Third party liability has been identified as an issue that could adversely impact the European security industry. Limitless third party liability for security product and services is believed to have the potential to reduce investments in innovation. In the US, the Safety Act (which is further...

Traditional economic analysis of accident law has largely focused on individual utility maximising actors as potential injurers and victims. On that basis a huge literature has been developed since the early publications of Calabresi in the 1960's explaining under which conditions particular...

From an economic perspective tort law is to serve two important functions: deterrence of wrongdoers and victim compensation. We can easily construct examples of torts leading to small and widespread harm for which it is questionable whether a rational victim will initiate an individual lawsuit....