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http://ssrn.com/abstract=1838540
 
 

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Economic Analysis of Products Liability: Theory


Andrew F. Daughety


Vanderbilt University - College of Arts and Science - Department of Economics; Vanderbilt University - Law School

Jennifer F. Reinganum


Vanderbilt 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

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Date posted: May 12, 2011 ; Last revised: June 4, 2011

Suggested Citation

Daughety, Andrew F. and Reinganum, Jennifer F., Economic Analysis of Products Liability: Theory (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. Available at SSRN: http://ssrn.com/abstract=1838540 or http://dx.doi.org/10.2139/ssrn.1838540

Contact Information

Andrew F. Daughety (Contact Author)
Vanderbilt University - College of Arts and Science - Department of Economics ( email )
Box 1819 Station B
Nashville, TN 37235
United States
615-322-3453 (Phone)
615-343-8495 (Fax)
Vanderbilt University - Law School
131 21st Avenue South
Nashville, TN 37203-1181
United States
Jennifer F. Reinganum
Vanderbilt University - College of Arts and Science - Department of Economics ( email )
Box 1819 Station B
Nashville, TN 37235
United States
615-322-2937 (Phone)
615-343-8495 (Fax)
Vanderbilt University - Law School
131 21st Avenue South
Nashville, TN 37203-1181
United States
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