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Full-Text Articles in Law
Coordinating Sanctions In Torts, Kyle D. Logue
Coordinating Sanctions In Torts, Kyle D. Logue
Law & Economics Working Papers Archive: 2003-2009
This Article begins with the canonical law-and-economics account of tort law as a regulatory tool, that is, as a means of giving regulated parties the optimal ex ante incentives to minimize the costs of accidents. Building on this regulatory picture of tort law, the Article asks the question how tort law should coordinate with already existing non-tort systems of regulation. Thus, for example, if a particular activity is already subject to extensive agency-based regulation, regulation that already addresses the negative externalities or other market failures associated with the activity, what regulatory role remains for tort law? Should tort law in …
Low Probability/High Consequence Events: Dilemmas Of Damage Compensation, Richard O. Lempert
Low Probability/High Consequence Events: Dilemmas Of Damage Compensation, Richard O. Lempert
Law & Economics Working Papers Archive: 2003-2009
This article was prepared for a Clifford Symposium which challenged paper writers to imagine how our system of tort compensation might look in the year 2020. This paper responds to an aspect of the general challenge: to imagine a tort recovery system which would deal adequately with rare and catastrophic events. To get a handle on this problem, the paper looks closely at how the legal system compensated damages attendant on four recent events that might be considered “rare and catastrophic” – Three Mile Island, 9/11, Hurricane Katrina and the Exxon Valdez oil spill. In no case did the system …