Making Decisions About Liability And Insurance

A Special Issue of the Journal of Risk and Uncertainty

Editors: Camerer, Colin F., Kunreuther, Howard (Eds.)

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About this book

Two related trends have created novel challenges for managing risk in the United States. The first trend is a series of dramatic changes in liability law as tort law has expanded to assign liability to defendants for reasons other than negligence. The unpredictability of future costs induced by changes in tort law may be partly responsible for the second major trend known as the `liability crisis' - the disappearance of liability protection in markets for particularly unpredictable risks.
This book examines decisions people make about insurance and liability. An understanding of such decision making may help explain why the insurance crisis resulted from the new interpretations of tort law and what to do about it. The articles cover three kinds of decisions: consumer decisions to purchase insurance; insurer decisions about coverage they offer; and the decisions of the public about the liability rules they prefer, which are reflected in legislation and regulation. For each of these three kinds of decisions, normative theories such as expected utility theory can be used as benchmarks against which actual decisions are judged.

Table of contents (8 chapters)

Table of contents (8 chapters)
  • Making Decisions About Liability and Insurance: Editors’ Comments

    Camerer, Colin (et al.)

    Pages 5-15

  • Intuitions about Penalties and Compensation in the Context of Tort Law

    Baron, Jonathan (et al.)

    Pages 17-33

  • Framing, Probability Distortions, and Insurance Decisions

    Johnson, Eric J. (et al.)

    Pages 35-51

  • Transaction Analysis: A Framework and an Application to Insurance Decisions

    Fischhoff, Baruch

    Pages 53-69

  • Insurer Ambiguity and Market Failure

    Kunreuther, Howard (et al.)

    Pages 71-87

Buy this book

eBook $129.00
price for USA in USD (gross)
  • ISBN 978-94-011-2192-7
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $215.00
price for USA in USD
  • ISBN 978-0-7923-9393-1
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $149.99
price for USA in USD
  • ISBN 978-94-010-4971-9
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Making Decisions About Liability And Insurance
Book Subtitle
A Special Issue of the Journal of Risk and Uncertainty
Editors
  • Colin F. Camerer
  • Howard Kunreuther
Copyright
1993
Publisher
Springer Netherlands
Copyright Holder
Springer Science+Business Media Dordrecht
eBook ISBN
978-94-011-2192-7
DOI
10.1007/978-94-011-2192-7
Hardcover ISBN
978-0-7923-9393-1
Softcover ISBN
978-94-010-4971-9
Edition Number
1
Number of Pages
139
Topics