Customary versus technological advancement tests
AbstractIn an environment where the optimal level of care is unknown, we ask, under a state-of-the-art defense, which method is better able to induce parties to undertake optimal care. Assuming courts can see a noisy signal of research activities undertaken by a defendant and by some of its competitors, we ask whether courts should use a biased or an unbiased average to compare care. We find that the latter is advantageous.
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Bibliographic InfoArticle provided by Elsevier in its journal International Review of Law and Economics.
Volume (Year): 28 (2008)
Issue (Month): 2 (June)
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