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Social Wealth and Optimal Care

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Author Info
Giuseppe Dari-Mattiacci
Eric Langlais

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Abstract

Many industrial accidents result in losses (material damages or bodily injury) that cannot be perfectly compensated by a monetary payment, nor be perfectly insured. Moreover, often injurers control ex ante the magnitude rather than the probability of accidents. We study the characteristics of optimal levels of care and distribution of risk under these circumstances. We then examine whether ordinary liability rules, regulation, insurance, taxes and subsidies can be used to implement the first-best outcome. Finally, our results are discuss in the light of fairness considerations (second best view).

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Publisher Info
Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2008-34.

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Length: 27 pages
Date of creation: 2008
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Handle: RePEc:drm:wpaper:2008-34

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Related research
Keywords: accidents; risk; wealth; care; bodily injury;

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  15. Nell, Martin & Richter, Andreas, 2003. "The design of liability rules for highly risky activities--Is strict liability superior when risk allocation matters?," International Review of Law and Economics, Elsevier, vol. 23(1), pages 31-47, March. [Downloadable!] (restricted)
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