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Equivalent Frames Of Reference For Judging Risk Regulation Policies, W. Kip Viscusi
Equivalent Frames Of Reference For Judging Risk Regulation Policies, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
Although the design of risk regulations has not yet attained what might be termed the economist's ideal of maximizing the difference between benefits and costs, substantial progress has been made in the design of regulatory policy. When the risk regulation agencies began their efforts in the early 1970s, there was widespread concern that something needed to be done to address the important risks that society faces. The substantial optimism with respect to our technological capabilities in reducing risk may have led to a failure to recognize the limits of our risk regulation ventures. Over time, there has been increasing emphasis …
The National Implications Of Liability Reforms For General Liability And Medical Malpractice Insurance, W. Kip Viscusi, Patricia Born
The National Implications Of Liability Reforms For General Liability And Medical Malpractice Insurance, W. Kip Viscusi, Patricia Born
Vanderbilt Law School Faculty Publications
The stabilization of the insurance market may lead to lower prices for products and for medical care, but will also generally lead to lower values of tort awards as well. If the social objective was simply to reduce losses, then that objective could be achieved by abolishing tort liability altogether. Our societal concerns are clearly much broader. In the absence of a more detailed assessment of the desirability of the reforms and their effect on injured parties, it would be premature to conclude that reform efforts that were successful in enhancing insurance market profitability should be judged a success from …