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Savage Tables and Tort Law: An Alternative to the Precaution Model

Janet M. Currie; W. Bentley MacLeod

Title:
Savage Tables and Tort Law: An Alternative to the Precaution Model
Author(s):
Currie, Janet M.
MacLeod, W. Bentley
Date:
Type:
Articles
Department(s):
Economics
Volume:
81
Persistent URL:
Book/Journal Title:
University of Chicago Law Review
Publisher:
University of Chicago Press
Publisher Location:
New York
Abstract:
In this paper we show that the model of precaution is a special case of a more general economic model. We develop a simple technique for discussing this more general model that we dub a “Savage Table,” following Professor Leonard Savage. Our more general model based on general equilibrium theory and decision theory encompasses the views of both Posner and Epstein and sheds light on Epstein's observation that the Hand rule is not consistently used to determine liability. We show that rational choice does not imply the Hand rule unless one imposes additional restrictions that are not often satisfied in practice.
Subject(s):
Economics
Item views
526
Metadata:
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Suggested Citation:
Janet M. Currie, W. Bentley MacLeod, , Savage Tables and Tort Law: An Alternative to the Precaution Model, Columbia University Academic Commons, .

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