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Making Decisions About Liability and Insurance: Editors’ Comments

In: Making Decisions About Liability And Insurance

Author

Listed:
  • Colin Camerer

    (University of Chicago, Graduate School of Business)

  • Howard Kunreuther

    (University of Pennsylvania, The Wharton School)

Abstract

Two related trends have created novel challenges for managing risks in the United States. The first trend is a series of dramatic changes in liability law. Tort law has expanded to assign liability to defendants for reasons other than negligence. Recent doctrines include joint and several liability, retroactive liability, probabilistic causation, and unlimited duration of liability. Many of these legal changes have added unpredictability about future damage claims (and about further changes in the law), making it difficult for firms to assess risks and for risks to be shifted effectively from firms to insurers (Committee for Economic Development, 1989).

Suggested Citation

  • Colin Camerer & Howard Kunreuther, 1993. "Making Decisions About Liability and Insurance: Editors’ Comments," Springer Books, in: Colin Camerer & Howard Kunreuther (ed.), Making Decisions About Liability And Insurance, pages 5-15, Springer.
    • Handle: RePEc:spr:sprchp:978-94-011-2192-7_1
    DOI: 10.1007/978-94-011-2192-7_1
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