several liability -- that affect the level and distribution of expected private cleanup costs. It explores the effects of this … environmental liability is a hindrance to redevelopment. However, with land price adjustments, liability might not impede the reuse … of this land. Existing literature has found price reductions in response to liability, but few studies have looked for an …

harmful externalities, its actual use has been limited, mainly to the domain of pollution. Liability, in contrast, has great … importance in controlling harmful externalities. I compare the tax and liability here in theory and suggest that the conclusions … help to explain the observed predominance of liability over taxation, except in the area of pollution. The following …

Taxation and liability are compared here as means of controlling harmful externalities. It is emphasized that liability … liability does not require the state to determine expected harm - it requires only that injurers pay for harm that occurs …. However, taxation enjoys an advantage over liability: incentives under liability are diluted to the degree that injurers might …

harm under the negligence standard of liability. Under strict liability, however, firms are indifferent about revealing …

such standards should entirely preempt tort liability; in others, it should merely reduce penalties. By reducing litigation …

liability exacerbates the incentive problem even further. A Limited Seniority Rule, where the firm may issue senior debt up to …. Shareholder liability, mandatory liability insurance and punitive damages are also discussed. …

someone else? We show that if consumers have deep pockets then manufacturer liability is not economically efficient. It is … have limited assets, then the most efficient rule is "residual-manufacturer liability" where the manufacturer pays the … shortfall in damages not paid by the consumer. Residual-manufacturer liability distorts the market quantity when consumers …

While the focus of mainstream economic analysis of liability rules remains on negligence liability, recently some legal … scholars have argued for the sharing of liability. In this paper, our first objective is contribute to the debate regarding the … desirability of the sharing of liability for the accident loss. To this end, we study the implications of various approaches toward …

This essay revisits the question of instrument choice for the regulation of externalities in the context of climate … change. The central point is that the Pigouvian prescription to equate marginal control costs with the expected marginal …