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Series

2020

Risk

Articles 1 - 11 of 11

Full-Text Articles in Law

Reconciling Risk And Equality, Christopher Slobogin Jul 2020

Reconciling Risk And Equality, Christopher Slobogin

Vanderbilt Law School Faculty Publications

States have increasingly resorted to statistically-derived risk algorithms to determine when diversion from prison should occur, whether sentences should be enhanced, and the level of security and treatment a prisoner requires. The federal government has jumped on the bandwagon in a big way with the First Step Act, which mandated that a risk assessment instrument be developed to determine which prisoners can be released early on parole. Policymakers are turning to these algorithms because they are thought to be more accurate and less biased than judges and correctional officials, making them useful tools for reducing prison populations through identification of …

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Fee-Shifting Statutes And Compensation For Risk, Maureen S. Carroll Jun 2020

Fee-Shifting Statutes And Compensation For Risk, Maureen S. Carroll

Articles

A law firm that enters into a contingency arrangement provides the client with more than just its attorneys' labor. It also provides a form of financing, because the firm will be paid (if at all) only after the litigation ends; and insurance, because if the litigation results in a low recovery (or no recovery at all), the firm will absorb the direct and indirect costs of the litigation. Courts and markets routinely pay for these types of risk-bearing services through a range of mechanisms, including state fee shifting statutes, contingent percentage fees, common-fund awards, alternative fee arrangements, and third-party litigation …

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Law School News: Rwu Law Professors, Aclu Seek Release For All Ice Detainees At Wyatt 05-18-2020, Roger Williams University School Of Law May 2020

Law School News: Rwu Law Professors, Aclu Seek Release For All Ice Detainees At Wyatt 05-18-2020, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.

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Law School News: Dennis W. Nixon: Doctor Of Laws, Honoris Causa 05-09-2020, Roger Williams University School Of Law May 2020

Law School News: Dennis W. Nixon: Doctor Of Laws, Honoris Causa 05-09-2020, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.

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Law School News: Rwu Law Professors Win Release For Two Immigrants At Risk For Covid-19 04-24-2020, Roger Williams University School Of Law Apr 2020

Law School News: Rwu Law Professors Win Release For Two Immigrants At Risk For Covid-19 04-24-2020, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.

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Law School News: Rwu Law Professors File Emergency Covid-19 Lawsuit 04-12-2020, Michael M. Bowden Apr 2020

Law School News: Rwu Law Professors File Emergency Covid-19 Lawsuit 04-12-2020, Michael M. Bowden

Life of the Law School (1993- )

No abstract provided.

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Catastrophic Risk: Waking Up To The Reality Of A Pandemic?, W. Kip Viscusi, Jamison Pike, Jason F. Shogren, David Aadland, David Finnoff, Alexandre Skiba, Peter Daszak Apr 2020

Catastrophic Risk: Waking Up To The Reality Of A Pandemic?, W. Kip Viscusi, Jamison Pike, Jason F. Shogren, David Aadland, David Finnoff, Alexandre Skiba, Peter Daszak

Vanderbilt Law School Faculty Publications

Will a major shock awaken the US citizens to the threat of catastrophic pandemic risk? Using a natural experiment administered both before and after the 2014 West African Ebola Outbreak, our evidence suggests “no.” Our results show that prior to the Ebola scare, the US citizens were relatively complacent and placed a low relative priority on public spending to prepare for a pandemic disease outbreak relative to an environmental disaster risk (e.g., Fukushima) or a terrorist attack (e.g., 9/11). After the Ebola scare, the average citizen did not over-react to the risk. This flat reaction was unexpected given the well-known …

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The Cost Of Legal Restrictions On Experience Rating, Levon Barseghyan, Francesca Molinari, Darcy Steeg Morris, Joshua C. Teitelbaum Mar 2020

The Cost Of Legal Restrictions On Experience Rating, Levon Barseghyan, Francesca Molinari, Darcy Steeg Morris, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

We investigate the cost of legal restrictions on experience rating in auto and home insurance. The cost is an opportunity cost as experience rating can mitigate the problems associated with unobserved heterogeneity in claim risk, including mispriced coverage and resulting demand distortions. We assess this cost through a counterfactual analysis in which we explore how risk predictions, premiums, and demand in home insurance and two lines of auto insurance would respond to unrestricted multiline experience rating. Using claims data from a large sample of households, we first estimate the variance-covariance matrix of unobserved heterogeneity in claim risk. We then show …

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The Paradox Of Insurance, Gideon Parchomovsky, Peter Siegelman Mar 2020

The Paradox Of Insurance, Gideon Parchomovsky, Peter Siegelman

All Faculty Scholarship

In this Article, we uncover a paradoxical phenomenon that has hitherto largely escaped the attention of legal scholars and economists, yet it has far-reaching implications for insurance law: loss-creation by uninsured parties caused by the presence of insurance. Contrary to the conventional wisdom, we show that insurance can create significant negative externalities by inducing third parties to engage in antisocial, illegal and unethical activities in order to extract money from insureds or insurers. Moreover, as the amount and scope of insurance grows, so does its distortionary effect on third parties. We term this phenomenon the paradox of insurance. The risk …

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When To Walk Away And When To Risk It All, W. Kip Viscusi, Scott Deangelis -- Mar 2020

When To Walk Away And When To Risk It All, W. Kip Viscusi, Scott Deangelis --

Vanderbilt Law School Faculty Publications

While one might expect athletes to be strongly averse to extending their career too long when there is a chance of losing everything due to a concussion or a catastrophic injury, experimental subjects consistently played longer than the optimal amount for risk-neutral decisions. A commitment to the length of play in advance, as in the case of long-term contracts, led to a greater chance of staying beyond the expected payoff-maximizing point. If the decision frame is altered so that decisions are made in each period rather than through an upfront commitment, the magnitude of potential losses is more evident.

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Externalities And The Common Owner, Madison Condon Mar 2020

Externalities And The Common Owner, Madison Condon

Faculty Scholarship

Due to the embrace of modern portfolio theory, most of the stock market is controlled by institutional investors holding broadly diversified economy-mirroring portfolios. Recent scholarship has revealed the anti-competitive incentives that arise when a firm’s largest shareholders own similarly sized stakes in the firm’s industry competitors. This Article expands the consideration of the effects of common ownership from the industry level to the market-portfolio level, and argues that diversified investors should rationally be motivated to internalize intra-portfolio negative externalities. This portfolio perspective can explain the increasing climate change related activism of institutional investors, who have applied coordinated shareholder power to …

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