reputational concerns are not strong enough, however, for injurers to willingly compensate their victims. Absent legal liability … enforced legal liability crowds out informal incentives completely (e.g., individuals causing harm suffer no stigma) but … precautions are then socially efficient. Under imperfectly enforced legal liability, formal legal sanctions and normative concerns …

This is a survey of legal liability for accidents. Three general aspects of accident liability are addressed. The first … is the effect of liability on incentives, both whether to engage in activities (for instance, whether to drive) and how …-bearing and insurance, for the liability system acts as an implicit insurer for accident victims and it imposes risk on potential …

covered. The first is legal liability for harm. Here we discuss liability rules as incentives to reduce risk, issues of risk …-bearing and insurance, and the costs of the liability system. Second, we consider property law, where we address the nature and …