This article considers whether the demand for legal advice about potential liability for future acts is socially … liability. When advice provides information about properly determined liability, the demand for advice is socially optimal under … strict liability but is socially excessive under the negligence rule. When advice identifies errors the legal system is …

The effect of liability rules on accident avoidance is studied in two types of situations in which potential victims … and potential injurers act sequentially: those where victims act first and injurers second; and those where the reverse is … true. What is of special interest about the working of liability rules in such sequential situations is that the party who …

sanction imposed on a liable party be a fine, an imprisonment term, or a combination of the two? Should the rule of liability …

Situations in which there is uncertainty over the cause of harm are studied (e.g., was the lung cancer due to normal … incentives to reduce risk of various ways of treating such uncertainty under the liability system are identified using a … theoretical model of the occurrence of harm. The main points are these. Use of a threshold probabilit' of causation (e.g., 50%) as …

When parties can bargain with each other in an externality situation, it is frequently argued that liability rules are … preferable to property rules. The case for liability rules is thought to be strongest when the parties behave strategically, when … are not available. It is shown here that liability rules are not generally preferable to property rules in these …

actually does converge in commercial areas has remained empirically untested. We create a dataset of 465 state-court appellate …

) – aka ‘Cheeseburger Bills' – that greatly limit fast food companies' liability for weight-related harms. We provide the …

Limited liability is a defining feature of the modern corporation, but it was not always so. By the early 1850s about … one-half of all states imposed double liability on bank shareholders. This paper shows that double liability was adopted … as deposits increased relative to banknotes and in conjunction with free banking; that double liability was associated …

Understanding how and why liability laws and liability reforms alter the medical treatment decision-making process is … central to reforming the current U.S. malpractice liability system. Survey methods serve a valuable role in this process … System survey, we present four findings. First, physicians from states enacting liability reforms that directly reduce …