the probability of death; second, they consider the consumption of their wealth as a benefit from risk reduction. From a … social perspective, people’s wealth remains after their death.Therefore, discounting costs by the probability of death and … taking into account the benefit of wealth consumption are socially inefficient. Moreover, even for the individual under risk …

inadequate regulation leads to imbalances between profits and liability, as private gains are accompanied by social costs …. Consequently, the distribution of wealth and income deteriorates inasmuch as people with high fortunes tend to have more …

Limited liability may result in inefficient accident prevention, because a relevant portion of the expected harm is … externalized on victims. This paper shows that under some restrictive conditions further limiting liability by means of a liability …

and by considering individuals' situation and economic circumstances. The economic theory provides determinants that are … obligations of insurance intermediaries and a liability rule to sanction violations. In order to interpret and substantiate the …