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When Will Judgment Proof Injurers Take Too Much Precaution?

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

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Abstract

Judgment proof injurers can be expected to take less than optimal precaution, as they bear only a part of the accident loss. However, it has been showed that under certain conditions the judgment proof problem can lead to overprecaution. We argue that overprecaution can never occur in magnitude models (where more precaution only reduces the magnitude of the harm) as opposed to the probability models traditionally used in the literature (where more precaution only reduces the probability of the accident). We also analyze mixed models and discuss the policy implications of our analysis.

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Paper provided by Berkeley Electronic Press in its series German Working Papers in Law and Economics with number 2002-1-1051.

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Handle: RePEc:bep:dewple:2002-1-1051

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Web page: http://www.bepress.com/gwp/default/

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Related research
Keywords: insolvency; judgment proof problem; liability; bankruptcy; overprecaution;

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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
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. T. Randolph Beard, 1990. "Bankruptcy and Care Choice," RAND Journal of Economics, The RAND Corporation, vol. 21(4), pages 626-634, Winter. [Downloadable!] (restricted)
  2. 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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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Giuseppe Dari-Mattiacci, 2006. "Limiting Limited Liability," Economics Bulletin, Economics Bulletin, vol. 11(1), pages 1-7. [Downloadable!]
  2. Guiseppe Dari-Mattiacci, 2006. "Limiting Limited Liability," Tinbergen Institute Discussion Papers 06-070/1, Tinbergen Institute. [Downloadable!]
  3. Giuseppe Dari-Mattiacci & Gerrit de Geest, 2003. "Judgement Proofness under Four Different Precaution Technologies," Working Papers 03-16, Utrecht School of Economics. [Downloadable!]
  4. repec:bep:dewple:2002-1-1048 is not listed on IDEAS
  5. Juan José Ganuza & Fernando Gómez, 2003. "Optimal Negligence Rule under Limited Liability," Economics Working Papers 759, Department of Economics and Business, Universitat Pompeu Fabra, revised May 2004. [Downloadable!]
  6. Gerrit de Geest & Giuseppe Dari-Mattiacci, 2005. "Soft Regulators, Though Judges," Working Papers 05-06, Utrecht School of Economics. [Downloadable!]
  7. Tim Friehe, 2007. "A note on judgment proofness and risk aversion," European Journal of Law and Economics, Springer, vol. 24(2), pages 109-118, October. [Downloadable!] (restricted)
  8. Tim Friehe, 2008. "On judgment proofness in the case of bilateral harm," European Journal of Law and Economics, Springer, vol. 26(2), pages 175-185, October. [Downloadable!] (restricted)
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This page was last updated on 2009-11-28.

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