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Union Carbide's Bhopal Incident: A Retrospective

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  • Fischer, Michael J

Abstract

This article examines the actual events of the Bhopal gas disaster as a prelude to considering the social treatment of catastrophic risks of this variety. In the context of the conference, Bhopal is held out to be symbolic of man-made catastrophes having sudden impact and is therefore the contrasting episode to an examination of the symbolic episode for gradual man-made catastrophes, asbestos liability. Bhopal is then connected to the circumstances which created a shortage of commercial catastrophe liability insurance in the 1980s. Its influence on the restructuring of the market is then discussed. A commentary on the buying habits of large industrial corporations is also included. Copyright 1996 by Kluwer Academic Publishers

Suggested Citation

  • Fischer, Michael J, 1996. "Union Carbide's Bhopal Incident: A Retrospective," Journal of Risk and Uncertainty, Springer, vol. 12(2-3), pages 257-269, May.
    • Handle: RePEc:kap:jrisku:v:12:y:1996:i:2-3:p:257-69
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    Cited by:

    1. Thomas J. Miceli & Kathleen Segerson, 2005. "Do Exposure Suits Produce a "Race to File"? An Economic Analysis of a Tort for Risk," RAND Journal of Economics, The RAND Corporation, vol. 36(3), pages 613-627, Autumn.
    2. Mason, Robin, 2004. "Dividends, safety and liquidation when liabilities are long-term and stochastic," European Economic Review, Elsevier, vol. 48(6), pages 1179-1210, December.
    3. Thomas J. Miceli & Kathleen Segerson, 2004. "A Tort for Risk and Endogenous Bankruptcy," Working papers 2004-24, University of Connecticut, Department of Economics.

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