Making Decisions About Liability and Insurance: Editors’ Comments

Colin Camerer and Howard Kunreuther
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Colin Camerer: University of Chicago, Graduate School of Business
Howard Kunreuther: University of Pennsylvania, The Wharton School

A chapter in Making Decisions About Liability And Insurance, 1993, pp 5-15 from Springer

Abstract: Abstract Two related trends have created novel challenges for managing risks in the United States. The first trend is a series of dramatic changes in liability law. Tort law has expanded to assign liability to defendants for reasons other than negligence. Recent doctrines include joint and several liability, retroactive liability, probabilistic causation, and unlimited duration of liability. Many of these legal changes have added unpredictability about future damage claims (and about further changes in the law), making it difficult for firms to assess risks and for risks to be shifted effectively from firms to insurers (Committee for Economic Development, 1989).

Keywords: Ambiguity Aversion; Strict Liability; Product Liability; Liability Rule; Conjunction Fallacy (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-94-011-2192-7_1

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DOI: 10.1007/978-94-011-2192-7_1

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