THE ENCYCLOPEDIA OF LAW AND ECONOMICS, 2d edition, Michael Faure, ed., Edward Elgar Press, 2010
55 Pages Posted: 5 May 2009
Date Written: April 28, 2009
This chapter for the Encyclopedia of Law and Economics (2d ed. forthcoming) provides a survey of the economic analysis of the law governing liability for defective products, commonly known as products liability. Sections 11.2 through 11.10 develop the economic framework for evaluating different liability rules. Sections 11.11 through 11.13 describe the impact that the products liability system has had on product safety, innovation, and the market for liability insurance. The remaining sections discuss the efficiency properties of the main doctrines in products liability.
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