ACES Seminars

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Agricultural and Consumer Economics - Departmental Seminar

Event Type
Department of Agricultural and Consumer Economics/Program for Environmental Resource Economics
Oct 30, 2020   12:00 - 1:00 pm  

Please join our virtual ACE Departmental Seminar series and co-sponsored by pERE

Dr. Jeff Wagner
Professor of Economics
Rochester Institute of Technology

 "Tort Reform, Public Harm, and Welfare"

 Friday, October 30, 2020 by ZOOM @ 12 noon CST

Co-authored with John K Stranlund, University of Massachusetts, Amherst
Abstract: A surprisingly diverse array of US manufacturers enjoy broad immunity from tort liability for
public harm. We examine the consequences of such immunity with a model of buyer and manufacturer
care-taking in a market relationship that features incomplete liability assignment and a probability that the representative manufacturer could lose its immunity as the public grows frustrated with increasing public harm. We find that reduced manufacturer liability can lead to less harmful products only under very restrictive conditions; and even when these conditions are met, reduced manufacturer liability leads to lower expected social welfare.

ZOOM  link:

Meeting ID: 836 6713 6367

Password: 700481

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