English, Article edition: The Double Liability Rule* Jörg Finsinger; Mark V. Pauly

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Physical Description
  • article
Language
  • English

Edition details

Title
  • The Double Liability Rule&​ast;
Author
  • Jörg Finsinger
  • Mark V. Pauly
Physical Description
  • article
Notes
  • Conventional liability rules do not lead to a first best allocation. Optimal bilateral risk control can be achieved by not compensating any losses and, in addition, charging each party a fine equal to the loss suffered by the other party. In this way, each party internalizes the full accident loss. This paper investigates the properties of this “double liability†rule under risk neutrality and risk aversion of the parties. Finally the use of this rule in the context of multiple-party accidents is discussed. The Geneva Papers on Risk and Insurance Theory (1990) 15, 159–169. doi:10.1007/​BF01489707
  • RePEc:pal:genrir:v:15:y:1990:i:2:p:159-169
Language
  • English
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