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Assessing The Insurance Role Of Tort Liability After Calabresi, W. Kip Viscusi, Joni Hersch
Assessing The Insurance Role Of Tort Liability After Calabresi, W. Kip Viscusi, Joni Hersch
Vanderbilt Law School Faculty Publications
Calabresi’s theory of tort liability (1961) as a risk distribution mechanism established insurance as an objective of tort liability. Calabresi’s risk-spreading concept of tort has provided the impetus for much of the subsequent development of tort liability doctrine, including risk-utility analysis and strict liability. Calabresi’s analysis remains a powerful basis for modern tort liability. However, high transactions costs, correlated risks, catastrophic losses, mass toxic torts, shifts in liability rules over time, noneconomic damages, and punitive damages affect the functioning of tort liability as an insurance mechanism. Despite some limitations of tort liability as insurance, tort compensation serves both a compensatory …
Assessing The Insurance Role Of Tort Liability After Calabresi, Joni Hersch, W. Kip Viscusi
Assessing The Insurance Role Of Tort Liability After Calabresi, Joni Hersch, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
Calabresi’s theory of tort liability (1961) as a risk distribution mechanism established insurance as an objective of tort liability. Calabresi’s risk-spreading concept of tort has provided the impetus for much of the subsequent development of tort liability doctrine, including risk-utility analysis and strict liability. Calabresi’s analysis remains a powerful basis for modern tort liability. However, high transactions costs, correlated risks, catastrophic losses, mass toxic torts, shifts in liability rules over time, noneconomic damages, and punitive damages affect the functioning of tort liability as an insurance mechanism. Despite some limitations of tort liability as insurance, tort compensation serves both a compensatory …
Does Product Liability Make Us Safer?, W. Kip Viscusi
Does Product Liability Make Us Safer?, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
Product liability law is intended to create an environment that fosters safer products. However, this law often has adverse consequences. Some of the problems stem from the inherent nature of product risk decisions and the function of tort liability, while others may derive from individuals’ cognitive limitations and inability to think properly about balancing risk and cost. This paper examines both types of problems and summarizes relevant academic literature.
Pain And Suffering: Damages In Search Of A Sounder Rationale, W. Kip Viscusi
Pain And Suffering: Damages In Search Of A Sounder Rationale, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
This paper will address pain and suffering generally and will not distinguish these different potential components of pain and suffering damages. Section 1 presents the theoretical foundations for damages awards, including both the deterrence and compensation objectives. Section 2 explores some practical rationales for pain and suffering damages, such as the omission of legal fees as a component of damages. Section 3 examines the extent to which pain and suffering awards vary systematically with the extent and nature of the injury as opposed to simply being random acts of capricious juries. Since much of the interest in pain and suffering …