The Economics of Product Safety and Imperfect Information

Victor P. Goldberg

Bell Journal of Economics, 1974, vol. 5, issue 2, 683-688

Abstract: In an earlier article in the Bell Journal, Walter Oi analyzed the economics of product safety. His primary emphasis was on a full information model. However, since product safety is only a problem if consumer information is inadequate, policy implications of a full information analysis are suspect. This paper stresses the importance of treating product bans and liability rules as part of the consumer's information processing system.

Date: 1974
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