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Dustin comments on Disclosure vs. Bans: Reply to Robin Hanson - Less Wrong
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The same point could be made about any price on a competative market: it's that price or nothing for an individual customer. Nonetheless, if large numbers of people were unwilling to pay that price/accept those terms, competitors would enter the market to cater for them.
There is something inefficient about the market, but I think it's just hyperbolic discounting: when signing the contracts, people don't care enough about their future selves.
Exactly so, IMO.
People unconsciously value the availability of credit to their present selves more than they value the freedom from junky terms to their future selves.
Whether or not this is a specific problem worth solving in some paternalistic fashion, I do not know. I think the general problem of hyperbolic discounting is a big problem worth solving. Iif only I knew the solution...
And it's doubly bad: any political response would suffer from hyperbolic discounting too!
About the only things I can think of that don't suffer so are things like prediction and stock markets.