Product and Occupational Liability

Viscusi, W. Kip

doi:10.1257/jep.5.3.71

This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.

Open in Dialog
Open in New Tab
Open in same window

Journal of Economic Perspectives: Vol. 5 No. 3 (Summer 1991)

JEP Volume. 5, Issue 3 | left

Previous Article Next Article right

Expand

Quick Tools:

Print Article Summary Email Link to this Article Export Citation
Sign up for Email Alerts Follow us on Twitter

Explore:

JEP - All Issues

Product and Occupational Liability

Article Citation

Viscusi, W Kip. 1991. "Product and Occupational Liability." Journal of Economic Perspectives, 5(3): 71-91.

DOI: 10.1257/jep.5.3.71

Abstract

Increased liability for risks posed by jobs and products has transformed the cost structure of job and product markets. Liability costs used to be an incidental expense; now they are a factor of substantial economic consequence. The costs associated with a more active economic role of liability are not necessarily undesirable. However, examination of the economic objectives of the liability system will indicate that the current structure is not ideal. Perhaps the most noteworthy feature of the emerging role of liability is that it has been contemporaneous with an expansion in governmental risk regulation. The subsequent sections explore the performance of product and occupational liability with respect to the objectives of efficient deterrence and insurance, in the context of seeking an optimal mix between legal and regulatory institutions.

Article Full-Text Access

Full-text Article (Complimentary)

Authors

Viscusi, W. Kip (Duke U)

JEL Classifications

K13: Tort Law and Product Liability
J28: Safety; Job Satisfaction; Related Public Policy

Comments

View Comments on This Article (0) | Login to post a comment