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A Note on the Social versus Private Value of Suits when Care is Bilateral

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Author Info
Thomas J. Miceli (University of Connecticut)

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Abstract

This paper re-examines the social versus private value of lawsuits when both injurers and victims can take care. The basic conclusions of that literature remain valid in this context: the private and social values generally differ, and there is no necessary relationship between them, meaning that there may be either too many or too few suits. Introducing the possibility of victim care does, however, alter the calculation of the deterrent effect of lawsuits. In particular, because allowing suits tends to reduce the incentives for victims to invest in precaution, the social value of prohibiting suits increases in direct relation to the productivity of victim care in lowering accident risk.

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File URL: http://www.econ.uconn.edu/working/2008-13.pdf
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Publisher Info
Paper provided by University of Connecticut, Department of Economics in its series Working papers with number 2008-13.

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Length: 15 pages
Date of creation: Apr 2008
Date of revision:
Handle: RePEc:uct:uconnp:2008-13

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Related research
Keywords: Accidents; deterrence; lawsuits; litigation costs; social versus private value;

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Find related papers by JEL classification:
K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability
K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process

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  1. A. Mitchell Polinsky & Yeon-Koo Che, 1991. "Decoupling Liability: Optimal Incentives for Care and Litigation," RAND Journal of Economics, The RAND Corporation, vol. 22(4), pages 562-570, Winter. [Downloadable!] (restricted)
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  2. Shavell, Steven, 1999. "The level of litigation: private versus social optimality of suit and of settlement," International Review of Law and Economics, Elsevier, vol. 19(1), pages 99-115, March. [Downloadable!] (restricted)
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