Obligations And Penalties Under Lemon Laws: Automobiles Versus Tractors
Distinctive new provisions of tractor lemon laws which create obligations and provide penalties for defective self-propelled agricultural equipment are contrasted with provisions of automobile lemon laws. Lemon-law obligations involve both producers'Â’ guarantees to provide consumers with a serviceable vehicle and producers'Â’ promise to remedy defects. Due to fewer manufacturer obligations under the tractor lemon laws as opposed to automobile lemon laws, tractors may be expected to have more defects than automobiles. Yet the tractor lemon laws contain fewer penalties in the form of restitution remedies. The inconsistencies of these obligations and penalties suggest tractor laws may be inefficient.
Volume (Year): 20 (1995)
Issue (Month): 01 (July)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"Product Warranties and Double Moral Hazard,"
RAND Journal of Economics,
The RAND Corporation, vol. 16(1), pages 103-113, Spring.
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in: The Economics of Information and Uncertainty, pages 107-140
National Bureau of Economic Research, Inc.
- Sanford Grossman & Oliver Hart, . "Corporate Financial Structure and Managerial Incentives," Rodney L. White Center for Financial Research Working Papers 21-79, Wharton School Rodney L. White Center for Financial Research.
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