4.5 — Products Liability — Class Content
Contents
Thursday, May 6, 2021
Overview
TBD
Readings
- Chs. 6 in Cooter and Ulen, 2012, Law & Economics
- Viscusi, 1993, “The Value of Risks to Life and Health”
- Kahneman, Schkade, and Sunstein, 1993, “Shared Outrage and Erratic Awards: The Psychology of Punitive Damages”
- Helland and Tabarrok, 2002, “The Effect of Electoral Institutions on Tort Awards”
- Glaeser and Shleifer, 2003, “The Rise of the Regulatory STate”
- Viscusi and Zeckhauser, 2004, “The Denominator Blindness Effect: Accident Frequiencies and Misjudgment of Recklessness”
The economic model of a risky product comes from Thomas Miceli’s textbook. Unfortunately, it is not in our textbook by Cooter & Ulen. So I have posted the relevant excerpt from the Miceli textbook.
Cases Discussed
Liebeck v. McDonald’s Restaurants (1994) [ Wikipedia]
BMW of North America, Inc. v. Gore (1996) [ Wikipedia] [ Opinion]
Mathias v. Accor Economy Lodging, Inc. (2003) [ Opinion]
Slides
Assignments
Problem Set 3 is due by PDF upload to Blackboard Assignments by 11:59 PM EST Sunday May 9th.