Economic Analysis of Accident Law

Accident law, if properly designed, is capable of reducing the incidence of mishaps by making people act more cautiously. Scholarly writing on this branch of law traditionally has been concerned with examining the law for consistency with felt notions of right and duty. Since the 1960s, however, a group of legal scholars and economists have focused on identifying the effects of accident law on people's behaviour. Steven Shavell's book is the definitive synthesis of research to date in this new field.

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A lucid, up-to-date survey of the economics of accident law. -- Roger Bowles Economic Journal 19890601 [This] is certainly a masterpiece. -- Thomas S. Ulen Journal of Economic Literature 19881201 Steven Shavell is one of the leading practitioners of economic analysis of law; his book is a clear and careful discussion of what we currently know about the economic analysis of accident law. -- David Friedman Journal of Political Economy 19890401 The strength of Shavell's book is its lucid, structured development and explication of the economic model. It represents the best systematic presentation of the relevance of economic argument for issues of risk allocation...Together [with William M. Landes and Richard A. Posner's The Economic Structure of Tort Law] they constitute the most comprehensive defense of the economic analysis of tort law currently available, and are strongly recommended accordingly. -- Jules L. Coleman Yale Law Journal 19880501 Steven Shavell...[has] drawn upon [his] previous path-breaking work to issue [one of] the most important books in the law and economics of tort law since the release in 1970 of Guido Calabresi's The Costs of Accidents...The work is a masterful tribute to the power of economic modelling and the use of optimization techniques...I, for one, was immensely impressed by the richness of the insights that Shavell's theoretical approach provided into the fundamental issues of tort law...Shavell's analysis is conducted with intellectual rigor and sophistication. -- John J. Donohue III Harvard Law Review 19890301 For anyone wanting to learn where we stand concerning economic analysis of accident law, Shavell's book provides an authoritative and fairly comprehensive summary of the state of the art. -- Michelle J. White Michigan Law Review 19880501

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Steven Shavell is Samuel R. Rosenthal Professor of Law at Harvard Law School.

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