Strict liability is widely seen as the most suitable way to govern highly risky activities, such as environmentally dangerous production or genetic engineering. The reason which is usually given for applying strict liability to these areas, is that not only efficient care is supposed to be...

This paper deals with the determination of optimal liability rules under the assumption of risk aversion and loaded insurance premiums. While in a world with risk neutral economic actors and/or actuarially fair insurance premiums the allocation of risk does not matter for the efficiency of...

Strict liability is widely seen as the most suitable way to govern highly risky activities, such as environmentally dangerous production or genetic engineering. The reason which is usually given for applying strict liability to these areas, is that not only efficient care is supposed to be...

Our article integrates the manager’s care in the literature on auditor’s liability. With unobservable efforts, we face a double moral hazard setting. It is well-known that efficient liability rules without punitive damages do not exist under these circumstances. However, we show that the...

Die Ereignisse vom 11. September haben eine lebhafte Diskussion über die Versicherung vonTerrorrisiken ausgelöst. Im Zentrum steht dabei die Frage, ob von staatlicher Seite dafürgesorgt werden sollte, dass hinreichende Deckung für solche Risiken zur Verfügung steht. Ihrwird auch in diesem...

Nach den Terrorattacken vom 11. September sehen sich die privaten Erst- und Rückversicherer mit einer völlig veränderten Risikolage konfrontiert, die sie bisher bei ihren Kalkulationen außer Acht ließen. Dr. Michael Wolgast, Gesamtverband der Deutschen Versicherungswirtschaft, schlägt...