The goal of a good electronic-disclosure regime should be to ensure that consumers know what they’re getting and can compare products. The better consumers are able to understand the features and prices of the products and services they buy, the less regulators need to interfere. In the 2008 book Nudge, one of us (Thaler) and the legal scholar Cass Sunstein put forward the Record, Evaluate, and Compare Alternative Prices (RECAP) framework. Both the Obama administration and the Cameron government have adopted versions of this idea—and had the good sense to think of snappier names. The U.S. calls it Smart Disclosure— defined as the “timely release of complex information and data in standardized, machine-readable formats in ways that enable consumers to make informed decisions.” The British effort, which for now focuses on individual banking, energy, and mobile phone usage data, is called “midata.”