Economic Analysis of Liability Rules

Authors: Jain, Satish Kumar

  • Presents a comprehensive analysis of liability rules
  • Contains complete characterizations of efficient liability rules and efficient incremental liability rules
  • Establishes that the untaken precaution approach as well as decoupled liability are incompatible with efficiency
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eBook $99.00
price for USA (gross)
  • ISBN 978-81-322-2029-9
  • Digitally watermarked, DRM-free
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  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for USA
  • ISBN 978-81-322-2028-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $129.00
price for USA
  • ISBN 978-81-322-3502-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

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.

About the authors

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.

Table of contents (10 chapters)

  • Introduction

    Jain, Satish Kumar

    Pages 1-22

  • Efficiency Criteria

    Jain, Satish Kumar

    Pages 23-33

  • The Structure of Efficient Liability Rules

    Jain, Satish Kumar

    Pages 35-62

  • Decoupled Liability and Efficiency

    Jain, Satish Kumar

    Pages 63-77

  • Negligence as Failure to Take Some Cost-Justified Precaution

    Jain, Satish Kumar

    Pages 79-92

Buy this book

eBook $99.00
price for USA (gross)
  • ISBN 978-81-322-2029-9
  • Digitally watermarked, DRM-free
  • Included format: EPUB, PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for USA
  • ISBN 978-81-322-2028-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $129.00
price for USA
  • ISBN 978-81-322-3502-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Economic Analysis of Liability Rules
Authors
Copyright
2015
Publisher
Springer India
Copyright Holder
Springer India
eBook ISBN
978-81-322-2029-9
DOI
10.1007/978-81-322-2029-9
Hardcover ISBN
978-81-322-2028-2
Softcover ISBN
978-81-322-3502-6
Edition Number
1
Number of Pages
IX, 180
Number of Illustrations and Tables
8 b/w illustrations
Topics