Download or read book The Economic Consequences of Liability Rules written by Roger Meiners and published by Praeger. This book was released on 1991-07-30 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by specialists in law and economics, this book studies the role of liability rules in an effort to illustrate the possible consequences of statutory tampering with them. The contributors explain how statutory and common law liability rules evolved, how they work in current practice, and how changes in rules can alter economic outcomes in significant and unintended ways. Although price theory is the primary analytical tool employed in the study, the contributors also provide a wealth of institutional detail intended to illuminate the structure and operation of forces at work when questions of product or service liability arise. Throughout, the contributors focus on the effects of individual decision making: how incentives faced by individuals are affected by liability rules and how the collective actions of purposeful individuals working in private markets and through the political process affect social outcomes. Among the specific topics addressed are using liability rules to deter government takings, the impact of government liability on private risk avoidance, the allocation of product liability by market share, liability and environmental quality, the effects of the flammability rule, deposit insurance and the savings and loan fiasco, and the political debate over automobile air bags. The contributors conclude that attempts to remedy alleged defects in the common law by legislative edict are not well grounded. Ideal as supplemental reading for courses in business and government, this volume will also be of significant interest to students of law and economics.
Download or read book The economic effects of the liability system written by and published by Hoover Press. This book was released on with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Analysis of the Economic Consequences of the Proportionate Liability Rule written by Derek Chan and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Major accounting firms in the United States have singled out elimination of joint and several liability as one of the most needed legal reforms in the country. The recent legislation of the Private Securities Litigation Reform Act of 1995 replaced joint and several liability with proportionate liability. This paper develops a simple model to analyze the economic consequences of such a change in the legal environment facing public accountants. In particular, we examine the incentive effects induced by the proportionate liability rule on the auditor?s effort and financial statement users? litigation decisions. Our analysis demonstrates that replacing joint and several liability with proportionate liability can decrease the equilibrium audit effort, lawsuit probability, market price of the firm, and audit fee. More importantly, even though the proportionate liability rule reduces the equilibrium audit effort, we show that it can actually increase social welfare.
Download or read book Economic Analysis of Liability Rules written by Satish Kumar Jain and published by Springer. This book was released on 2014-12-01 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the analysis of liability rules of tort law from an efficiency perspective, presenting a comprehensive analysis of these rules in a self-contained and rigorous yet accessible manner. It establishes general results on the efficiency of liability rules, including complete characterizations of efficient liability rules and efficient incremental liability rules. The book also establishes that the untaken precaution approach and decoupled liability are incompatible with efficiency. The economic analysis of tort law has established that for efficiency it is necessary that each party to the interaction must be made to internalize the harm resulting from the interaction. The characterization and impossibility theorems presented in this book establish that, in addition to internalization of the harm by each party, there are two additional requirements for efficiency. Firstly, rules must be immune from strategic manipulation. Secondly, rules must entail closure with respect to the parties involved in the interaction giving rise to the negative externality, i.e., the liability must not be decoupled.
Download or read book Economic Analysis of Accident Law written by Steven Shavell and published by Harvard University Press. This book was released on 2007-03-31 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accident law, if properly designed, is capable of reducing the incidence of mishaps by making people act more cautiously. Since the 1960s, a group of legal scholars and economists have focused on identifying the effects of accident law on people's behavior. Steven Shavell’s book is the definitive synthesis of research to date in this new field.
Download or read book Economic Effects of Product Liability and Other Litigation Involving the Safety and Effectiveness of Pharmaceuticals written by Steven Garber and published by Rand Corporation. This book was released on 2013 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liability effects on the economic performance of the pharmaceutical industry play a prominent role in the debate about the economic effects of product liability in the United States. The author analyzes incentive effects on company decisions, implications for economic outcomes such as drug safety and effectiveness, and suggests how public policy changes could mitigate liability-based sources of inefficient decisions of pharmaceutical companies.
Download or read book The Economic Effects of Liability Rules on Railroad Employee Accidents 1890 1970 written by Lars A. Stole and published by . This book was released on 1991 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economic Consequences of the Peace written by John Maynard Keynes and published by Simon Publications LLC. This book was released on 1920 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes, then a rising young economist, participated in the Paris Peace Conference in 1919 as chief representative of the British Treasury and advisor to Prime Minister David Lloyd George. He resigned after desperately trying and failing to reduce the huge demands for reparations being made on Germany. The Economic Consequences of the Peace is Keynes' brilliant and prophetic analysis of the effects that the peace treaty would have both on Germany and, even more fatefully, the world.
Download or read book Environmental Law and Economics written by Michael G. Faure and published by Cambridge University Press. This book was released on 2019-10-10 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed overview of the law-and-economics methodology developed and employed by environmental lawyers and policymakers.
Download or read book Economics and Liability for Environmental Problems written by Kathleen Segerson and published by Routledge. This book was released on 2018-01-12 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2002. This convenient reference brings together notable contributions examining all aspects of the liability for environmental accidents. Articles included in the Part I of this volume examine the role of liability as a policy instrument, and provide detailed examinations of the incentive effects created by the imposition of liability, ie. Bankruptcy, litigation costs, delegation of responsibility and insurance. Those in Part II study specific environmental issues such as hazardous waste disposal and oil spills. The International Library of Environmental Economics and Policy explores the influence of economics on the development of environmental and natural resource policy. In a series of twenty five volumes, the most significant journal essays in key areas of the contemporary environmental and resource policy are collected. This convenient reference brings together the notable contributions examining all aspects of the liability for environmental accidents.
Download or read book Research Handbook on the Economics of Torts written by Jennifer Arlen and published by Edward Elgar Publishing. This book was released on 2013-11-29 with total page 668 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on issues of vital importance to those seeking to understand and reform the tort system, this volume takes a multi-disciplinary approach, including theoretical economic analysis, empirical analysis, socio-economic analysis, and behavioral anal
Download or read book An economic analysis of liability rules written by and published by . This book was released on 1987 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pure Economic Loss in Europe written by Mauro Bussani and published by Cambridge University Press. This book was released on 2003-07-31 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: How far can tort liability expand without imposing excessive burdens upon individual activity? This comprehensive 2003 study of pure economic loss in Europe uses a fact-based comparative method and research into the laws of thirteen European countries. Includes a historical and analytical introduction to economic loss.
Download or read book Liability Rules written by Giuseppe Dari-Mattiacci and published by . This book was released on 2014 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis of tort law is one of the most well-developed applications of economic methodology in the study of law. In this essay, we provide an overview of the economic approach to tort law, analyzing the effects of liability rules on care incentives. We catalogue a variety of possible tort regimes, systematically breaking down possible assignments of liability in terms of primary and secondary rules, and describe how their permutations distribute the costs of accidents (and the concomitant incentives to exercise precautionary care). We further consider what factual circumstances may render one tort regime preferable to another from the perspective of policymakers.
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 Economic Analysis of Accident Law written by Steven Shavell and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
