, we contrast producer liability and minimum quality standard regulation as alternative means of social control of product … relative desirability of strict liability vis-à-vis minimum quality standard regulation from a social welfare standpoint. We … also clarify when and why joint use of strict liability and minimum quality standard regulation welfare dominates the …

legal standards are enforced by liability for negligence, essentially because parties can choose to be negligent rather than …

harm under the negligence standard of liability. Under strict liability, however, firms are indifferent about revealing …

This article examines a model of strict liability with costly litigation and presents conditions under which (1 …) the optimal level of liability exceeds the compensatory level, and (4) increasing the rate of settlement enhances social …

One of the principal results in the economic theory of liability is that, assuming litigation is costless, the rule of … strict liability with compensatory damages leads the injurer to choose the socially appropriate level of care. This paper … reexamines this result when litigation is costly. It is shown that strict liability with compensatory damages generally leads to …