Revisiting the Learned Hand Formula and Economic Analysis of Negligence

Jeonghyun Kim ()

Journal of Institutional and Theoretical Economics (JITE), 2013, vol. 169, issue 3, 407-432

Abstract: The Learned Hand formula is enshrined in the law-and-economics literature as the centerpiece of the courts´ way of determining negligence. The orthodox interpretation of it is the conditional application of the Hand formula contingent on the other party´s assumed efficient behavior. Reviewing four tort cases, I show that more consistent explanation for the realized court decisions is the conditional application of the Hand formula contingent on the other party´s actual behavior. The games defined by the alternative approach show that social efficiency is achieved under negligence-based rules only in the case of discrete and joint care.

JEL-codes: K13 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (2)

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DOI: 10.1628/093245613X668601

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