The first objective of this paper is to contribute to the debate regarding the desirability of the sharing of liability for the accident loss. The second objective is to extend the efficiency analysis beyond Shavell (1980, 1987) and Miceli (1997), to search for the second-best liability rules....

Various issues related to delays and cost overruns in publically funded infrastructure projects are investigated. The study is based on, by far, the largest data-set of 850 projects across seventeen infrastructure sectors. The focus is on the causal factors behind time and cost overruns. [CDE WP...

In standard models dealing with liability rules, generally, the proportion of accident loss a party is required to bear does not depend upon the 'causation' - the extent to which the care or lack of care on the part of the party contributed to the loss. As a matter of legal doctrine, this...

Comparative causation is the only tort regime that allows parties to share an accident loss in equilibrium. The sharing of an accident loss between a nonnegligent injurer and his nonnegligent victim spreads activity level and R&D incentives between prospective tortfeasors and their victims. This...

Efficiency property of liability rules when courts make errors in estimation of the harm suffered by the victim is studied. Effects of courts' errors on parties' behaviour regarding the levels of care they take to prevent the accident and their decisions to buy information about courts' errors...

Climate change has serious repercussions on food security, availability, accessibility and utilisation and food system stability. Women farmers currently account for 45–80 per cent of all food production in developing countries depending on the region. When climate change-related...

Some legal scholars have argued that the standard modeling of liability rules is inconsistent with the causation requirement of the law of torts. It has been claimed that under the doctrinal notion of causation liability, an injurer is liable only if he was negligent. Moreover, he is liable for...

Book Review of Kaushik Basu, Pulin B. Nayak, Ranjan Ray (eds.), Markets and Governments, OUP, Delhi, 2003, pp. xvi+268, Rs.595, ISBN 0195657888

While the focus of mainstream economic analysis of liability rules remains on negligence liability, recently some legal scholars have argued for the sharing of liability. In this paper, our first objective is contribute to the debate regarding the desirability of the sharing of liability for the...