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Strict Product Liability and Safety: Evidence from the General Aviation MarketRandy A. NelsonColby College - Department of Economics James N. Drewsaffiliation not provided to SSRN Economic Inquiry, Vol. 46, Issue 3, pp. 425-437, July 2008 Abstract: This paper examines the impact of a strict product liability standard on the accident rate in the general aviation (GA) industry. Liability expenses increased by 775% between 1976 and 1986, reducing the sales of new GA aircraft by 90% and increasing the age of the GA fleet. Using both aggregate and model-specific data, our results indicate that the increase in the age of the GA fleet increased the accident rate by 25%-35% during 1981-2000. In addition, the higher price of GA aircraft boosted sales of homebuilt planes, which have higher accident and fatality rates than GA aircraft.
Number of Pages in PDF File: 13 JEL Classification: K13, L62, L15 Accepted Paper SeriesDate posted: September 8, 2008Suggested CitationContact Information
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