Car owners are liable for property damage inflicted on other motorists. In most countries such liability must be … links between liability rules and vehicle choice. It presumes cooperative insurance, but non-cooperative acquisition of … vehicles. Thus, the Nash equilibrium and its degree of efficiency depend on the liability regime. …

In a world with risk-neutral agents, liability rules will only induce efficient behaviour if these rules impose the …

In a world with risk-neutral agents, liability rules will only induce efficient behavior if these rules impose the full …

Car owners are liable for property damage inflicted on other motorists. In most countries such liability must be … links between liability rules and vehicle choice. It presumes cooperative insurance, but non-cooperative acquisition of … vehicles. Thus, the Nash equilibrium and its degree of efficiency depend on the liability regime. …

In this paper we examine the effects of limited liability on mortgage dynamics. While the literature has focused on … liability plays a key role in agents' strategies. We then use Fannie Mae loan performance data to test the predictions of the … regulation around the borders of States. As predicted by the model, we find that limited liability results in higher default …

In this paper we examine the effects of limited liability on mortgage dynamics. While the literature has focused on … liability plays a key role in agents' strategies. We then use Fannie Mae loan performance data to test the predictions of the … in regulation around the borders of States. As predicted by the model, we find that limited liability results in higher …

the firm among the creditors and the firm itself. Compared to standard bankruptcy games as studied in the game theory … literature, we introduce the firm as an explicit player and define a new class of transferable utility games called liability … games. Liability games are superadditive, constant sum, partially convex, and partially concave. The core of a liability …