Download or read book Liability for Unknown Risks written by Michael G. Faure and published by . This book was released on 2017 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the law and economics literature liability is generally regarded as an instrument which provides potential tortfeasors with incentives for optimal care taking. The question, however, arises whether liability can still provide those incentives when risks are unknown. That is the central question that is addressed in this contribution. One may, furthermore, have to differentiate between risks that are unknown to the tortfeasor and those are that not known according to the state of the art. After setting out the economic functions of liability rules and regulation the effects of missing information for care levels and activity levels is sketched and attention is paid to the way in which strict liability and negligence affect the incentives to do research concerning unknown risks. We conclude that an exposure to liability may on the one hand provide potential tortfeasors with incentives to do further research and hence to innovate; on the other hand, liability for unknown risks could also limit activity levels of socially desirable activities. We therefore conclude that it remains inherently difficult to use tort law as an instrument to provide incentives to generate information concerning unknown risks. We argue that in the tradeoff between tort liability and safety regulation there are strong arguments in favour of safety regulation, on the condition that it is used in a smart mix with liability rules. Finally, we equally investigate problems that arise in case of insurance of liability for unknown risks.
Download or read book Women and Health Research written by Anna C. Mastroianni and published by . This book was released on 1994 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Limited Liability and the Known Unknown written by Michael Simkovic and published by . This book was released on 2018 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private firms often withhold information or contest scientific knowledge when public revelation could lead to costly regulations or liability. This concealment leads to negative externalities and public harm. But what if private firms' superior knowledge and self-interest could be harnessed to reveal information about risks and accelerate the implementation of safety regulations? In Limited Liability and the Known Unknown, I argue that firms that desire limited liability for their investors should be forced to pay what they believe limited liability is worth. This would have several salutary effects. Firms' choice between unlimited liability and higher taxes would reveal important information about internal risk assessments, reduce public-private information asymmetries, and accelerate the application of scientific knowledge to personal and public health.
Download or read book The Known the Unknown and the Unknowable in Financial Risk Management written by Francis X. Diebold and published by Princeton University Press. This book was released on 2010-04-19 with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt: A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk managers, executives, and regulators. This book introduces a more realistic and holistic framework called KuU --the K nown, the u nknown, and the U nknowable--that enables one to conceptualize the different kinds of financial risks and design effective strategies for managing them. Bringing together contributions by leaders in finance and economics, this book pushes toward robustifying policies, portfolios, contracts, and organizations to a wide variety of KuU risks. Along the way, the strengths and limitations of "quantitative" risk management are revealed. In addition to the editors, the contributors are Ashok Bardhan, Dan Borge, Charles N. Bralver, Riccardo Colacito, Robert H. Edelstein, Robert F. Engle, Charles A. E. Goodhart, Clive W. J. Granger, Paul R. Kleindorfer, Donald L. Kohn, Howard Kunreuther, Andrew Kuritzkes, Robert H. Litzenberger, Benoit B. Mandelbrot, David M. Modest, Alex Muermann, Mark V. Pauly, Til Schuermann, Kenneth E. Scott, Nassim Nicholas Taleb, and Richard J. Zeckhauser. Introduces a new risk-management paradigm Features contributions by leaders in finance and economics Demonstrates how "killer risks" are often more economic than statistical, and crucially linked to incentives Shows how to invest and design policies amid financial uncertainty
