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This chapter presents a strategic model of incentives for care and litigation under asymmetric information and self-serving bias, and studies the effects of damage caps. Our main findings are as follows. First, our results suggest that the defendant's bias decreases his expenditures on accident...
Persistent link: https://www.econbiz.de/10013099050
The previous literature on comparative and contributory negligence points out that administrative costs are higher under comparative negligence because the courts must decide on the degree of negligence by both parties and not just whether the parties were negligent. In this article, I show that...
Persistent link: https://www.econbiz.de/10013099304
this essay, we provide an overview of the economic approach to tort law, analyzing the effects of liability rules on care … incentives. We catalogue a variety of possible tort regimes, systematically breaking down possible assignments of liability in …
Persistent link: https://www.econbiz.de/10013064599
The Law & Economics movement has occasionally been a victim of its own success. Over the past four decades, it has generated an enormous specialist literature, often explicitly intended for other specialists. As is so often the case with increased specialization, the result has been escalating...
Persistent link: https://www.econbiz.de/10013066105
critically examine the role of exemplary damages in civil liability jurisprudence. Scope of the paper is limited to discuss in … detail about the concept of exemplary damages in tortious liability and its applications in India, The UK and in the USA …
Persistent link: https://www.econbiz.de/10013073209
In the law and economics literature the question of efficiency of liability rules has primarily been analyzed in the … liability with the defense of contributory negligence are efficient, the rules of no liability and strict liability are not …
Persistent link: https://www.econbiz.de/10013038546
courts, of no litigation costs and of no insurance. They assumed that the threat of tort liability can induce due (efficient … context, to insurance, to institutional liability, to the importance of experimental research and empirical data, and to the … alternatives to tort liability. Other traits of the mature economic analysis are recognition, even by its proponents, that actual …
Persistent link: https://www.econbiz.de/10012956878
liability …
Persistent link: https://www.econbiz.de/10012904411
This note critically comments on the Court of Appeal's decision in OMV Petrom SA v Glencore International AG. By introducing a penal element to the enhanced interest rate pursuant to CPR Pt 36, the Court of Appeal has extended the justificatory reasons for those awards beyond compensation. This...
Persistent link: https://www.econbiz.de/10012891816
Courts assessing compensatory damages awards often lack adequate information to determine the value of a victim's loss. A central reason for this problem, which the literature has thus far overlooked, is that courts face a dilemma when applying their standard information-forcing tool to the...
Persistent link: https://www.econbiz.de/10012935655