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030 Department Bulletin Papers = 本学紀要論文
*Hitotsubashi journal of economics
Vol. 64, no. 2(Dec. 2023)
Vol. 64, no. 1(Jun. 2023)
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Vol. 01, no. 1 (Oct. 1960)
Number of Access this item:
550
(
2024-04-20
14:22 Counts
)
Identifier to cite or link to this item: https://doi.org/10.15057/30888
Identifier to cite or link to this item: https://hdl.handle.net/10086/30888
Link to primary information
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cover_30888
pdf
HJeco0600201410
pdf
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Item Information
Output File
Title
Minimum Asset and Liability Insurance Requirements on Judgment-Proof Individuals When Harm is Endogenous
Creator
Creator Name
Kim, Chulyoung
Kim, Chulyoung
Affiliation
Affiliation Name
Yonsei University
Creator Name
Koh, Paul S.
Koh, Paul S.
Affiliation
Affiliation Name
Columbia University
Key Word
minimum asset requirement
liability insurance
judgment proof
endogenous harm
JEL
G28
K13
K20
L51
Abstract
Shavell (2005) studied the optimality of minimum asset requirements within a frame-work in which individuals can influence the probability of an accident. We reinvestigate Shavellʼs model for the opposite accident scenario, in which individuals can influence the magnitude of harm, and find different policy implications. In particular, we show that it could be optimal to completely ban judgment-proof individuals from participating in a potentially harmful activity. We alsoexamine the effect of liability insurance, and find that regulatory authorities should tighten standards relative tothe pure asset requirement and that liability insurance increases social welfare.
Publisher
Hitotsubashi University
Issued Date
2019-12
Language
English(eng)
Resource Type
departmental bulletin paper
Version Type
VoR
selfDOI
10.15057/30888
ISSN
0018-280x
NCID
AA00207547
Source Title
Hitotsubashi Journal of Economics
Volume Number
60
Issue Number
2
Page Start
141
Page End
161
Appears in Collections
Vol. 60, no. 2 (Dec. 2019)
URL
https://hdl.handle.net/10086/30888
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