Reverse Bayesianism and act independence

Chakravarty, Surajeet; Kelsey, David; Teitelbaum, Joshua C.

doi:10.1016/j.jet.2022.105495

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Cited by 4 publications

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Reverse Bayesianism

Teitelbaum

2023

Encyclopedia of Law and Economics

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Reverse Bayesianism

Teitelbaum

2023

Encyclopedia of Law and Economics

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Tort Liability and Unawareness

Chakravarty,

Kelsey,

Teitelbaum

2024

Int Economic Review

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We explore the implications of unawareness for tort law. We study cases where injurers and victims initially are unaware that some acts can yield harmful consequences, or that some acts or harmful consequences are even possible, but later become aware. We model unawareness by Reverse Bayesianism. We compare the two basic liability rules of Anglo‐American tort law, negligence and strict liability, and argue that negligence has an important advantage over strict liability in a world with unawareness—negligence, through the stipulation of due care standards, spreads awareness about the updated probability of harm.

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Tort Liability and Unawareness

2018

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Unawareness is a form of bounded rationality where a person fails to conceive all feasible acts or consequences or to perceive as feasible all conceivable act-consequence links. We study the implications of unawareness for tort law, where relevant examples include the discovery of a new product or technology (new act), of a new disease or injury (new consequence), or that a product can cause an injury (new link). We argue that negligence has an important advantage over strict liability in a world with unawareness-negligence, through the stipulation of due care standards, spreads awareness about the updated probability of harm.

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Reverse Bayesianism and act independence

Cited by 4 publications

References 23 publications

Reverse Bayesianism

Reverse Bayesianism

Tort Liability and Unawareness

Tort Liability and Unawareness

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