English, Article, Journal or magazine article edition: COMPARATIVE VIGILANCE Allan M. Feldman; Ram Singh

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Bookmark: http://trove.nla.gov.au/version/66175
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • COMPARATIVE VIGILANCE
Author
  • Allan M. Feldman
  • Ram Singh
Physical Description
  • preprint
Notes
  • A growing body of literature suggests that courts and juries are inclined toward division of liability between two strictly non-negligent or “vigilant” parties. However, standard models of liability rules do not provide for vigilance-based sharing of liability. In this paper, we explore the economic efficiency of liability rules based on comparative vigilance. We devise liability rules that are efficient and that reward vigilance exhibited by the parties. It is commonly believed that discontinuous liability shares are necessary for efficiency, but we develop a liability rule that is both efficient and continuous, based on comparative negligence when both parties are negligent and on comparative vigilance when both parties are vigilant. Moreover, our rule divides accident losses into two parts: one part creates incentives for efficiency; the other part provides equity.
  • RePEc:bro:econwp:2008-9
  • A growing body of literature suggests that courts and juries are inclined toward division of liability between two strictly non-negligent or “vigilant” parties. However, standard models of liability rules do not provide for vigilance-based sharing of liability. In this paper, we explore the economic efficiency of liability rules based on comparative vigilance. We devise rules that are efficient and that reward vigilance. It is commonly believed that discontinuous liability shares are necessary for efficiency. However we develop a liability rule, which we call the “super-symmetric rule,” that is both efficient and continuous, that is based on comparative negligence when both parties are negligent and on comparative vigilance when both parties are vigilant, and that is always responsive to increased care. Moreover, our super-symmetric rule divides accident losses into two parts: one part creates incentives for efficiency; the other part provides equity.
  • Comparative vigilance, equity, economic efficiency, tort liability rules, Nash equilibrium, social costs, pure comparative vigilance, super-symmetric rule
  • RePEc:cde:cdewps:173
Language
  • English
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