Download or read book Liability and Environment written by Lucas Bergkamp and published by BRILL. This book was released on 2021-12-06 with total page 734 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liability and Environment analyzes the role of law, in particular civil liability, in controlling environmental pollution and risk. In modern environmental policy, liability has become a popular instrument. In this book, Prof. Bergkamp takes a fresh look at civil liability for environmental harm in an inter- and transnational context. Over the last decade, industry's liability exposure for environmental harm has expanded significantly. At the international, EC, and national level proposals for onerous strict environmental liability regimes are pending. The `polluter pays principle', which is an articulation of the `cost internalization' theory in the environmental area, is believed to justify such liability regimes. Applying an instrumental approach to legal instruments, Prof. Bergkamp aims to redefine the role of liability in the heavily regulated environmental area. He shows that liability for environmental harm is not justified by the polluter pays principle, is an uncertain and unreliable instrument for achieving prevention, results in an inefficient insurance scheme, and plays a dubious role in adjusting activity levels. Based on an analysis of the basic characteristics of alternative legal instruments, Prof. Bergkamp concludes that civil liability should play a more modest, limited role in an environmental law system dominated by public law. Where deterrence is not the objective, first party insurance, compensation funds, or other public law regimes should be preferred over liability rules. In addition to civil liability of private parties, Liability and Environment discusses State liability under international, EC, and national law. Under international law, breach of a primary obligation triggers a State's liability. Prof. Bergkamp argues that this rule should be applied also to liability of private parties. In the environmental area, a business' primary obligations are spelled out in detailed permit conditions, regulations, and statutes. According to Prof. Bergkamp, only if a primary obligation is breached, a private person should be liable for environmental harm. The system that Bergkamp advocates is an objective fault liability regime, in which public environmental law defines the standard of care for both government and industry. "In rebuilding our civil liability system, we should keep in mind that what is good for industry should be good for everyone (or it is not good for anyone), we should keep in mind that what is good for private parties should be good for the state (or it is not good for either). In rebuilding our civil liability system, the international law of State responsibility, which is unpolluted by risk spreading and activity level considerations, will guide us a long way." This book is aimed at advanced law students, academic scholars, and practitioners. In addition, it will be of interest to policy and legislative analysts, legislators, and government officials. Professor Bergkamp's book cannot be described as "solving" the problems of legal and regulatory control of environmental harm, whether within a nation or internationally. As suggested before, however, the very idea of a "solution" is illusory. All legal and regulatory regimes around the world are today and will remain for the future in a state of perpetually continuing development. The virtue of this fine book is that it moves the process of that development forward by a very substantial measure. from the Foreword by George L. Priest.
Download or read book Making Decisions About Liability And Insurance written by Colin F. Camerer and published by Springer. This book was released on 2012-09-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two related trends have created novel challenges for managing risk in the United States. The first trend is a series of dramatic changes in liability law as tort law has expanded to assign liability to defendants for reasons other than negligence. The unpredictability of future costs induced by changes in tort law may be partly responsible for the second major trend known as the `liability crisis' - the disappearance of liability protection in markets for particularly unpredictable risks. This book examines decisions people make about insurance and liability. An understanding of such decision making may help explain why the insurance crisis resulted from the new interpretations of tort law and what to do about it. The articles cover three kinds of decisions: consumer decisions to purchase insurance; insurer decisions about coverage they offer; and the decisions of the public about the liability rules they prefer, which are reflected in legislation and regulation. For each of these three kinds of decisions, normative theories such as expected utility theory can be used as benchmarks against which actual decisions are judged.
