This is a survey of legal liability for accidents. Three general aspects of accident liability are
addressed. The first is the effect of liability on incentives, both whether to engage in activities …

This article develops a framework for environmental policy analysis based on an
encompassing assessment of transaction costs. This approach emphasizes the ex ante …

In the not so distant future, medical mysteries will crumble in the face of a more efficient, less
dysfunctional Dr. House.'Imagine that a patient walks into an emergency room with a wide …

Financial assurance rules, also known as financial responsibility or bonding requirements,
foster cost internalization by requiring potential polluters to demonstrate the financial …

Minimum asset and liability insurance requirements must often be met in order for parties to
participate in potentially harmful activities. Such financial responsibility requirements may …

LIABILITY INSURANCE Page 1 MANDATING ENVIRONMENTAL LIABILITY INSURANCE
Benjamin J. Richardson* I. Introduction For a number of years scholars and policy makers have …

We characterize the optimal regulation of a firm that undertakes an environmentally risky
activity. This firm (the agent) is protected by limited liability and bound by contract to a …

The traditional approach to torts, both legal and economic, has always started from a simple
premise, which assumes one tortfeasor, one victim, and a clear causal relationship between …

Products liability is a field of tort law governing liability for injuries caused by defective
products that were commercially sold or transferred. Under the rule of strict products liability …

Scholars have long maintained that increases in liability encourage firms to contract out risky
activities in order to take advantage of so-called judgment-proof strategies. These strategies …