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On the Joint Use of Liability and Safety Regulation

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  • Schmitz, Patrick W.

Abstract

The efficiency of two different means of controlling hazardous economic activities, namely ex post liability for harm done and ex ante safety regulation, is re-examined. Some researchers have stressed that the complementary use of these two instruments can be socially advantageous. Here it is argued that the models which have been built in order to support this view crucially depend on the assumption that there are persistent enforcement errors. It is demonstrated that such a rather unsatisfactory assumption is not needed if wealth varies among injurers.

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File URL: http://mpra.ub.uni-muenchen.de/12536/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 12536.

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Date of creation: 2000
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Handle: RePEc:pra:mprapa:12536

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Keywords: Liability; Safety Regulation;

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  1. Schwarze, Reimund, 1996. " The Role of Common Law in Environmental Policy: Comment," Public Choice, Springer, vol. 89(1-2), pages 201-05, October.
  2. A. Mitchell Polinsky & Steven Shavell, 1990. "A Note on Optimal Fines When Wealth Varies Among Individuals," NBER Working Papers 3232, National Bureau of Economic Research, Inc.
  3. Louis Kaplow & Steven Shavell, 1993. "Accuracy in the Assessment of Damages," NBER Working Papers 4287, National Bureau of Economic Research, Inc.
  4. Rose-Ackerman, Susan, 1991. "Regulation and the Law of Torts," American Economic Review, American Economic Association, vol. 81(2), pages 54-58, May.
  5. M. L. Weitzman, 1973. "Prices vs. Quantities," Working papers 106, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Schmitz, Patrick W., 2001. "The Hold-Up Problem and Incomplete Contracts: A Survey of Recent Topics in Contract Theory," MPRA Paper 12562, University Library of Munich, Germany.
  7. Ewerhart, Christian & Schmitz, Patrick W., 1998. "Ex Post Liability for Harm vs. Ex Ante Safety Regulation: Substitutes or Complements? Comment," MPRA Paper 13448, University Library of Munich, Germany.
  8. Kolstad, Charles D & Ulen, Thomas S & Johnson, Gary V, 1990. "Ex Post Liability for Harm vs. Ex Ante Safety Regulation: Substitutes or Complements?," American Economic Review, American Economic Association, vol. 80(4), pages 888-901, September.
  9. Steven Shavell, 1984. "A Model of the Optimal Use of Liability and Safety Regulation," RAND Journal of Economics, The RAND Corporation, vol. 15(2), pages 271-280, Summer.
  10. Robert D. Cooter, 1991. "Economic Theories of Legal Liability," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 11-30, Summer.
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