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The First-Party Insurance Externality: An Economic Justification For Enterprise Liability, Jon D. Hanson, Kyle D. Logue
The First-Party Insurance Externality: An Economic Justification For Enterprise Liability, Jon D. Hanson, Kyle D. Logue
Articles
This Article explores the insurance and deterrence implications of important and long overlooked facts. Consumers are insured through first-party mechanisms against most of the risks of product accidents. However, first-party insurers rarely and imperfectly adjust premiums according to an individual consumer's decisions concerning exactly what products she will purchase, how many of those products she will purchase, and how carefully she will consume them. Such consumer decisions we refer to as "consumption choices. " This failure by first-party insurers to adjust premiums according to consumption choices gives rise to a first-party insurance externality. Based on this insight, this Article offers …
Comparative Negligence And Automobile Liability Insurance, Cornelius J. Peck
Comparative Negligence And Automobile Liability Insurance, Cornelius J. Peck
Michigan Law Review
The purpose of this article is not to re-plow the ground of history, case law, and statutory developments which has been so competently tilled by others. Nor is the purpose to give a detailed consideration of each of the practical matters mentioned above. Instead, the focus of this article is on the relationship between comparative negligence and automobile liability insurance. Insurance rates and accident statistics, rather than rules of law and cases, are the primary materials. Such a consideration of the subject it might be hoped would give a positive and substantiated answer to the frequently debated but never documented …