This paper develops a model of group borrowing that incorporates partial group liability, where borrowers are penalized if their group members default but are not held responsible for the entirety of the failed loan. The model illustrates a trade-off of group liability lending: while higher levels of group liability increase within group risk-sharing, if liability is too high, borrowers strateg...

This paper considers the case where adequate negligence standards cannot be defined because actions of defendants before an accident are imperfectly observable. Negligence-based liability rules, which are often considered as the only efficient liability rule in the presence of multiple tortfeasors, are not feasible in this environment. We propose an insurance-based liability rule as a remedy: D...

IVOTICE This report was prepared as an account of work Project Director: spon:ored by the United States Government. Neither , the United States nor the United States Energy i Dr. Herta Spencer, Chief Research and Development Administfation, nor any of I , their employees, nor any of their contractors, Metabolic Research Unit warranty. express or implied, or mumes any legal subconuactors. or the...

The New Jersey Legislature authorized the licensing of Physician Assistants (PAs) in 1991. These mid-level practitioners have been useful as “physician extenders” in both office and hospital settings. In primary care and surgical specialties, PAs can undertake diagnostic evaluations, manage inpatient care and function as a hospitalist, assist in surgery or invasive procedures and can perform so...

This paper reviews a humanistic risk management policy that includes early injury review, steadfast maintenance of the relationship between the hospital and the patient, proactive full disclosure to patients who have been injured because of accidents or medical negligence, and fair compensation for injuries. The financial consequences of this type of policy are not yet known; however, one Veter...

This paper examines auditor liability rules under imperfect information, costly litigation and risk averse auditors. A negligence rule fails in such a setting, because in equilibrium auditors will deviate with positive probability from any given standard. It is shown that strict liability outperforms negligence with respect to risk allocation, and the probability that a desired level of care is...

This paper considers the effect of tort liability reforms on medical malpractice and general liability insurance markets. The primary reforms analyzed were damages caps and other liability reforms. These reforms decreased premiums, reduced losses, and improved the profitability of insurance companies based on evidence using detailed individual company by state data from the National Association...

While in several jurisdictions corporate criminal liability is accepted, in Brazil the maxim still prevails that corporations cannot commit crimes. In common law countries the attribution of criminal liability to corporations was developed more than a century ago, and the concept of corporate criminal liability has been extensively discussed. This work is an attempt to look into the common law ...