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Efficiency Of Liability Rules With Interdependent Costs Of Care

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  • Rajendra P. Kundu

Abstract

. Most of the results of the law and economics literature relating to the question of efficiency of liability rules have been obtained in the context of two‐party interactions in which the cost of care of each party is independent of the care level of the other. In this paper we analyse the question of efficiency of liability rules in the context of interactions in which the cost of care of at least one of the parties is not independent of the care level of the other and characterize efficient liability rules whenever possible and in all other instances we obtain impossibility results.

Suggested Citation

  • Rajendra P. Kundu, 2009. "Efficiency Of Liability Rules With Interdependent Costs Of Care," Pacific Economic Review, Wiley Blackwell, vol. 14(1), pages 71-88, February.
    • Handle: RePEc:bla:pacecr:v:14:y:2009:i:1:p:71-88
    DOI: 10.1111/j.1468-0106.2009.00436.x
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    References listed on IDEAS

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    1. Dhammika Dharmapala & Sandra A. Hoffmann, 2005. "Bilateral Accidents with Intrinsically Interdependent Costs of Precaution," The Journal of Legal Studies, University of Chicago Press, vol. 34(1), pages 239-272, January.
    2. Satish K. Jain & Ram Singh, 2002. "Efficient Liability Rules: Complete Characterization," Journal of Economics, Springer, vol. 75(2), pages 105-124, March.
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