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Economic Analysis of Products Liability: TheoryAndrew F. DaughetyVanderbilt University - College of Arts and Science - Department of Economics; Vanderbilt University - Law School Jennifer F. ReinganumVanderbilt University - College of Arts and Science - Department of Economics; Vanderbilt University - Law School May 11, 2011 RESEARCH HANDBOOK ON THE ECONOMICS OF TORTS, Jennifer H. Arlen, ed., Edward Elgar Ltd., Forthcoming Vanderbilt Law and Economics Research Paper No. 11-29 Abstract: This chapter provides a survey of much of the recent theoretical analysis of products liability. We start by describing an idealized model and providing the specific economic assumptions which underpin it. Later sections examine the effects of relaxing these assumptions, which has been the focus of much of the theoretical work over the last few decades. These modifications include: informational differences between producers and consumers that arise over the life of a product; incorporation of endogenously-determined costs, such as those that arise from investment in care; and evaluating contractual versus mandatory liability.
Number of Pages in PDF File: 49 Keywords: Products Liability, Safety, Contractual Liability, Strict Liability JEL Classification: K13, L15, L13, D82 working papers seriesDate posted: May 12, 2011 ; Last revised: June 4, 2011Suggested CitationContact Information
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