Do Exposure Suits Produce a "Race to File"? An Economic Analysis of a Tort for Risk

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Do Exposure Suits Produce a "Race to File"? An Economic Analysis of a Tort for Risk

Author Info

Thomas J. Miceli () (University of Connecticut, Storrs)
Kathleen Segerson () (University of Connecticut, Storrs)

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Abstract

Conventional tort law does not allow exposure victims to seek compensation until they develop symptoms of illness. Because this may bar recovery if the injurer is judgment proof, some have advocated allowing victims to sue at exposure. However, critics charge that such a tort for risk would create a ``race to file.'' We show that a race may or may not occur in equilibrium, and that when it does occur, not all victims choose to file even if bankruptcy is an inevitable result. We examine the consequences of the possible equilibria on compensation of victims, litigation costs, and injurer care. Ordering information: This article can be ordered from https://pubs3.rand.org/cgi-bin/rje/pdf.cgi.

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Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 36 (2005)
Issue (Month): 3 (Autumn)
Pages: 613-627
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Handle: RePEc:rje:randje:v:36:y:2005:3:p:613-627

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Paper
- Thomas J. Miceli & Kathleen Segerson, 2004. "Do Exposure Suits Produce a "Race to File"? An Economic Analysis of a Tort for Risk," Working papers 2004-25, University of Connecticut, Department of Economics. [Downloadable!]
- Thomas J. Miceli & Kathleen Segerson, 2001. "Do Exposure Suits Produce a 'Race to File'? An Economic Analysis of a Tort for Risk," Working papers 2002-42, University of Connecticut, Department of Economics, revised Jun 2004. [Downloadable!]

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Shavell, Steven, 1985. "Uncertainty over Causation and the Determination of Civil Liability," Journal of Law & Economics, University of Chicago Press, vol. 28(3), pages 587-609, October.
Other versions:
- Steven Shavell, 1983. "Uncertainty Over Causation and the Determination of Civil Liability," NBER Working Papers 1219, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Ringleb, Al H & Wiggins, Steven N, 1990. "Liability and Large-Scale, Long-term Hazards," Journal of Political Economy, University of Chicago Press, vol. 98(3), pages 574-95, June. [Downloadable!] (restricted)
Kathryn E. Spier, 2002. "Settlement with Multiple Plaintiffs: The Role of Insolvency," Journal of Law, Economics and Organization, Oxford University Press, vol. 18(2), pages 295-323, October.
repec:att:wimass:19199822 is not listed on IDEAS
T. Randolph Beard, 1990. "Bankruptcy and Care Choice," RAND Journal of Economics, The RAND Corporation, vol. 21(4), pages 626-634, Winter. [Downloadable!] (restricted)
Shavell, S., 1986. "The judgment proof problem," International Review of Law and Economics, Elsevier, vol. 6(1), pages 45-58, June. [Downloadable!] (restricted)
Rose-Ackerman, Susan, 1989. "Dikes, Dams, and Vicious Hogs: Entitlement and Efficiency in Tort Law," Journal of Legal Studies, University of Chicago Press, vol. 18(1), pages 25-50, January.
Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23. [Downloadable!]
Other versions:
- Diamond, Douglas W & Dybvig, Philip H, 1983. "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 401-19, June. [Downloadable!] (restricted)
Thomas J. Miceli & Kathleen Segerson, 2004. "A Tort for Risk and Endogenous Bankruptcy," Working papers 2004-24, University of Connecticut, Department of Economics. [Downloadable!]
Schwartz, Alan, 1993. "Bankruptcy Workouts and Debt Contracts," Journal of Law & Economics, University of Chicago Press, vol. 36(1), pages 595-632, April.
Fischer, Michael J, 1996. "Union Carbide's Bhopal Incident: A Retrospective," Journal of Risk and Uncertainty, Springer, vol. 12(2-3), pages 257-69, May.

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