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Liability for Accidents
Shavell, Steven - 2005
This is a survey of legal liability for accidents. Three general aspects of accident liability are addressed. The first …-bearing and insurance, for the liability system acts as an implicit insurer for accident victims and it imposes risk on potential … injurers (because they may have to pay judgments to victims). In this regard, victims' accident insurance and injurers …
Persistent link: https://www.econbiz.de/10012466890
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Economic Analysis of Accident Law
Shavell, Steven - 2003
Accident law is the body of legal rules governing the ability of victims of harm to sue and to collect payments from … those who injured them. This paper contains the chapters on accident law from a general, forthcoming book, Foundations of … liability rules on incentives to reduce accident risks. Then consideration of accident law is broadened (chapter 5) to reflect …
Persistent link: https://www.econbiz.de/10012469004
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Economic Analysis of Accident Law
Shavell, Steven - 2003
Accident law is the body of legal rules governing the ability of victims of harm to sue and to collect payments from … those who injured them. This paper contains the chapters on accident law from a general, forthcoming book, Foundations of … liability rules on incentives to reduce accident risks. Then consideration of accident law is broadened (chapter 5) to reflect …
Persistent link: https://www.econbiz.de/10012469220
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Costly Litigation and Optimal Damages
Polinsky, A. Mitchell - 2012
A basic principle of law is that damages paid by a liable party should equal the harm caused by that party. However, this principle is not correct when account is taken of litigation costs, because they too are part of the social costs associated with an injury. In this article we examine the...
Persistent link: https://www.econbiz.de/10012460067
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Strategic Judgment Proofing
Che, Yeon-Koo - 2008
A liquidity-constrained entrepreneur needs to raise capital to finance a business activity that may cause injuries to third parties -- the tort victims. Taking the level of borrowing as fixed, the entrepreneur finances the activity with senior (secured) debt in order to shield assets from the...
Persistent link: https://www.econbiz.de/10012464464
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Job Creation, Job Destruction, and the Real Exchange Rate
Klein, Michael W. - 2000
This paper contributes to an understanding of internationally generated adjustment costs by demonstrating a statistically significant and economically relevant effect of the real exchange rate on job creation and job destruction in U.S. manufacturing industries over the period 1973 to 1993. The...
Persistent link: https://www.econbiz.de/10012471310
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Understanding How Price Responds to Costs and Production
Bils, Mark - 1999
The importance of sticky prices in business cycle fluctuations has been debated for many years. But we argue, based on a large empirical literature from the 1950's and 60's, that it is necessary to distinguish the response of price to an increase in factor prices from its response to an increase...
Persistent link: https://www.econbiz.de/10012471473
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What Inventory Behavior Tells Us About Business Cycles
Bils, Mark - 1999
Manufacturers' finished goods inventories move less than shipments over the business cycle. We argue that this requires marginal cost to be more procyclical than is conventionally measured. We construct, for six manufacturing industries, alternative measures of marginal cost that attribute...
Persistent link: https://www.econbiz.de/10012471474
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Technical Progress in U.S. Manufacturing Sectors, 1948-1973 : An Application of Lie Groups
Sato, Ryuzo - 1985
The purpose of this paper is to apply the theory of Lie transformation groups as developed by the first author, and … economics to incorporate the theory of Lie transformation groups, so the results are new, but they are also interesting. Using …
Persistent link: https://www.econbiz.de/10012477468
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Panel Data Estimates Of The Production Function And Product And Labor Market Imperfections
Dobbelaere, Sabien - 2008
Consistent with two models of imperfect competition in the labor market, the efficient bargaining model and the monopsony model, we provide two extensions of a microeconomic version of Hall's framework for estimating price-cost margins. We show that both product and labor market imperfections...
Persistent link: https://www.econbiz.de/10012464671