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Efficient Liability Rules When Courts Make Errors in Estimation of the Harm: Complet Characterization

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  • Ram Singh

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Abstract

For liability rules to be efficient, it is important to take into account the full losses suffered by the victims, while deciding on the amount of damage to be paid by the injurers to the victims. While analyzing the efficiency characteristics of the liability rules it is generally assumed that courts, when adjudicating accident cases can calculate the harm suffered by the victims correctly and costlessly. One crucial factor that could affect damage awards or the liability payments and therefore the Efficiency characteristics of liability rules, is the error made by a court in estimating the harm suffered by the victims.

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:1612.

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Date of creation: Aug 2008
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Handle: RePEc:ess:wpaper:id:1612

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Keywords: Liability; victims; court; harm;

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  1. Miceli, Thomas J., 1997. "Economics of the Law: Torts, Contracts, Property, Litigation," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780195103908, October.
  2. Louis Kaplow & Steven Shavell, 1992. "Accuracy in the Determination of Liability," NBER Working Papers 4203, National Bureau of Economic Research, Inc.
  3. Louis Kaplow & Steven Shavell, 1991. "Private Versus Socially Optimal Provision of Ex Ante Legal Advice," NBER Working Papers 3868, National Bureau of Economic Research, Inc.
  4. Kaplow, Louis, 1994. "The Value of Accuracy in Adjudication: An Economic Analysis," The Journal of Legal Studies, University of Chicago Press, University of Chicago Press, vol. 23(1), pages 307-401, January.
  5. Kaplow, Louis, 1995. "A Model of the Optimal Complexity of Legal Rules," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 11(1), pages 150-63, April.
  6. Kaplow, Louis & Shavell, Steven, 1996. "Accuracy in the Assessment of Damages," Journal of Law and Economics, University of Chicago Press, vol. 39(1), pages 191-210, April.
  7. Steven Shavell, 2003. "Economic Analysis of Accident Law," NBER Working Papers 9694, National Bureau of Economic Research, Inc.
  8. Miceli, Thomas J, 1990. "Optimal Prosecution of Defendants Whose Guilt Is Uncertain," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 6(1), pages 189-201, Spring.
  9. Rasmusen, Eric, 1995. "Predictable and unpredictable error in tort awards: The effect of plaintiff self-selection and signaling," International Review of Law and Economics, Elsevier, vol. 15(3), pages 323-345, September.
  10. Louis Kaplow, 1992. "A Model of the Optimal Complexity of Rules," NBER Working Papers 3958, National Bureau of Economic Research, Inc.
  11. Craswell, Richard & Calfee, John E, 1986. "Deterrence and Uncertain Legal Standards," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 2(2), pages 279-303, Fall.
  12. Polinsky, A Mitchell & Shavell, Steven, 1989. "Legal Error, Litigation, and the Incentive to Obey the Law," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 5(1), pages 99-108, Spring.
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