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

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  • Thomas J. Miceli

    (University of Connecticut)

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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Bibliographic 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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Web page: http://www.econ.uconn.edu/
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Keywords: Accidents; deterrence; lawsuits; litigation costs; social versus private value;

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  1. 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.
  2. A. Mitchell Polinsky & Yeon-Koo Che, 1993. "Decoupling Liability: Optimal Incentives for Care and Litigation," NBER Working Papers 3634, National Bureau of Economic Research, Inc.
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