Learning Liability Rules
AbstractWe conduct experiments regarding the equilibrium and convergence properties of three different liability rules: negligence with contributory negligence, comparative negligence, and no-fault. Our experimental results show that, in comparison to contributory negligence, comparative negligence promotes a faster and more reliable convergence to the efficient equilibrium. Furthermore, as predicted by theory, the no-fault equilibrium yields suboptimal amounts of effort. Along the way we also test varioius hypotheses regarding learning and other adjustment dynamics. Thus our article extends the traditional static notion of institutional choice-liability rules with efficient equilibria are chosen-to a more dynamic perspective-rules that rapidly achieve efficient equilibria are chosen. Coauthors are Daniel Friedman, Stephanie Crevier, and Aaron Braskin. Copyright 1997 by the University of Chicago.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal Journal of Legal Studies.
Volume (Year): 26 (1997)
Issue (Month): 1 (January)
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Web page: http://www.journals.uchicago.edu/JLS/
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- Vera Angelova & Olivier Armantier & Giuseppe Attanasi & Yolande Hiriart, 2013.
"Relative Performance of Liability Rules: Experimental Evidence,"
- Vera Angelova & Giuseppe Attanasi & Yolande Hiriart, 2012. "Relative Performance of Liability Rules: Experimental Evidence," Jena Economic Research Papers 2012-012, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
- Angelova, Vera & Attanasi, Giuseppe & Hiriart, Yolande, 2012. "Relative Performance of Liability Rules: Experimental Evidence," TSE Working Papers 12-304, Toulouse School of Economics (TSE), revised Sep 2012.
- Angelova, Vera & Attanasi, Giuseppe & Hiriart, Yolande, 2012. "Relative Performance of Liability Rules: Experimental Evidence," LERNA Working Papers 12.05.362, LERNA, University of Toulouse.
- Mingli Zheng, 2001.
"Liability Rules and Evolutionary Dynamics,"
Journal of Institutional and Theoretical Economics (JITE),
Mohr Siebeck, Tübingen, vol. 157(4), pages 520-, December.
- Allan M. Feldman & Jeonghyun Kim, 2003. "Victim or Injurer:Negligence-Based Liability Rules Under Role-Type Uncertainty, With An Extension to Collisions Of Different-Sized Vehicles," Working Papers 2003-17, Brown University, Department of Economics.
- Kim, Jeonghyun & Feldman, Allan M., 2006. "Victim or injurer, small car or SUV: Tort liability rules under role-type uncertainty," International Review of Law and Economics, Elsevier, vol. 26(4), pages 455-477, December.
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