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 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...

This book chapter explores how common law (state or federal) tort law evolves to fill regulatory voids. Particularly in areas that pose emerging, and incompletely understood, health and safety risks, common law tort liability holds out the potential for a dynamic regulatory response, one that...

Because third-party funding and sales of legal rights are equivalent in terms of their economics, I examine arrangements in which third-party sales of legal rights are permitted today – waiver, subrogation, and settlement agreements. The existing arrangements provide valuable lessons for the...

Reasons for the joint use of ex ante regulation and ex post liability to cope with environmental accidents have been a longstanding issue in law and economics literature. This article, which includes the first empirical study of the French environmental legal system, analyzes courts’ decisions...

The key question in this paper is to determine whether regulation and regulators information can help solving causal uncertainty problems in liability. A widely held view among Law & Economics scholars is that civil liability alone is not well-suited to cope with environmental accidents,...

Reasons for the joint use of ex ante regulation and ex post liability to cope with environmental accidents have been a longstanding issue in law and economics literature. This article, which includes the first empirical study of the French environmental legal system, analyzes courts’ decisions...

Within the past decade, the EU has made significant steps in strengthening and harmonising the legal framework of capital markets. Despite passing and amending secondary legislation on this topic, it only partially addressed the issue of enforcement, leaving private enforcement an issue for its...

We offer a novel explanation of underwriting volatility in property-liability insurance markets in terms of private uncertainty over public regulatory policy. Underwriting involving random losses to policyholders is one source of risk to the equity value of insurance firms. Solvency regulations,...

Liability insurers use a variety of tools to address adverse selection and moral hazard in insurance relationships. These tools can act on insureds in a manner that can be understood as regulation. We identify seven categories of such regulatory activities: risk-based pricing, underwriting,...