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Mandatory Versus Voluntary Disclosure of Product Risks

Polinsky, A. Mitchell - 2006

We analyze a model in which firms are able to acquire information about product risks and may or may not be required to disclose this information. We initially study the effect of disclosure rules assuming that firms are not liable for the harm caused by their products. Although mandatory...

Persistent link: https://www.econbiz.de/10012465886

Minimum Asset Requirements

Shavell, Steven - 2002

Requirements that parties have assets of at least a minimum level in order to participate in an activity are frequently imposed. A principal rationale for minimum asset requirements is considered in this article potential injurers have stronger incentives to prevent harm, or not to engage in...

Persistent link: https://www.econbiz.de/10012469371

Corrective taxation versus liability

Shavell, Steven - In: The American economic review 101 (2011) 3, pp. 273-276

Persistent link: https://www.econbiz.de/10009261663

A note on optimal fines when wealth varies among individuals

Polinsky, Alan Mitchell - In: The American economic review 81 (1991) 3, pp. 618-621

Persistent link: https://www.econbiz.de/10001107487

Reconsidering Contractual Liability and the Incentive to Reveal Information

Bebchuk, Lucian Arye - 1999

In an earlier work, we analyzed how the legal rules governing contractual liability affect the transfer of information between the parties to the contract. In particular, we showed how limitations on contractual liability might lead high valuation buyers to reveal their valuation of performance,...

Persistent link: https://www.econbiz.de/10012471688

Any Non-Individualistic Social Welfare Function Violates the Pareto Principle

Kaplow, Louis - 1999

The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle

Persistent link: https://www.econbiz.de/10012471750

The Economic Theory of Public Enforcement of Law

Polinsky, A. Mitchell - 1999

This article surveys the theory of the public enforcement of law -- the use of public agents (inspectors, tax auditors …, police, prosecutors) to detect and to sanction violators of legal rules. We first present the basic elements of the theory … examine a variety of extensions of the central theory, concerning accidental harms, costs of imposing fines, errors, general …

Persistent link: https://www.econbiz.de/10012471807

Economic Analysis of Law

Kaplow, Louis - 1999

This is a survey of the field of economic analysis of law, focusing on the work of economists. The survey covers the three central areas of civil law liability for accidents (tort law), property law, and contracts as well as the litigation process and public enforcement of law

Persistent link: https://www.econbiz.de/10012471847

Rewards versus Intellectual Property Rights

Shavell, Steven - 1999

This paper compares reward systems to intellectual property rights (patents and copyrights). Under a reward system, innovators are paid for innovations directly by government (possibly on the basis of sales), and innovations pass immediately into the public domain. Thus, reward systems engender...

Persistent link: https://www.econbiz.de/10012471851

A Model of the Socially Optimal Use of Liability and Regulation

Shavell, Steven - 1983

Liability and safety regulation are examined as means of controlling risks in a theoretical model of the occurrence of accidents. According to the model, regulation does not result in appropriate reduction of risk -- due to the regulator's lack of knowledge about risk -- nor does liability...

Persistent link: https://www.econbiz.de/10012477879