A growing body of literature suggests that courts and juries are inclined toward division of liability between two strictly non-negligent or "vigilant" parties. In this paper, we explore the economic efficiency of liability rules based on comparative vigilance. We devise rules that are efficient...

Judge Learned Hand's opinion in United States v. Carroll Towing Co. (1947) is canonized in the law-and-economics literature as the first use of cost-benefit analysis for determining negligence and assigning liability. This article revisits the case in which the Hand formula was born and examines...

This paper develops two straightforward value of life models; one is a probabilistic value of life model and the second is a determinstic value of time model. Simplifying assumptions allow both models to be solved analytically. Constant relative risk aversion utility functions are used, and both...