## An Economic Analysis of Liability Rules |

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### Contents

Introduction | 2 |

Section HI Overview of the Law | 11 |

Summary | 30 |

Negligent Victims Recovery Scale | 32 |

Current Status of Comparative Negligence | 33 |

Current Status of Multiple Tortfeasors | 36 |

Index of Cases | 39 |

Equilibria in a JudgmentProof World | 41 |

Summary | 97 |

Introduction and Literature Survey | 100 |

The Problem of Recovery Rules | 103 |

Modeling the Shallow and Deep Pockets Problems | 107 |

Expected Liability Shares | 109 |

Social Indifference Curves | 119 |

Examples Ill Section V General Analysis | 126 |

A The Shallow Pockets Problem | 130 |

Introduction | 42 |

Survey of the Literature | 45 |

The Shallow Pockets Problem | 53 |

Dx 1x | 57 |

Dz 1ax | 58 |

Dx 4x + 1 | 66 |

Dxy 1xy | 71 |

Dxy 1xy | 72 |

Dxy 1xy | 74 |

Reaction Curves and Equilibria for r r r | 75 |

Dxy 8x + ly +1 | 77 |

Dxy 1x + 1y | 79 |

General Reaction Functions | 84 |

Stable and Unstable Equilibria | 86 |

Dxyz lxyz | 93 |

Zxyr 1xyr | 95 |

B The Deep Pockets Problem | 133 |

The Active Victim | 135 |

Dxyz lxy | 137 |

Summary | 141 |

Appendix Critique of Summers Approach | 143 |

Stackelberg Behavior and the Efficiency of Liability Rules | 145 |

Introduction | 146 |

Game Theory Models and Liability Rules | 149 |

A Criterion for Stackelberg Efficiency | 153 |

Shallow Pockets and Stackelberg Efficiency | 159 |

Typical Reaction Functions Dxy lxy | 161 |

Regular Games and Liability Rules | 164 |

Some Illustrative Examples | 168 |

Efficient Liability Rules Example 8 | 174 |

Summary | 175 |

References | 177 |