Economic Analysis of Liability Rules

By:

Satish Kumar Jain

Format:

Paperback / softback

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Description

This book focuses on the analysis of liability rules of tort law from an efficiency perspective, presenting a comprehensive analysis of these rules in a self-contained and rigorous yet accessible manner. It establishes general results on the efficiency of liability rules, including complete characterizations of efficient liability rules and efficient incremental liability rules. The book also establishes that the untaken precaution approach and decoupled liability are incompatible with efficiency. The economic analysis of tort law has established that for efficiency it is necessary that each party to the interaction must be made to internalize the harm resulting from the interaction. The characterization and impossibility theorems presented in this book establish that, in addition to internalization of the harm by each party, there are two additional requirements for efficiency. Firstly, rules must be immune from strategic manipulation. Secondly, rules must entail closure with respect to the parties involved in the interaction giving rise to the negative externality, i.e., the liability must not be decoupled.

Author Biography:

Satish K. Jain is Professor at the Centre for Economic Studies and Planning, Jawaharlal Nehru University (JNU), New Delhi, India. He did his Master’s in Economics from Delhi School of Economics, and Ph.D. from the University of Rochester, USA. His areas of interest are law and economics, and social choice theory.

Release date Australia

August 23rd, 2016

Author

Satish Kumar Jain

Audience

Professional & Vocational

Edition

Softcover reprint of the original 1st ed. 2015

Illustrations

8 Tables, black and white; 8 Illustrations, black and white; IX, 180 p. 8 illus.

Pages

180

Dimensions

155x235x10

ISBN-13

9788132235026

Product ID

25683194

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