The Economics of Pure Economic Loss and the Internalisation of Multiple Externalities

Mattiacci, Giuseppe Dari

doi:10.1007/978-3-7091-0616-7_11

Cited by 9 publications

(2 citation statements)

References 18 publications

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“…See Bussani, Palmer and Parisi (2003) for a recent comparative law and economics analysis. 82 Dari-Mattiacci (2004). In New York Times Co. v. Sullivan, 376 US 254 (1964, the US Supreme Court quashed as unconstitutional the imposition of liability on an organ of the press for the mere diffusion of false information, fearing that such a burden would induce self-censorship.…”

Section: Tort: Liability For Nonfeasancementioning

confidence: 99%

Negative Liability

Dari‐Mattiacci¹

2009

The Journal of Legal Studies

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Negative and positive externalities pose symmetrical problems to social welfare. The law internalizes negative externalities by providing general tort liability rules. According to such rules, those who cause harm to others should pay compensation. In theory, in the presence of positive externalities, negative liability should apply: those who produce benefits should be paid a compensatory award by the gainers. Nevertheless, the legal system does not display such general negative-liability rules. Rather, it tackles the problem of internalizing positive externalities by implementing a set of different and often indirect solutions. My explanation for this asymmetry in legal remedies rests on three features of a negative-liability regime, relating to intent, incentives, and evidence. These features explain the scope and design of restitution rules, liability for nonfeasance, and other mechanisms for the internalization of positive externalities. (c) 2009 by The University of Chicago. All rights reserved..

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Section: Tort: Liability For Nonfeasancementioning

confidence: 99%

Negative Liability

Dari‐Mattiacci¹

2009

The Journal of Legal Studies

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“…See, among others,Bishop (1982),Shavell (1987),Gilead (1997),Parisi (2003) andDari Mattiacci (2003) for an extensive discussion of private versus social loss.…”

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confidence: 99%

Tortious acts affecting markets

Schweizer

2007

International Review of Law and Economics

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The present paper examines an injurer causing a temporary blackout to a firm as the primary victim but also affecting customers and competitors of the firm. Reflecting existing legal practice, the paper investigates efficiency properties of the negligence rule granting recovery of private losses but to the primary victim only. The regime is shown to provide efficient incentives for precaution provided that the primary loss exceeds the social loss from accidents. The main contribution of the paper consists of an explicit analysis of markets affected by a temporary blackout of one firm. The analysis reveals that the private loss exceeds the social loss indeed if the market is less than fully competitive. Moreover, the net social loss remains positive, no matter which market structure prevails.

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Potential Rating Indicators for Cyberinsurance: An Exploratory Qualitative Study

Innerhofer-Oberperfler

Breu

2010

Economics of Information Security and Privacy

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Abstract. In this paper we present the results of an exploratory qualitative study with experts. The aim of the study was the identification of potential rating variables which could be used to calculate a premium for Cyberinsurance coverages. For this purpose we have conducted semistructured qualitative interviews with a sample of 36 experts from the DACH 1 region. The gathered statements have been consolidated and further reduced to a subset of indicators which are available and difficult to manipulate. The reduced set of indicators has been presented again to the 36 experts in order to rank them according to their relative importance. In this paper we describe the results of this exploratory qualitative study and conclude by discussing implications of our findings for both research and practice.

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The Economics of Pure Economic Loss and the Internalisation of Multiple Externalities

Cited by 9 publications

References 18 publications

Negative Liability

Negative Liability

Tortious acts affecting markets

Potential Rating Indicators for Cyberinsurance: An Exploratory Qualitative Study

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