incentives to reduce risk of various ways of treating such uncertainty under the liability system are identified using a …Situations in which there is uncertainty over the cause of harm are studied (e.g., was the lung cancer due to normal … a criterion for determining liability may adversely affect behavior: parties might face a diminished burden of liability …

When faced with financial uncertainty, rational agents have incentives to take steps ex ante to reduce the probability … (self-protection) or size (self-insurance) of a loss. However, in the case of liability risk, especially physician responses … cost of malpractice liability. Specifically, we test whether physicians exploit provisions of bankruptcy laws and adjust …

objective in this paper is to understand how fundamental uncertainty can affect the long run growth rate, and what are the … when we move from a world of perfect certainty to one with uncertainty that resembles the average uncertainty in a large …

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 …