Private Product-Risk Assessment and the Role of Government

John Liner Review, Vol. 23, p. 72, Summer 2009

11 Pages Posted: 20 Nov 2010  

E. Donald Elliott

Yale Law School

Gail Charnley Elliott

affiliation not provided to SSRN

Date Written: July 15, 2009

Abstract

Compares public risk assessment and private risk assessments conducted companies before placing new products on the market. Concludes companies are driven by a value of information approach and wish to avoid competitive disadvantage, not necessarily to minimize liability. Compares inventives for private and governmental risk assessments. Considers whether government should regulate pre-introduction due diligence for products by analogy to ASTM standards and EPA's "all appropriate inquiry" rule for pre-purchase due diligence of real property by creating safe harbors against punitive damages.

Keywords: Product Liability, Due Diligence, Risk Assessment, Punitive Damages

JEL Classification: D81, K13, K20

Suggested Citation

Elliott, E. Donald and Elliott, Gail Charnley, Private Product-Risk Assessment and the Role of Government (July 15, 2009). John Liner Review, Vol. 23, p. 72, Summer 2009. Available at SSRN: https://ssrn.com/abstract=1712323

E. Donald Elliott (Contact Author)

Yale Law School ( email )

P.O. Box 208215
New Haven, CT 06520-8215
United States
202 256-4149 (Phone)

Gail Charnley Elliott

affiliation not provided to SSRN ( email )

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