World Library  
Flag as Inappropriate
Email this Article

The Costs of Accidents: A Legal and Economic Analysis

Article Id: WHEBN0023985571
Reproduction Date:

Title: The Costs of Accidents: A Legal and Economic Analysis  
Author: World Heritage Encyclopedia
Language: English
Subject: Law and economics
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

The Costs of Accidents: A Legal and Economic Analysis

The Costs of Accidents: A Legal and Economic Analysis
Author Guido Calabresi
Country United States
Language English
Subject Law and economics
Publisher Yale University Press
Publication date 1970
Media type Paperback/Hardcover
Pages x, 340 p
ISBN 0-300-01114-8
OCLC Number 59166

The Costs of Accidents: A Legal and Economic Analysis (1970) by Guido Calabresi is a work in the law and economics tradition because it provides an economic efficiency analysis of the rules of tort law. The central aim of tort law is not the absolute minimization of losses from individual accidents because the total accident cost of any economically fruitful activity/industry includes both the expected cost of the accidents that happen to occur and the actual costs expended in avoiding the accidents.

For expenditures to prevent accidents, there must be associated levels of expected accidents and expected losses. Unfortunately, there is a serious underregistration of the most common accidents that have only a small cost per accident but may be important in the total cost of accidents. Only few studies have accurately quantified the entire cost of accidents.[1] The whole cost at a given level of precaution is the net of the precautionary expenditures in addition to the losses accrued from the accidents that were not prevented. If the goal is to minimize the total costs of accidents, the costs of precaution should be included.

References


This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World eBook Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.