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Efficient Liability Rules When Courts Make Errors in Estimation of the Harm: Complet Characterization

  • Ram Singh

    ()

For liability rules to be efficient, it is important to take into account the full losses suffered by the victims, while deciding on the amount of damage to be paid by the injurers to the victims. While analyzing the efficiency characteristics of the liability rules it is generally assumed that courts, when adjudicating accident cases can calculate the harm suffered by the victims correctly and costlessly. One crucial factor that could affect damage awards or the liability payments and therefore the Efficiency characteristics of liability rules, is the error made by a court in estimating the harm suffered by the victims.

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Paper provided by eSocialSciences in its series Working Papers with number id:1612.

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Date of creation: Aug 2008
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Handle: RePEc:ess:wpaper:id:1612
Note: Institutional Papers
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  1. Louis Kaplow & Steven Shavell, 1992. "Accuracy in the Determination of Liability," NBER Working Papers 4203, National Bureau of Economic Research, Inc.
  2. Louis Kaplow & Steven Shavell, 1993. "Accuracy in the Assessment of Damages," NBER Working Papers 4287, National Bureau of Economic Research, Inc.
  3. Kaplow, Louis & Shavell, Steven, 1992. "Private versus Socially Optimal Provision of Ex Ante Legal Advice," Journal of Law, Economics and Organization, Oxford University Press, vol. 8(2), pages 306-20, April.
  4. Kaplow, Louis, 1994. "The Value of Accuracy in Adjudication: An Economic Analysis," The Journal of Legal Studies, University of Chicago Press, vol. 23(1), pages 307-401, January.
  5. Polinsky, A Mitchell & Shavell, Steven, 1989. "Legal Error, Litigation, and the Incentive to Obey the Law," Journal of Law, Economics and Organization, Oxford University Press, vol. 5(1), pages 99-108, Spring.
  6. Kaplow, Louis, 1995. "A Model of the Optimal Complexity of Legal Rules," Journal of Law, Economics and Organization, Oxford University Press, vol. 11(1), pages 150-63, April.
  7. Steven Shavell, 2003. "Economic Analysis of Accident Law," NBER Working Papers 9483, National Bureau of Economic Research, Inc.
  8. Craswell, Richard & Calfee, John E, 1986. "Deterrence and Uncertain Legal Standards," Journal of Law, Economics and Organization, Oxford University Press, vol. 2(2), pages 279-303, Fall.
  9. Miceli, Thomas J., 1997. "Economics of the Law: Torts, Contracts, Property, Litigation," OUP Catalogue, Oxford University Press, number 9780195103908, March.
  10. Rasmusen, Eric, 1995. "Predictable and unpredictable error in tort awards: The effect of plaintiff self-selection and signaling," International Review of Law and Economics, Elsevier, vol. 15(3), pages 323-345, September.
  11. Louis Kaplow, 1992. "A Model of the Optimal Complexity of Rules," NBER Working Papers 3958, National Bureau of Economic Research, Inc.
  12. Miceli, Thomas J, 1990. "Optimal Prosecution of Defendants Whose Guilt Is Uncertain," Journal of Law, Economics and Organization, Oxford University Press, vol. 6(1), pages 189-201, Spring.
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