@article{ref1,
title="A simple model of efficient tort liability rules",
journal="International review of law and economics",
year="1998",
author="Feldman, Allan M. and Frost, John M.",
volume="18",
number="2",
pages="201-215",
abstract="We present a simple model of tort liability in which precaution is a binary choice, and, if any party takes precaution, the probability of accidents is zero. We compare and contrast our model to other models in which precaution is a continuous variable. Our paper provides easy characterizations of the efficiency properties of a number of real and hypothetical liability rules, including no liability, Learned Hand negligence, negligence with contributory negligence as a defense, Calabresi and Hirschoff's reverse Hand, Galena, Brown's relative negligence, strict liability, and others. In a mathematical appendix we extend the model and derive efficiency propositions for dichotomous-action, multidefendant liability rules of various types: simple (in which one party pays 100% of accident costs); comparative negligence (in which accident costs may be spread among two or more parties); and punitive damages (in which some parties may pay more than 100% of accident costs).<p />",
language="",
issn="0144-8188",
doi="10.1016/S0144-8188(98)00006-4",
url="http://dx.doi.org/10.1016/S0144-8188(98)00006-4"
}