strict liability rule for railway accidents by the Prussian Railway Law in 1838. This was a complete break with the whole … in the present-day broad diffusion of the liability rule in the German tort law. …

While various liability rules of tort law provide efficient incentives to invest, breach remedies of contract law are …

reinforcement of physician liability for off-label use may be the preferred instrument for achieving dynamic efficiency. The … liability threat reduces the demand for off-label use, giving manufacturers an appropriate incentive to invest in extended …

, we contrast producer liability and minimum quality standard regulation as alternative means of social control of product … relative desirability of strict liability vis-à-vis minimum quality standard regulation from a social welfare standpoint. We … also clarify when and why joint use of strict liability and minimum quality standard regulation welfare dominates the …

comparative negligence rule splits liability between negligent parties according to each party’s degree of fault, it makes the …. In the extension we analyze various negligence-based liability rules, and tax rules, as instruments for mitigating the …

The prospect theory is one of the most popular decision-making theories. It is based on the S-shaped utility function …, unlike the von Neumann and Morgenstern (NM) theory, which is based on the concave utility function. The S-shape brings in … mathematical challenges: simple extensions and generalizations of NM theory into the prospect theory cannot be frequently achieved …

This paper analyzes liability issues in the context of internationally traded goods like hazardous waste. If waste … disposers of a small open economy are judgement-proof, then the extension of liability to waste exporters distorts the factor … allocation and may reduce disposal care. Hence the optimal extension is partial at most. However, extending liability increases …

The present paper provides an economic analysis of vicarious liability that takes information rents and monitoring … wealth constrained herself, vicarious liability need not generate efficient precaution incentives. Rather, precaution … regimes: strict liability, the traditional negligence rule, and proportional liability. To do so, I make use of the intensity …