The social costs of dangerous products: an empirical investigation.
Defective consumer products impose significant costs on consumers and third parties when they cause fatalities and injuries. This Article develops a novel approach to measuring the true extent of such costs, which may not be accurately captured under current methods of estimating the cost of dangerous products. Current analysis rests on a narrowly defined set of costs, excluding certain types of costs. The cost-of-injury estimates utilized in this Article address this omission by quantifying and incorporating these costs to provide a more complete picture of the true impact of defective consumer products. The new estimates help to gauge the true value of the civil liability system.
Shapiro
Sidney
S
Wake Forest University, USA.
Ruttenberg
Ruth
R
Leigh
Paul
P
D001336:Automobiles / Q000331:legislation & jurisprudence; D003257:Consumer Product Safety / Q000331:legislation & jurisprudence*; D017281:Cost of Illness; D003365:Costs and Cost Analysis; D006801:Humans; D019161:Hydroxymethylglutaryl-CoA Reductase Inhibitors / Q000009:adverse effects; D007880:Legislation, Drug; D015541:Off-Road Motor Vehicles / Q000331:legislation & jurisprudence; D011725:Pyridines / Q000009:adverse effects; D012941:Social Responsibility; D014481:United States
D019161:Hydroxymethylglutaryl-CoA Reductase Inhibitors; D011725:Pyridines; C086276:cerivastatin