Behavioral Economics uncovers boundedly rational consumer behavior as well as the corresponding problems. It is therefore employed in this article to theoretically analyze important consequences, boundedly rational behavior has in the financial advice giving and taking context, and to thereby identify problems, which should be considered in the design of measures involving consumer policy. Verbraucherpolitische Maßnahmen müssen dort ansetzen, wo sich Verbraucher nicht selbst schützen können. Notwendige Bedingung für eine effektive Gestaltung verbraucherpolitischer Maßnahmen ist daher das Wissen um das tatsächliche Verhalten von Verbrauchern. Gerade im Bereich beratungsintensiver Finanzdienstleistungen, in dem der Informationsaustausch zwischen Verbraucher und Berater eine zentrale Rolle einnimmt, ist die Kenntnis der Schwächen des Informationsverhaltens von Verbrauchern essentiell. Das Paradigma der Verhaltensökonomie ist in der Lage, reales, beschränkt rationales Verbraucherverhalten und die damit einhergehenden Probleme aufzuzeigen. Das Paradigma wird daher herangezogen, um die für beratungsintensive Finanzdienstleistungen wesentlichen Konsequenzen beschränkt rationalen (Informations-)Verhaltens von Verbrauchern theoretisch zu analysieren und so Problemfelder zu identifizieren, die bei der Gestaltung verbraucherpolitischer Ansätze berücksichtigt werden sollten.

Suggested Citation

  • Daniel Kohlert & Andreas Oehler, 2009. "Scheitern Finanzdienstleistungen am Verbraucher?: Eine theoretische Analyse rationalen Verbraucherverhaltens im Rahmen des Anlageberatungsprozesses," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 78(3), pages 81-95.
  • Handle: RePEc:diw:diwvjh:78-3-5

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    References listed on IDEAS

    1. Heath, Chip & Tversky, Amos, 1991. "Preference and Belief: Ambiguity and Competence in Choice under Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 4(1), pages 5-28, January.
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    More about this item


    Behavioral Economics and Finance; consumer protection; financial advice;

    JEL classification:

    • D0 - Microeconomics - - General
    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • G20 - Financial Economics - - Financial Institutions and Services - - - General


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