Product liability law reduces the costs of accidents to consumers thus reducing their incentive to invest in safety. We estimate the impact of tort liability on a subset of consumers who have significant control over the probability of an accident, the consumers of general aviation aircraft. The...

Every year thousands of firms are engaged in research joint ventures (RJV), where all knowledge gained through R&D is shared among members. Most of the empirical literature assumes members are non-cooperative in the product market. But many RJV members are rivals leaving open the possibility...