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Liability and Large-Scale, Long-term Hazards

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Author Info
Ringleb, Al H
Wiggins, Steven N
Abstract

This paper analyzes the application of liability to large-scale, long-term hazards. The key features distinguishing such hazards are the long temporal separation between exposure to a hazard and disease, and the large damages when injuries finally emerge. The large scale of damages creates a strong incentive to avoid liability payments and the long temporal separation creates numerous avenues through which parties can avoid paying possible damage awards. The analysis focuses on the incentive to avoid paying damages by vertically divesting production tasks associated with serious occupations risks. The paper then presents an empirical regression analysis of small-firm entry into the U.S. economy between 1967 and 1980. Copyright 1990 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 98 (1990)
Issue (Month): 3 (June)
Pages: 574-95
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Handle: RePEc:ucp:jpolec:v:98:y:1990:i:3:p:574-95

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  1. Feess, E. & Hege, U., 2000. "Safety monitoring, capital structure, and "financial responsibility"," Discussion Paper 33, Tilburg University, Center for Economic Research. [Downloadable!]
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  2. Thomas J. Miceli & Kathleen Segerson, 2001. "Do Exposure Suits Produce a 'Race to File'? An Economic Analysis of a Tort for Risk," Working papers 2002-42, University of Connecticut, Department of Economics, revised Jun 2004. [Downloadable!]
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  3. Krishna B. Kumar & Raghuram G. Rajan & Luigi Zingales, 1999. "What Determines Firm Size?," NBER Working Papers 7208, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. André SCHMITT & Sandrine SPAETER, 2004. "Insurance and Financial Hedging of Oil Pollution Risks," Working Papers of BETA 2004-14, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
  5. Mark D Shapiro & Steven M Hassur & Nicholaas W Bouwes, 2001. "Empowerment Through Risk-Related Information: EPA's Risk Screening Environmental Indicators Project," Working Papers wp18, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
  6. Pierre Azoulay, 2003. "Acquiring Knowledge Within and Across Firm Boundaries: Evidence from Clinical Development," NBER Working Papers 10083, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Austin, David & Alberini, Anna, 1998. "Strict Liability as a Deterrent in Toxic Waste Management: Empirical Evidence from Accident and Spill Data," Discussion Papers dp-98-16, Resources For the Future. [Downloadable!]
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  8. Boyd, James, 1996. "Banking on "Green Money:" Are Environmental Financial Responsibility Rules Fulfilling Their Promise?," Discussion Papers dp-96-26, Resources For the Future. [Downloadable!]
  9. John Armour, 2006. "Legal capital: an outdated concept," ESRC Centre for Business Research - Working Papers wp320, ESRC Centre for Business Research. [Downloadable!]
  10. Marcel Boyer & Donatella Porrini, 2008. "The Efficient Liability Sharing Factor For Environmental Disasters: Lessons For Optimal Insurance Regulation," CIRANO Working Papers 2008s-03, CIRANO. [Downloadable!]
  11. Mooney, Sian & Gerard, David, 2000. "Ex Post Liability Versus Ex Ante Bonding As Instruments For Addressing Environmental Impacts Of Genetically Modified Crops," 2000 Annual Meeting, June 29-July 1, 2000, Vancouver, British Columbia 36427, Western Agricultural Economics Association. [Downloadable!]
  12. André SCHMITT & Sandrine SPAETER, 2005. "Hedging Strategies and the Financing of the 1992 International Oil Pollution Compensation Fund," Working Papers of BETA 2005-12, Bureau d'Economie Théorique et Appliquée, ULP, Strasbourg. [Downloadable!]
  13. HIRIART Yolande & MARTIMORT David & POUYET Jerome, 2006. "The Regulator and the Judge: The Optimal Mix in The Control of Environmental Risk," Working Papers 06.27.220, LERNA, University of Toulouse. [Downloadable!]
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  14. Austin, David & Alberini, Anna, 2001. "Accidents Waiting to Happen: Liability Policy and Toxic Pollution Releases," Discussion Papers dp-01-06, Resources For the Future. [Downloadable!]
    Other versions:
  15. Austin, David & Alberini, Anna, 1997. "On and Off the Liability Bandwagon: Explaining State Adoptions of Strict Liability in Hazardous Waste Programs," Discussion Papers dp-98-08, Resources For the Future. [Downloadable!]
    Other versions:
  16. Bernard Sinclair-Desgagné, 2000. "Environmental Risk Management and the Business Firm," CIRANO Working Papers 2000s-23, CIRANO. [Downloadable!]
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