An Economic Perspective on Preemption
24 Pages Posted: 25 Jan 2011 Last revised: 30 Jun 2011
Date Written: January 24, 2011
This paper has two goals. The first is to present an economic theory of preemption as a choice among regulatory regimes. The optimal regime choice model is used to generate specific implications for the court decisions on preemption of products liability claims. The second objective is to extrapolate from the regime choice model to consider its implications for broader controversies about preemption.
Keywords: preemption, products liability, risk-utility analysis, error cost analysis, optimal regime choice, legislative intent
JEL Classification: K13
Suggested Citation: Suggested Citation