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When consumers vary in their susceptibility to product-related harm, safety regulation dominates liability because when consumers bear their own damages they are induced to selfselect in their purchase decisions. When consumers also misperceive risk, however, liability may be preferred because...
Persistent link: https://www.econbiz.de/10010888336
An expanding state has to decide how to tax the newly conquered lands, most likely taxed under a different regime. It can either preserve the prevailing system of taxation or change it to conform to its own system. The choice depends on the relative efficiency of the two systems, political...
Persistent link: https://www.econbiz.de/10010888337
Energy saving can importantly help prevent greenhouse gas emissions and, thus, climate change. Energy service companies (ESCOs) provide a crucial instrument for delivering improved energy efficiency and potentially contributing to substantial energy savings in the public and private sectors....
Persistent link: https://www.econbiz.de/10010888338
This introductory chapter to Economic Models of Law (forthcoming, Edward Elgar) discusses the use of economic models for understanding law. It also provides a survey of the contents of the volume, which consist of twenty-one previously published articles in the areas of torts, contracts,...
Persistent link: https://www.econbiz.de/10010888339
In this paper, we investigate the impact of political decentralization and gender quota in local governance on different measures of health outcomes and behaviors. We use multiple waves of District Level Household Survey (DLHS) for two states in India, Bihar and Jharkhand, and employ...
Persistent link: https://www.econbiz.de/10010888340
Lucas and Rossi-Hansberg (2002) and Fujita and Ogawa (1982, 1989) develop urban models in which economic activity self-organizes due to spillovers in production. However, Fujita and Ogawa (1982, 1989) show that rents and employment density are flat or falling as the city center is approached,...
Persistent link: https://www.econbiz.de/10010888341
This study proposes that heterogeneous household portfolio choices within a country and across countries offer an explanation for global imbalances. We construct a stochastic growth multi-country model in which heterogeneous agents face the following restrictions on asset trade. First, the...
Persistent link: https://www.econbiz.de/10010888342
Liability and regulation are equally good at controlling product-related risks when consumers suffer the same expected harm and perceive risks correctly. When they misperceive risks, however, liability is preferred because the product price accurately signals risk and therefore induces efficient...
Persistent link: https://www.econbiz.de/10010888343
This paper examines products liability when consumers have private information about their susceptibilities to product-related harm. In this case, it is efficient for consumers to self-select in their purchases, with those especially prone to harm refraining from purchase. Achieving this outcome...
Persistent link: https://www.econbiz.de/10010888344
The literature on frivolous lawsuits has focused on litigation costs and the optimal settlement-trial decision of defendants, but has not examined how they affect the decisions of potential injurers. This paper asks whether there are circumstances under which frivolous suits might actually...
Persistent link: https://www.econbiz.de/10010888345