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An Analysis Of The Judgment Proof Problem Under Different Tort Models

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Author Info
Giuseppe Dari Mattiacci (Utrecht University)
Gerrit De Geest (Utrecht University)
Abstract

This article analyzes the effects of insolvency on the injurer’s level of precaution. It shows that the outcome depends on whether the injurer can reduce the probability of the accident, the magnitude of the harm or both. Different legal solutions to the problem are examined: punitive (overcompensatory) damages, average compensation of the harm, undercompensatory damages (which can be seen as an implicit harm subsidy), and negligence (which can be seen as an implicit harm subsidy that is paid only when the injurer is non-negligent). It is shown that the optimal solution depends on the type of model.

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Paper provided by Berkeley Electronic Press in its series German Working Papers in Law and Economics with number 2002-1-1048.

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Handle: RePEc:bep:dewple:2002-1-1048

Note: oai:bepress:gwp-1048
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Related research
Keywords: judgment proof liability cap punitive damages under-compensatory damages negligence

Find related papers by JEL classification:
K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability
K32 - Law and Economics - - Other Substantive Areas of Law - - - Environmental, Health, and Safety Law

References listed on IDEAS
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  1. Giuseppe Dari Mattiacci & Gerrit De Geest, . "When Will Judgment Proof Injurers Take Too Much Precaution?," German Working Papers in Law and Economics 2002-1-1051, Berkeley Electronic Press. [Downloadable!]
  2. Louis Kaplow & Steven Shavell, 1996. "Accuracy in the Assessment of Damages," NBER Working Papers 4287, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Kahan, Marcel, 1989. "Causation and Incentives to Take Care under the Negligence Rule," Journal of Legal Studies, University of Chicago Press, vol. 18(2), pages 427-47, June.
  4. Boyd, James & Ingberman, Daniel E, 1994. "Noncompensatory Damages and Potential Insolvency," Journal of Legal Studies, University of Chicago Press, vol. 23(2), pages 895-910, June.
  5. Kornhauser, Lewis A & Revesz, Richard L, 1990. "Apportioning Damages among Potentially Insolvent Actors," Journal of Legal Studies, University of Chicago Press, vol. 19(2), pages 617-51, June.
  6. Kaplow, Louis, 1994. "The Value of Accuracy in Adjudication: An Economic Analysis," Journal of Legal Studies, University of Chicago Press, vol. 23(1), pages 307-401, January.
  7. T. Randolph Beard, 1990. "Bankruptcy and Care Choice," RAND Journal of Economics, The RAND Corporation, vol. 21(4), pages 626-634, Winter. [Downloadable!] (restricted)
  8. Boyd, James & Ingberman, Daniel E., 1999. "Do punitive damages promote deterrence?1," International Review of Law and Economics, Elsevier, vol. 19(1), pages 47-68, March. [Downloadable!] (restricted)
  9. Shavell, S., 1986. "The judgment proof problem," International Review of Law and Economics, Elsevier, vol. 6(1), pages 45-58, June. [Downloadable!] (restricted)
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