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Wading Through The Muddle Of Risk-Utility Analysis, W. Kip Viscusi
Wading Through The Muddle Of Risk-Utility Analysis, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
The original emphasis of risk-utility analysis on the need for balanced decisions with respect to product liability is a correct and fundamental principle. Moreover, many traditional factors that have been considered are legitimate, but they did not provide a framework for comprehensive and consistent risk-utility judgments. The development in this Article of a series of economic formulations of the risk-utility test is intended to establish a sounder basis for a products liability defect doctrine.
The Performance Of Liability Insurance In States With Different Products-Liability Statutes, W. Kip Viscusi
The Performance Of Liability Insurance In States With Different Products-Liability Statutes, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
The liability crisis of the mid-1980s has led to an extensive reexamination of the liability system. A number of explanations have been offered for the substantial increase in insurance premiums and, in some cases, a decline in the availability of insurance. These include stimulation of the underwriting cycle by a decline in interest rates, collusion among insurance firms, rising tort costs, and uncertainty with respect to the liability burden.' Most observers, however, also point to changes in tort law itself. For example, plaintiffs may now have a more favorable environment for obtaining an award and, if they are successful, they …