An Empirical Analysis of the Relationship Between the Doctrine of Strict Products Liability and the Provision of Insurance
Barker, Drucilla Karen
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https://hdl.handle.net/2142/70797
Description
Title
An Empirical Analysis of the Relationship Between the Doctrine of Strict Products Liability and the Provision of Insurance
Author(s)
Barker, Drucilla Karen
Issue Date
1988
Doctoral Committee Chair(s)
Ulen, Thomas S.
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Law
Economics, Commerce-Business
Abstract
This dissertation analyzes the relationship between the tort-liability system and the current problems in the provision of commercial liability insurance. It uses loss-ratio data by insurer group and state to assess empirically the manner in which liability standards affect systematic underwriting risk.
Tort law consists mainly of judge-made law and varies considerably from state to state. For the purpose of this analysis, the crucial variation is the extent to which a state's tort standards tend toward absolute liability because they fail to place reasonable limits on the existence and scope of a firm's liability. Systematic underwriting risk should be higher in these states since their failure to limit a firm's liability will exacerbate the already existing market imperfections in the provision of insurance.
The empirical results support this hypothesis. Systematic underwriting risk is significantly higher in states that tend toward absolute liability in tort.
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