Download or read book The Known the Unknown and the Unknowable in Financial Risk Management written by Francis X. Diebold and published by Princeton University Press. This book was released on 2010-05-09 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk managers, executives, and regulators. This book introduces a more realistic and holistic framework called KuU --the K nown, the u nknown, and the U nknowable--that enables one to conceptualize the different kinds of financial risks and design effective strategies for managing them. Bringing together contributions by leaders in finance and economics, this book pushes toward robustifying policies, portfolios, contracts, and organizations to a wide variety of KuU risks. Along the way, the strengths and limitations of "quantitative" risk management are revealed. In addition to the editors, the contributors are Ashok Bardhan, Dan Borge, Charles N. Bralver, Riccardo Colacito, Robert H. Edelstein, Robert F. Engle, Charles A. E. Goodhart, Clive W. J. Granger, Paul R. Kleindorfer, Donald L. Kohn, Howard Kunreuther, Andrew Kuritzkes, Robert H. Litzenberger, Benoit B. Mandelbrot, David M. Modest, Alex Muermann, Mark V. Pauly, Til Schuermann, Kenneth E. Scott, Nassim Nicholas Taleb, and Richard J. Zeckhauser. Introduces a new risk-management paradigm Features contributions by leaders in finance and economics Demonstrates how "killer risks" are often more economic than statistical, and crucially linked to incentives Shows how to invest and design policies amid financial uncertainty
Download or read book High Risk Occupational Disease Notification and Prevention Act of 1987 written by United States. Congress. Senate. Committee on Labor and Human Resources. Subcommittee on Labor and published by . This book was released on 1987 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Tort Liability and Autonomous Systems Accidents written by Phillip Morgan and published by Edward Elgar Publishing. This book was released on 2023-10-06 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Autonomous systems driven by artificial intelligence (AI) technologies have significant potential for increased productivity and improved safety in many sectors, but it is inevitable that some accidents will occur. The law needs an adequate way to respond to these scenarios and compensate those wrongfully injured. This comprehensive book examines the unique difficulties that autonomous systems create for existing accident compensation systems founded on tort, and proposes solutions.
Download or read book Products Liability Law written by Mark Geistfeld and published by Aspen Publishing. This book was released on 2021-10-07 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: Products Liability Law, Second Edition, by prolific tort scholar Mark Geistfeld, represents the “next generation” of casebooks on products liability. Earlier texts focused on the relative merits of strict liability and negligence, embodied in the apparently competing liability frameworks of the consumer expectations test in the Restatement (Second) of Torts and the risk-utility test in the Restatement (Third) of Torts. The majority of courts, however, have incorporated the risk-utility test into the framework of consumer expectations. By providing balanced coverage of both consumer expectations and the risk-utility test, the casebook keeps pace with ongoing developments in the case law and moves beyond the battles that largely defined products liability in the twentieth century. In addition to teaching students how liability rules protect consumer expectations via comprehensive application of the risk-utility test, this innovative casebook underscores the importance of doctrinal history, the psychology of evaluating product risks, and the role of products liability in the modern regulatory state. Students will learn how courts have applied established doctrines to novel problems ranging from the relevance of scientific evidence in toxic-tort cases to the distribution of defective products on the Amazon online marketplace. To further illustrate this dynamic, the casebook has twenty-nine problems with associated analysis involving the liability issues likely to be raised by the emerging technology of autonomous vehicles. Finally, the casebook reinforces students’ knowledge of fundamental tort principles while developing specialized expertise and a deeper understanding of the torts process. New to the Second Edition: A dozen new main cases updating older case law, providing coverage of new issues not addressed in the First Edition, and/or improving upon the analysis provided by the associated case in the First Edition Retention of the majority of main cases from the first edition, with revisions to the ensuing notes incorporating relevant case law developments A reorganized and updated chapter covering the controversy over the relative merits of the consumer expectations and risk-utility tests Comprehensive discussion of the tort version of the implied warranty—the genesis of the consumer expectations test—and its relation to product malfunctions and the risk-utility test A new chapter addressing the existence of the tort duty and identifying the difference between patent dangers and patent defects Reorganization of the chapter on factual causation, emphasizing the continuity of evidentiary problems running across different types of cases, ranging from the heeding presumption in warning cases, to market-share liability, to proof of both general and specific causation in toxic-tort cases Professors and students will benefit from: Classroom-tested materials taught for over 20 years by an award-winning professor Interesting cases that illustrate both the traditional and contemporary character of products liability litigation; cases are followed by extensive notes Each chapter addressing doctrinal issues concludes with problems on autonomous vehicles. The full set of 29 problems provides students with the necessary background for understanding liability issues posed by this emerging technology. Each problem is followed by the author’s analysis of the associated issues, cross-referenced to the relevant casebook material.
