Using a structural model of the interactions between governments, firms and insurance companies, we characterise the distortions in environmental liability sharing between firms and insurance companies that the imperfect implementation of government policies implies. These distortions stem from...

We focus in this paper on the effects of court errors on the optimal sharing of liability between firms and financiers, as an environmental policy instrument. Using a structural model of the interactions between firms, financial institutions, governments and courts we show, through numerical...

We focus in this paper on the effects of court errors on the optimal sharing of liability between firms and financiers, as an environmental policy instrument. Using a structural model of the interactions between firms, financial institutions, governments and courts we show, through numerical...

The commercial development of offshore methane hydrates will necessitate planning for accidental risk. Due to the unique risks and hazards associated with the development of offshore methane hydrates, it is unlikely that their development would be capable of beginning without some form of ex...

The literature on the optimal regulation of judgment-proof firms has tended to focus on ex post policies such extended liability. But in the recent past information disclosure has emerged as an alternative or a complementary risk mitigation strategy. This paper uses a model of entrepreneurial...

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 environmental cases, we provide an explanation for the frequent...

The aim of this paper is to call for the need of a theoretical model of pharmaceutical products safety in which the two systems of regulation and liability operate complementarily. The question is why two legal tools that are meant to achieve and protect the same goal (protection of consumers)...

In contrast to the whirlwind pace and the efficiency with which the science and commercialization of modern biotechnology have developed in the past few decades, the creation of an adequate and comprehensive regulatory regime for agricultural biotechnology has proven to be a lengthy and arduous...

In the United States insurance is regulated both by state insurance commissions and class action litigation. The interaction of these two systems has not been extensively studied. We examine four different facets of the regulation litigation tradeoff. The first is to examine whether a...

While regulatory agencies place high values on the benefits associated with the reduction in mortality risks due to regulations, these same agencies substantially undervalue lives in their enforcement efforts. The disparity between the valuation of prospective risks and fatalities that have...