No-Fault for Motor Vehicles: An Economic Analysis
AbstractThis article compares incentives and efficiency under the pure tort system (the comparative negligence rule) to those under pure and mixed no-fault systems. Under no-fault systems, drivers are allowed to opt out of no-fault and file lawsuits if their damages exceed a certain threshold. We find that no single liability system always dominates on efficiency grounds, but the pure tort system does best when costs of care are low, and pure no-fault does best when costs of care are high. Choice systems, in which drivers choose between no-fault or pure tort systems, lead to less efficient results because drivers choose the pure tort rule too often. Copyright 2002, Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal American Law and Economics Review.
Volume (Year): 4 (2002)
Issue (Month): 2 ()
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- Ram Singh, 2006.
"On the Existence and Efficiency of Equilibria under Liability Rules,"
150, Centre for Development Economics, Delhi School of Economics.
- Ram Singh, 2006. "On the Existence and Efficiency of Equilibria Under Liability Rules," NBER Working Papers 12625, National Bureau of Economic Research, Inc.
- Ram Singh, 2008. "On The Existence and Efficiency of Equilibria Under Liability Rules," Working Papers id:1716, eSocialSciences.
- Michelle J. White, 2002. "The "Arms Race" on American Roads: The Effect of Heavy Vehicles on Traffic Safety and the Failure of Liability Rules," NBER Working Papers 9302, National Bureau of Economic Research, Inc.
- Ram Singh, 2005. "Comparative Causation -- A Re-examination," Working papers 139, Centre for Development Economics, Delhi School of Economics.
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