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The Economics of Product Safety and Imperfect Information

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  • Victor P. Goldberg

Abstract

In an earlier article in the Bell Journal, Walter Oi analyzed the economics of product safety. His primary emphasis was on a full information model. However, since product safety is only a problem if consumer information is inadequate, policy implications of a full information analysis are suspect. This paper stresses the importance of treating product bans and liability rules as part of the consumer's information processing system.

Suggested Citation

  • Victor P. Goldberg, 1974. "The Economics of Product Safety and Imperfect Information," Bell Journal of Economics, The RAND Corporation, vol. 5(2), pages 683-688, Autumn.
    • Handle: RePEc:rje:bellje:v:5:y:1974:i:autumn:p:683-688
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    Cited by:

    1. Leathers, Howard D., 1979. "A Primer On Nutrition Policy In The United States," Staff Papers 13268, University of Minnesota, Department of Applied Economics.
    2. Michael Faure & Shu Li, 0. "Risk shifting in the context of 3D printing: an insurability perspective," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 0, pages 1-26.
    3. Deborah E. Eisman, 1983. "Product Liability: Who Should Bear the Burden?," The American Economist, Sage Publications, vol. 27(1), pages 54-57, March.
    4. Steven Shavell, 2005. "Liability for Accidents," NBER Working Papers 11781, National Bureau of Economic Research, Inc.
    5. Ram Singh, 2009. "RISK, INFORMATIONAL ASYMMETRY AND PRODUCT LIABILITY: An Enquiry Into Conflicting Objectives," Pacific Economic Review, Wiley Blackwell, vol. 14(1), pages 89-112, February.
    6. K. W. Chau & Lennon H. T. Choy, 2011. "Let the Buyer or Seller Beware: Measuring Lemons in the Housing Market under Different Doctrines of Law Governing Transactions and Information," Journal of Law and Economics, University of Chicago Press, vol. 54(S4), pages 347-365.
    7. John P. Speir, 1995. "The Implications of Different Liability Rules for The Provision of A Risky Public Good," Public Finance Review, , vol. 23(3), pages 399-416, July.
    8. Charles S. Tapiero & Morton J. Posner, 1988. "Warranty reserving," Naval Research Logistics (NRL), John Wiley & Sons, vol. 35(4), pages 473-479, August.

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