Economics Dictionary of ArgumentsHome
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| Liability: Liability refers to legal obligations or debts that an individual, business, or entity owes to others. It can include financial responsibilities, legal commitments, or duties to perform certain actions. Liabilities encompass loans, accrued expenses, mortgages, or any claims against assets and are recorded on balance sheets, reflecting what is owed and to whom. See also Tort law, Duties, Responsibility._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Donald Wittman on Liability - Dictionary of Arguments
Parisi I 432 Liablity/last clear chance/law/liability/Wittman: (…) Other drivers may swerve out of the way to avoid an accident (and the legal system should encourage them to do so). To the extent that these other drivers are successful, reckless drivers will not pay for their behavior if liability depends only on actual damage. Reckless drivers are not sufficiently deterred if the costs of protection are shifted onto other drivers. In other words, if liability were only based on damages, reckless drivers would not pay for some of the negative externalities that they create. Therefore, we have fines to make these reckless drivers liable for the cost of damage prevention they shift onto others. Time: (…) when there is a sequence of events, marginal cost liability should be applied regardless of whether there is damage or who is actually damaged. The law, in fact, reflects the symmetry of this analysis. A person is fined for illegal parking regardless of whether an accident occurred. Depending on which party had the last clear chance, the doctrine can be used against the defendant in favor of the plaintiff or against the plaintiff in favor of the defendant. Parisi I 433 Damages/time/liabilityWittman: In nuisance law, when “damages” are awarded, they are typically for the costs of reasonable preventive behavior by the plaintiff and any damage occurring (or that would have occurred) after preventive action had been taken. In other words, there is marginal cost liability. >Marginal costs/Wittman. Donald Wittman. “Ex ante vs. ex post”. In: Parisi, Francesco (ed) (2017). The Oxford Handbook of Law and Economics. Vol 1: Methodology and Concepts. NY: Oxford University._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Wittman, Donald Parisi I Francesco Parisi (Ed) The Oxford Handbook of Law and Economics: Volume 1: Methodology and Concepts New York 2017 |
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