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Jurors, Judges, and the Mistreatment of Risk by the Courts

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Author Info

  • Viscusi, W Kip

Abstract

A sample of almost 500 jury-eligible citizens considered a series of experimental situations involving accidents. The juror sample did not properly apply negligence rules, as their errors were particularly great for low-probability, large-loss cases. They also penalized corporations for undertaking corporate risk analyses that seek to trade off cost versus risk reduction benefits. Jurors' damages assessments were also more prone to error than were responses by a sample of state judges. Judges were less prone to erroneous risk beliefs and less subject to the zero-risk mentality. Copyright 2001 by the University of Chicago.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Legal Studies.

Volume (Year): 30 (2001)
Issue (Month): 1 (January)
Pages: 107-42

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Handle: RePEc:ucp:jlstud:v:30:y:2001:i:1:p:107-42

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Web page: http://www.journals.uchicago.edu/JLS/

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Cited by:
  1. Deffains, Bruno & Langlais, Eric, 2008. "Legal Interpretative Process and Litigants’ Cognitive Biases," MPRA Paper 14370, University Library of Munich, Germany.
  2. Eric Langlais, 2008. "Cognitive dissonance, risk aversion and the pretrial negotiation impasse," Cahiers du CEREFIGE 0806, CEREFIGE (Centre Europeen de Recherche en Economie Financiere et Gestion des Entreprises), Universite Nancy 2 - Metz, revised 2008.
  3. Eric Langlais, 2008. "Asymmetric information, self-serving bias and the pretrial negotiation impasse," EconomiX Working Papers 2008-30, University of Paris West - Nanterre la Défense, EconomiX.
  4. Langlais, Eric, 2010. "An analysis of bounded rationality in judicial litigations: the case with loss/disappointment averses plaintiffs," MPRA Paper 22291, University Library of Munich, Germany.
  5. Bertrand Chopard & Eric Langlais, 2009. "Défaut de paiement stratégique et loi sur les défaillances d’entreprises," Cahiers du CEREFIGE 0901, CEREFIGE (Centre Europeen de Recherche en Economie Financiere et Gestion des Entreprises), Universite Nancy 2 - Metz, revised 2009.
  6. Fredrik Carlsson & Dinky Daruvala & Henrik Jaldell, 2012. "Do administrators have the same priorities for risk reductions as the general public?," Journal of Risk and Uncertainty, Springer, vol. 45(1), pages 79-95, August.
  7. Thomas A. Eaton & David B. Mustard & Susette M. Talarico, 2005. "Punitive Damages and the Processing of Tort Claims," Law and Economics 0501002, EconWPA.

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