Accident Law and Resource Allocation

Peter Diamond

Bell Journal of Economics, 1974, vol. 5, issue 2, 366-405

Abstract: This article examines the effects from introducing a "frictionless" legal system into a model of competitive equilibrium with externalities. In a traditional negligence-contributory negligence legal system, there are two important legal parameters under "due care" standards. This paper relates the different equilibria which can occur to the levels of the "due care" standards.

Date: 1974
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