regulations or liability. This concealment leads to negative externalities and public harm. But what if private firms' superior … regulations? In Limited Liability and the Known Unknown, I argue that firms that desire limited liability for their investors … should be forced to pay what they believe limited liability is worth. This would have several salutary effects. Firms' choice …

This paper studies how auditors' risk aversion shapes the audit market and how it interacts with legal liability. The …-monotone. Because futile audit costs augment the severity of a liability loss, extending legal liability decreases the audit quality of … more risk-averse auditors disproportionately benefit from a reduction in liability risk. However, whether audit standards …

liability constraint. We examine all situations in which either structural conditions, financial considerations, or … that, when the limited liability constraint binds, there exists an infinity of multi-period punishment paths that permit … collusion is strictly higher than without the limited liability constraint, which hinders collusion …

minimized by the efficient contract supplied by the principal. -- Environment ; Strict Liability ; Ex-Ante Regulation ; Ex …-Post Liability ; Judgment-Proof ; Environment Law ; CERCLA ; Environmental Liability …This paper studies the delegation of activities that pose serious risks to health and the environment in an economy …

-takers concerning their potential legal liability for negligence. …

This paper analyzes the meaning of comparing the economic performance of strict liability and negligence rule in a … unilateral standard accident model under Knightian uncertainty. It focuses on the cost expectation of major harm on which the … injurers form beliefs. It shows first that, when the Court agrees with the regulator, whatever the liability regime, the first …

create a risk for the environment. Moreover, we suggest that a joint use of liability and regulation should more frequently …In this paper, we argue that the joint use of ex-ante regulation and ex-post liability rules is efficient when there … are uncertainty surrounding causal investigations and regulatory myopia. As these conditions are generally met in …

uncertainty problems in liability. A widely held view among Law & Economics scholars is that civil liability alone is not well … civil liability rule, it is therefore advocated that a regulatory system be implemented combined with a public insurance … scheme, or, alternatively, to go for a mix of regulation and civil liability. Such a mix of regulation and civil liability …

and physicians, we examine the effect of task characteristics and the legal liability environment on the extent of risk … as the association between task uncertainty and legal liability uncertainty becomes stronger, physicians bear less cost … of uncertainty and the level of risk imposed on agents. In the context of contracts between managed care organizations …