An Introduction to the Legal and Economic Theories of Torts

This paper begins with a survey of the classical legal theory of torts. Then we motivate and describe the economic approach to accident law. We demonstrate that negligence rules under which one party bears the entire accident costs induce an efficient pattern of behavior in a setup with identical individuals. Finally, we show that liability rules which share damages are superior to negligence rules once we leave the identical individuals framework.

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Year of publication:	1993
Authors:	Emons, Winand
Published in:	Swiss Journal of Economics and Statistics (SJES). - Schweizerische Gesellschaft für Volkswirtschaft und Statistik / Société Suisse d"Économie et de Statistique - SGVS/SSES, ISSN 0303-9692. - Vol. 129.1993, IV, p. 625-642
Publisher:	Schweizerische Gesellschaft für Volkswirtschaft und Statistik / Société Suisse d"Économie et de Statistique - SGVS/SSES

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Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004988601