The Economics of Tort Law: A Precis
University of Amsterdam - Amsterdam Center for Law & Economics (ACLE); Tinbergen Institute
University of Minnesota - Law School; University of Bologna
THE ELGAR COMPANION TO LAW AND ECONOMICS (2nd ed.), Edward Elgar Publishing, 2006
George Mason Law & Economics Research Paper No. 03-49
Economic analysis has long been employed for the study of tort liability. This paper revisits the main contributions to the subject emphasizing the inherent impossibility for tort liability to set perfectly efficient first-best incentives to take precaution for all parties to an accident and the need to choose among second best outcomes. The paper provides a pathfinder through the literature in various areas of tort law and economics.
Number of Pages in PDF File: 27
Date posted: October 16, 2003