The Economics of Product Safety and Imperfect Information
In an earlier article in the Bell Journal, Walter Oi analyzed the economics of product safety. His primary emphasis was on a full information model. However, since product safety is only a problem if consumer information is inadequate, policy implications of a full information analysis are suspect. This paper stresses the importance of treating product bans and liability rules as part of the consumer's information processing system.
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Volume (Year): 5 (1974)
Issue (Month): 2 (Autumn)
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