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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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Economic Analysis of Liability Rules

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ISBN13: 9788132220282
Published: December 2014
Publisher: Springer-Verlag
Country of Publication: Germany
Format: Hardback
Price: £90.00

This is a Print On Demand Title.
The publisher will print a copy to fulfill your order. Books can take between 1 to 3 weeks. Looseleaf titles between 1 to 2 weeks.

This book focuses on the analysis of liability rules of tort law from an efficiency perspective, presenting a comprehensive analysis of these rules in a self-contained and rigorous yet accessible manner. It establishes general results on the efficiency of liability rules, including complete characterizations of efficient liability rules and efficient incremental liability rules. The book also establishes that the untaken precaution approach and decoupled liability are incompatible with efficiency. The economic analysis of tort law has established that for efficiency it is necessary that each party to the interaction must be made to internalize the harm resulting from the interaction. The characterization and impossibility theorems presented in this book establish that, in addition to internalization of the harm by each party, there are two additional requirements for efficiency. Firstly, rules must be immune from strategic manipulation. Secondly, rules must entail closure with respect to the parties involved in the interaction giving rise to the negative externality, i.e., the liability must not be decoupled.

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Tort Law, Law and Economics
Chapter 1. Introduction.-
Chapter 2. Efficiency Criteria.-
Chapter 3. The Structure of Efficient Liability Rules.-
Chapter 4. Decoupled Liability and Efficiency.-
Chapter 5. Negligence as Failure to Take Some Cost-Justified Precaution.-
Chapter 6. The Structure of Incremental Liability Rules.-
Chapter 7. The Negligence Rule.-
Chapter 8. Decomposition of Loss and a Class of Negligence Rules.-
Chapter 9. Multiple Injurers and Victims.-
Chapter 10. Epilogue.