Download or read book Vicarious Liability written by Anthony Gray and published by Bloomsbury Publishing. This book was released on 2018-09-20 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: The scope of vicarious liability has significantly expanded since its original conception. Today employers are being found liable for actions of employees that they did not authorise, and never would have authorised if asked. They are being held liable for an employee's criminal activity. In the related strict liability field of non-delegable duties, they are being held liable for wrongdoing of independent contractors. Notions of strict liability have grown increasingly isolated in the law of tort, given the exponential growth in the tort of negligence. They require intellectual justification. Such a justification has proven to be elusive and largely unsatisfactory in relation to vicarious liability and to concepts of non-delegable duty. The law of three jurisdictions studied has now apparently embraced the 'enterprise risk' theory to rationalise the imposition of vicarious liability. This book subjects this theory to strong critique by arguing that it has many weaknesses, which the courts should acknowledge. It suggests that a rationalisation of the liability of an employer for the actions of an employee lies in more traditional legal doctrine which would serve to narrow the circumstances in which an employer is legally liable for a wrong committed by an employee.
Download or read book General Considerations for the Clinical Evaluation of Drugs written by United States. Food and Drug Administration. Bureau of Drugs and published by . This book was released on 1977 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Worse Than the Disease written by Diana Barbara Dutton and published by Cambridge University Press. This book was released on 1992-05-29 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: The distance between medical and public priorities is exposed in four case studies that reveal the human choices governing scientific innnovation and explore the political, economic and social factors influencing those choices.
Download or read book Medical Accident Liability and Redress in English and French Law written by Simon Taylor and published by Cambridge University Press. This book was released on 2015-06-11 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2002 France introduced an out-of-court settlement scheme for medical accidents. The scheme guarantees compensation for the victims of the most serious medical accidents irrespective of fault and operates in parallel with existing liability rules. In this book Simon Taylor compares English and French law on medical accident liability and redress and considers what lessons the French model can provide for potential reform in England and elsewhere. Taylor emphasizes the effect of the English and French rules on access to compensation and on the cost of liability and examines the problems that have been posed by the introduction of an administrative redress scheme in France. This book looks at the potential consequences of English and French rules for the doctor-patient relationship and for patient safety, and considers the role that national legal traditions and cultures of civil liability in England and France play in shaping national law in this area.
Download or read book Product Liability Reform Act written by United States. Congress. Senate. Committee on the Judiciary and published by . This book was released on 1987 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Chemical Risk Governance written by Adam D.K. Abelkop and published by Edward Elgar Publishing. This book was released on 2023-03-20 with total page 651 pages. Available in PDF, EPUB and Kindle. Book excerpt: This incisive volume of the Elgar Encyclopedia of Environmental Law offers a broad analysis of the foundations, main concepts, and substantive and procedural requirements of selected chemical law regimes as they pertain to the environment. Featuring contributions from more than 40 expert scholars and practitioners in the field, the volume focuses on chemical regulatory systems from representative jurisdictions, including the EU and the US, to provide a coherent overview of this expansive and often fragmented area of law. Divided into five thematic parts, the volume first examines the fundamental concepts of chemical law, addressing topics including risk assessment, nomenclature, environmental justice and animal testing. Entries then discuss types of chemicals and exposures, regulation of chemicals in products and manufacturing, and waste and contamination, as well as covering liability rules as they apply to chemicals. This volume will be an essential resource for scholars and students looking for a clear understanding of chemicals regulation and governance from environmental and public health perspectives at both national and international levels. Its insights into policy developments and liability issues will also be of interest to policymakers and practitioners.
Download or read book The Development of Medical Liability written by Ewoud Hondius and published by Cambridge University Press. This book was released on 2014-07-31 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: A historical examination of the liability of healthcare professionals in tort and other systems of compensation in various European countries.
