Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Insurance law (2)
- Risk (2)
- Affordable Care Act (1)
- Automobile liability insurance (1)
- Bias (1)
-
- Choice architecture (1)
- Common law (1)
- Contracts (1)
- Damages (1)
- Decision Making (1)
- Doctrine of contra proferentem (1)
- Duty to Defend (1)
- Duty to defend or to make reasonable settlement decisions (1)
- Empirical & behavioral economics (1)
- Ethics (1)
- Forfeiture of Coverage Defenses (1)
- Insurance (1)
- Insurers' defense obligations & costs (1)
- Large firm liability (1)
- Lawyers’ professional liability insurance (1)
- Legal malpractice (1)
- Liability Insurance (1)
- Markets (1)
- Misrepresentation (1)
- Moral Hazard (1)
- Mutual insurance (1)
- Partitioning (1)
- Product Recommendations (1)
- Professional responsibility (1)
- RLLI (1)
Articles 1 - 5 of 5
Full-Text Articles in Business
Partitioning Sorted Sets: Overcoming Choice Overload While Maintaining Decision Quality, Benedict C.G. Dellaert, Tom Baker, Eric J. Johnson
Partitioning Sorted Sets: Overcoming Choice Overload While Maintaining Decision Quality, Benedict C.G. Dellaert, Tom Baker, Eric J. Johnson
All Faculty Scholarship
We investigate the joint use of partitioning and sorting as a choice architecture to overcome consumer choice overload in large product sets. Partitioning first presents a small initial set of alternatives with the option to click through to see the remaining alternatives. Sorting presents alternatives in order of attractiveness based on a user model that is helpful to the decision-maker. We propose that Sets with Partitioning and Sorting (SPSs) improve consumers’ choice outcomes by increasing their focus on the most attractive alternatives and their use of more compensatory decisions. Results from two controlled survey-based experiments and a field study in …
The Forfeiture Of Coverage Defenses Rule: An Economic Analysis, Tom Baker, Ezra Friedman, Kyle D. Logue
The Forfeiture Of Coverage Defenses Rule: An Economic Analysis, Tom Baker, Ezra Friedman, Kyle D. Logue
All Faculty Scholarship
In liability insurance, the duty to defend is broader than the duty to cover. Thus it is possible that an insurer that has a duty to defend a suit may not have the duty to cover the policyholder's liabilities in the suit. However, if the penalty for a breach of the duty to defend is limited to actual legal costs spent by the defendant, the insurer may have an incentive to refuse to defend, even when the duty to defend is clear. This occurs because the insurer will not internalize the consequences of an inadequate defense when it ultimately can …
The Effect Of Health Insurance Coverage Expansions On Auto Liability Claims And Costs, Srikanth Kadiyala, Paul Heaton
The Effect Of Health Insurance Coverage Expansions On Auto Liability Claims And Costs, Srikanth Kadiyala, Paul Heaton
All Faculty Scholarship
How do the Affordable Care Act health insurance coverage expansions affect payment for medical care provided through liability insurance, such as auto insurance? Theoretically, expanding coverage might lead to a substitution of health insurance disbursements for automobile insurance disbursements. Alternatively, expanding health insurance coverage might increase utilization of medical care, increasing auto liability claims payments. The net effect of these two mechanisms can only be determined empirically. We evaluate the health insurance-auto insurance interaction by examining the 2010 ACA dependent coverage expansion. Prior to 2010, individuals 19 and older were excluded from health insurance coverage under their parental health insurance …
In Defense Of The Restatement Of Liability Insurance Law, Tom Baker, Kyle D. Logue
In Defense Of The Restatement Of Liability Insurance Law, Tom Baker, Kyle D. Logue
All Faculty Scholarship
For most non-contractual legal claims for damages that are brought against individuals or firms, there is some form of liability insurance coverage. The Restatement of the Law Liability Insurance is the American Law Institute’s first effort to “restate” the common law governing such liability insurance policies, and we are the reporters. In a recent essay funded by the insurance industry, Yale Law Professor George Priest launched a strident critique of the Restatement project, arguing that the rules adopted in the Restatement:
(a) are radically contrary to existing case law,
(b) have a naïve “pro-policyholder” bias that ignores basic economic insights …
Mutually Assured Protection Among Large U.S. Law Firms, Tom Baker, Rick Swedloff
Mutually Assured Protection Among Large U.S. Law Firms, Tom Baker, Rick Swedloff
All Faculty Scholarship
Top law firms are notoriously competitive, fighting for prime clients and matters. But some of the most elite firms are also deeply cooperative, willingly sharing key details about their finances and strategy with their rivals. More surprisingly, they pay handsomely to do so. Nearly half of the AmLaw 100 and 200 belong to mutual insurance organizations that require member firms to provide capital; partner time; and important information about their governance, balance sheets, risk management, strategic plans, and malpractice liability. To answer why these firms do so when there are commercial insurers willing to provide coverage with fewer burdens, we …