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      Status Quo Bias, CISG and the future of the Common European Sales Law

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      Author
      Aksoy, H. C.
      Date
      2013
      Source Title
      European Business Law Review
      Print ISSN
      0959-6941
      Publisher
      Kluwer Law International
      Volume
      24
      Issue
      4
      Pages
      459 - 465
      Language
      English
      Type
      Article
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      Abstract
      Common European Sales Law (“CESL”) is not the first legal instrument directed at the formation of a uniform legal regime applicable to international commercial sales. N ot surprisingly its scope overlaps with the scope of the already existing United Nations Convention on Contracts for the International Sale of Goods (“CISG”), which is the default cross-border sales law regime in 23 European Union member states that have adopted the Convention. Unlike the CISG, the CESL has acknowledged an “opt-in” mechanism. However the studies show that when they can choose among alternatives, individuals prefer to leave things as they are. The author argues that status quo bias is a huge barrier in front of the CESL’s future success.
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      http://hdl.handle.net/11693/49001
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