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Are Individuals Bayesian Decision Makers?, W. Kip Viscusi May 1985

Are Individuals Bayesian Decision Makers?, W. Kip Viscusi

Vanderbilt Law School Faculty Publications

There has been increasing interest in whether normative models of individual choice under uncertainty accord with actual behavior. These concerns have been much greater than in other economic contexts because of the particularly severe demands such decisions place on the rationality of the decision maker. The limitations of these decisions have widespread consequences, as they provide the rationale for many governmental efforts to regulate the risks people face. Here I explore the issues raised by a Bayesian decision framework, focusing particularly on my analyses of worker and consumer behavior.

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Bad Faith In First Party Insurance Contracts—What's Next, Paula J. Casey Apr 1985

Bad Faith In First Party Insurance Contracts—What's Next, Paula J. Casey

University of Arkansas at Little Rock Law Review

No abstract provided.

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Medical Malpractice Review Panels In Operation In Virginia, William H. Daughtrey Jr., Charles H. Smith Jan 1985

Medical Malpractice Review Panels In Operation In Virginia, William H. Daughtrey Jr., Charles H. Smith

University of Richmond Law Review

The last major revision of Virginia statutes relating to medical malpractice was in 1976. At that time the General Assembly provided for medical malpractice review panels and mandated a method of reporting medical malpractice claims. These innovations were in response to a perceived medical malpractice crisis in the mid-1970's. A symptom of the crisis was the astronomical rise in the cost of medical malpractice insurance premiums. This increase plagued patients as well as physicians, hospitals, and other health care providers. The higher premiums, of course, were reflected in fees for services rendered by providers. In addition, providers began to practice …

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Miller V. Commissioner: Deductibility Of Casualty Losses After Voluntary Election Not To File An Insurance Claim, Stephen J. Dunn, Robert H. Kurnick, Matthew J. Barrett Jan 1985

Miller V. Commissioner: Deductibility Of Casualty Losses After Voluntary Election Not To File An Insurance Claim, Stephen J. Dunn, Robert H. Kurnick, Matthew J. Barrett

Journal Articles

Taxpayers who suffer casualty losses may decide, for a variety of reasons, not to file an insurance claim for recovery of those losses. Section 165 of the Internal Revenue Code of 1954 allows a deduction for “any loss sustained during the taxable year and not compensated for by insurance or otherwise.”' Consequently, the question arises whether a taxpayer may claim a casualty loss deduction even though the taxpayer did not seek insurance reimbursement for the loss. In Miller v. Commissioner, the United States Court of Appeals for the Sixth Circuit, in a 6-5 en banc decision, expressly overruled its previous …

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Justifying Unisex Insurance: Another Perspective, Robert H. Jerry Ii, Kyle B. Mansfield Jan 1985

Justifying Unisex Insurance: Another Perspective, Robert H. Jerry Ii, Kyle B. Mansfield

Faculty Publications

This Article contends that gender is an impermissible basis for calculating insurance premiums and payments. Although this Article agrees with the arguments of those who share this view, it offers a different justification for eliminating gender discrimination in insurance. Part I of this Article briefly reviews the status of existing restrictions on gender discrimination in insurance. Part II examines the issues involved in gender-based insurance rating from the perspective of both insurers and advocates of individual equality. Part III presents a new justification for unisex insurance.

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Application Of The Antitrust Laws To The Activities Of Insurance Companies: Heavier Risks, Expanded Coverage, And Greater Liability, Joseph Bauer, Earl W. Kintner, Michael J. Allen Jan 1985

Application Of The Antitrust Laws To The Activities Of Insurance Companies: Heavier Risks, Expanded Coverage, And Greater Liability, Joseph Bauer, Earl W. Kintner, Michael J. Allen

Journal Articles

Since 1945 Congress has exempted certain activities of insurance companies from federal antitrust scrutiny. This exemption, provided by the McCarran-Ferguson Act, is not unqualified; it only applies to insurance company activities that constitute the "business of insurance" and that already are regulated under state law. Moreover, the exemption does not apply to activities that involve boycotts, coercion, or intimidation. The purpose of this exemption was to preserve the long tradition of state regulation of insurance, while providing federal remedies for coercive anticompetitive activities. The authors examine recent Supreme Court interpretations of the Act in light of this legislative policy and …

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Taxing Personal Insurance: The Case Of Tax Audit Insurance, William D. Popkin Jan 1985