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Accident Law: An Excessive Standard May Be Efficient

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Author Info
Laszlo Goerke ()

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Abstract

In a world with risk-neutral agents, liability rules will only induce efficient behaviour if these rules impose the full (marginal) costs of an action on the parties. However, institutional restrictions or bilateral activity choices can prevent the full internalisation of costs. A mechanism is proposed which guarantees an efficient outcome: monetary fines which are not related to the occurrence of an accident. Such a mechanism requires individuals to violate the standard of care in order to trigger fine payments. Hence, efficiency needs an excessive standard.

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File URL: http://www.cesifo-group.de/DocCIDL/cesifo_wp625.pdf
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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 625.

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Date of creation: 2001
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Handle: RePEc:ces:ceswps:_625

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Related research
Keywords: accident law; activity; care; efficiency; fines; standards of care; tort law;

Find related papers by JEL classification:
K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability
K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law

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This page was last updated on 2009-12-14.

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