Download or read book Product Liability and Moral Hazard written by Eric Helland and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Product liability law reduces the costs of accidents to consumers thus reducing their incentive to invest in safety. We estimate the impact of tort liability on a subset of consumers who have significant control over the probability of an accident, the consumers of general aviation aircraft. The General Aviation Revitalization Act of 1994 exempted small aircraft manufacturers from product-liability claims when they reached 18 years of age. We use the exemption at age 18 to estimate the impact of tort liability on accidents as well as on a wide variety of behaviors and safety investments by pilots and owners. The results are consistent with moral hazard. As an aircraft is exempted from tort liability, the robability that the aircraft is involved in an accident declines. Direct evidence on pilot and owner behavior is also consistent with moral hazard. Aircraft exempted from tort liability are flown less often and flown less often at night than similar aircraft that are covered. Pilots and owners of exempted aircraft also increase their personal investments in safety, including wearing seat belts and filing flight plans, relative to pilots and owners whose aircraft are still covered by liability.
Download or read book Consumers in Face of Product Risks and Product Liability written by Dirk Standop and published by . This book was released on 2004 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Product Liability written by Richard Braddock and published by . This book was released on 1989 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Products Liability Insurance Moral Hazard and Contributory Negligence written by Richard S. Higgins and published by . This book was released on 1980 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Liability Rules and Insurance Markets written by Canada. Consumer Research and Evaluation Branch and published by . This book was released on 1981 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Product Liability and Product Safety in the European Community written by Christian Joerges and published by . This book was released on 1989 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Harmonisation of Product Liability Laws in Britain and Germany written by Jörg Finsinger and published by . This book was released on 1992 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Products Liability Insurance written by John McTeer Briggs and published by . This book was released on 1953 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Liability written by Robert E. Litan and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States has recently witnessed an explosion of personal injury lawsuits involving medical malpractice, unsafe products, and widespread environmental hazards. Jury awards and out-of-court settlements have escalated in many cases to hundreds of thousands of dollars. At the same time, premiums for liability insurance have skyrocketed. As a result, physicians have cut back services and some municipalities and businesses have been denied liability coverage altogether. Some experts claim that only fundamental reform of the nation's civil justice system will end this "insurance crisis." But critics of such wholesale judicial reform contend that the insurance industry has launced a "tort reform" campaign to cover its own past underwriting mistakes. Liability brings together economists and experts in liability law and the insurance industry to assess the merits of the conflicting positions and to formulate sound public policy. Led by Robert Litan and Clifford Winston, the contributors describe the major changes that have contributed to the insurance crunch and set forth a methodological framework for evaluating the debate over the current liability system. They conclude that increases in premiums and cutbacks in coverage have been real but selective; that the forces in the judicial system responsible for rising liability costs are not readily subject to change; and that we know too little about the cost and benefits of the current tort system to replace it with an alternative compensation program.
Download or read book Compensation Mechanisms for Job Risks written by Michael J. Moore and published by Princeton University Press. This book was released on 2014-07-14 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this major new work, Michael J. Moore and W. Kip Viscusi explore the question, "How are workers compensated for exposing themselves to the risk of physical injury while on the job?" The authors detail the diverse nature of labor market responses to job risks and the important role played by compensation-for-risk mechanisms. Following an overview of the literature, they present a number of unprecedented results. Comprehensive and systematic discussions of issues such as wage-risk tradeoffs, the effects of workers' compensation on wages and risk, the role of unions, and the role of product liability suits in job-related injuries make the volume an essential work for all those interested in risk policy and workplace safety. Among the major results presented for the first time are the first estimates of the value of life derived from recently released occupational fatality risk data from the National Traumatic Occupational Fatality Survey. From these same data the authors also demonstrate that higher workers' compensation benefit levels significantly reduce fatalities on the job--a finding that challenges virtually every other treatment of this topic. Originally published in 1990. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Download or read book Moral Hazard and Limited Liability written by Rohan Pitchford and published by . This book was released on 1997 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Should Consumers be Permitted to Waive Products Liability written by Albert Choi and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "Abstract: A potentially dangerous product is supplied by a competitive market. The likelihood of a product-related accident depends on the unobservable precautions taken by the manufacturer and on the type of the consumer. Contracts include the price to be paid by the consumer ex ante and stipulated damages to be paid by the manufacturer ex post in the event of an accident. Although the stipulated damage payments are a potential solution to the moral hazard problem, firms have a private incentive to reduce the stipulated damages (and simultaneously lower the up front price) in order to attract the safer consumers who are less costly to serve. The competitive equilibrium--if an equilibrium exists at all--features suboptimally low stipulated damages and correspondingly suboptimal levels of product safety. Imposing tort liability on manufacturers for uncovered accident losses--and prohibiting private parties from waiving that liability-- can improve social welfare"--John M. Olin Center for Law, Economics, and Business web site.
Download or read book Reinsurance Contracting with Adverse Selection and Moral Hazard written by Zhiqiang Yan and published by . This book was released on 2009 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes two essays on adverse selection and moral hazard problems in reinsurance markets. The first essay builds a competitive principal-agent model that considers adverse selection and moral hazard jointly, and characterizes graphically various forms of separating Nash equilibria. In the second essay, we use panel data on U.S. property liability reinsurance for the period 1995-2000 to test for the existence of adverse selection and moral hazard. We find that (1) adverse selection is present in private passenger auto liability reinsurance market and homeowners reinsurance market, but not in product liability reinsurance market; (2) residual moral hazard does not exist in all the three largest lines of reinsurance, but is present in overall reinsurance markets; and (3) moral hazard is present in the product liability reinsurance market, but not in the other two lines of reinsurance.
Download or read book Moral Hazard in Health Insurance written by Amy Finkelstein and published by Columbia University Press. This book was released on 2014-12-02 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice
Download or read book The Economic Effects of the Liability System written by Daniel P. Kessler and published by Hoover Institution Press. This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Option Pricing written by Menachem Brenner and published by Free Press. This book was released on 1983 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Products Liability Law written by David G. Owen and published by West Academic Publishing. This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of Professor Owen's classic treatise refines and updates the first edition's acclaimed examination of products liability law and theory in action. Topics include introductory discussions of the nature and history of this field of law in America and abroad; detailed treatments of theories of liability, product defectiveness, causation, defenses, and proof; considerations of various special types of litigation; and punitive damages. Throughout, the treatise explores the underlying tensions and policies in this area of law and explains the impact of the Restatement of the Law of Torts, Third: Products Liability.
