) defensive actions permitted by tort doctrine? To address these questions I will build on the property and liability rules … rules are socially preferable to liability rules in low transaction cost settings, because they obviate costly defensive …

This paper presents a largely positive analysis of products liability law, in the sense that it aims to predict the … liability law that should be reformed. In contrast with the prevailing law and economics literature suggesting that products … liability law reduces social welfare, I argue that the law probably improves social welfare, though it is in need of reform in …

This article examines a model of strict liability with costly litigation and presents conditions under which (1 …) the optimal level of liability exceeds the compensatory level, and (4) increasing the rate of settlement enhances social …