Does Product Liability Make Us Safer?

9 Pages Posted: 5 Apr 2012 Last revised: 27 Nov 2012

See all articles by W. Kip Viscusi

W. Kip Viscusi

Vanderbilt University - Law School; National Bureau of Economic Research (NBER); Vanderbilt University - College of Arts and Science - Department of Economics; Vanderbilt University - Owen Graduate School of Management; Vanderbilt University - Strategy and Business Economics

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Date Written: April 4, 2012

Abstract

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.

Suggested Citation

Viscusi, W. Kip, Does Product Liability Make Us Safer? (April 4, 2012). Regulation, Vol. 35, No. 1, 2012, Vanderbilt Public Law Research Paper No. 12-20, Available at SSRN: https://ssrn.com/abstract=2034546

W. Kip Viscusi (Contact Author)

Vanderbilt University - Law School ( email )

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National Bureau of Economic Research (NBER)

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Vanderbilt University - College of Arts and Science - Department of Economics

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HOME PAGE: http://as.vanderbilt.edu/economics/bio/wkip-viscusi/

Vanderbilt University - Owen Graduate School of Management

401 21st Avenue South
Nashville, TN 37203
United States
(615) 343-7715 (Phone)
(615) 343-5953 (Fax)

HOME PAGE: http://business.vanderbilt.edu/bio/w-kip-viscusi/

Vanderbilt University - Strategy and Business Economics

Nashville, TN 37203
United States

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