This paper formally analyzes strict liability and negligence in a market setting. The discussion emphasizes the impact of the rules on the market price and on the number of firms in the industry. For simplicity, the damage caused by each firm is assumed to be determined only by that firm's "care" (and not also by the firm's output or the victim's behavior).
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number
0420.
Length: Date of creation: Dec 1980 Date of revision: Handle: RePEc:nbr:nberwo:0420
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