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Economic Analysis of Liability Rules (Hardcover, 2015 ed.)
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Economic Analysis of Liability Rules (Hardcover, 2015 ed.)
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This book focuses on the analysis of liability rules of tort law
from an efficiency perspective, presenting a comprehensive analysis
of these rules in a self-contained and rigorous yet accessible
manner. It establishes general results on the efficiency of
liability rules, including complete characterizations of efficient
liability rules and efficient incremental liability rules. The book
also establishes that the untaken precaution approach and decoupled
liability are incompatible with efficiency. The economic analysis
of tort law has established that for efficiency it is necessary
that each party to the interaction must be made to internalize the
harm resulting from the interaction. The characterization and
impossibility theorems presented in this book establish that, in
addition to internalization of the harm by each party, there are
two additional requirements for efficiency. Firstly, rules must be
immune from strategic manipulation. Secondly, rules must entail
closure with respect to the parties involved in the interaction
giving rise to the negative externality, i.e., the liability must
not be decoupled.
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