Mandatory warranties in the scope of consumption law enforcement: a critical view from the new Consumer Statute in Colombia

Abstract

The present article of reflection departs from the norms on the “legal guarantee” established in the current Consumer Statute in Colombia to delimit the mandatory content of such mentioned guarantee. The foregoing with the purpose to demonstrate, on the basis of a game description , that the scenarios generated by such Statute, in regard to the enforcement of the mandatory rules on product warranty, are relatively inefficient -in terms of Pareto-. On the other hand, the article presents several critical reflections on the information asymmetry problem in the consumption dynamics and the way in which this failure is dealt by the local juridical doctrine.