Does Product Liability Make Us Safer?
W. Kip Viscusi
Vanderbilt University - Law School; National Bureau of Economic Research (NBER); Vanderbilt University - Department of Economics; Vanderbilt University - Owen Graduate School of Management; Vanderbilt University - Strategy and Business Economics
April 4, 2012
Regulation, Vol. 35, No. 1, 2012
Vanderbilt Public Law Research Paper No. 12-20
Product liability law is intended to create an environment that fosters safer products. However, this law often has adverse consequences. Some of the problems stem from the inherent nature of product risk decisions and the function of tort liability, while others may derive from individuals’ cognitive limitations and inability to think properly about balancing risk and cost. This paper examines both types of problems and summarizes relevant academic literature.
Number of Pages in PDF File: 9
Date posted: April 5, 2012 ; Last revised: November 27, 2012