Manne

LEC Workshop for Law Professors on Risk, Injury, Liability, and Insurance, January 30 - February 2,

Agenda

Thursday, January 30

Classes held in the Sea Turtle Room, Hawks Cay Florida Keys Resort

 

3:30 - 4:30 pm

 

Registration, Sea Turtle Foyer

 

4:30 - 4:40 pm

 

Welcome and Introductions

 

Henry N. Butler, George Mason University Foundation Professor of Law and Executive Director, Law & Economcis Center

 

4:40 - 6:00 pm

 

CLASS 1 — Introduction to Insurance | Butler

 

Topics: Demand, Supply, Adverse Selection, Market for Lemons, Moral Hazard

 
 

Reading Assignments:

 

Butler, Drahozal & Shepherd, Economic Analysis for Lawyers, 3rd edition, 2014, Chapter VI: Risk

 

6:00 - 8:30 pm

Reception and Dinner, Landings and Osprey Room

 
 

Henry N. Butler, George Mason University Foundation Professor of Law and Executive Director, Law & Economics Center

 
 

Societal Risk Bearing

 

Robert Cusumano, Founder and CEO, Legal Horizons Foundation

 

Friday, January 31

Classes held in the Sea Turtle Room

 

7:30 - 8:00 am

 

Breakfast, Dolphin Deck

 

8:00 - 9:30 am

 

CLASS 2 — The Economics of Risk

 
 

Eric A. Helland, Robert J. Lowe Professor of Economics, Claremont McKenna College

 
 

Jonathan Klick, Maurice R. Greenburg Visiting Professor of Law, Yale Law School and Professor of Law, University of Pennsylvania Law School

 
 

Topics: Risk, Uncertainty, Risk Aversion, Certainty Equivalents, Overview of Mechanisms for Dealing with Risk, Hedging, Reinsurance, Securitization

 
 

Reading Assignments:

 

Butler, Drahozal & Shepherd, Economic Analysis for Lawyers, 3rd edition, 2014, Chapter VI: Risk

 

Lewis, "The Man Who Crashed the World," Vanity Fair, August 2009

 

Friedman, Hidden Order: The Economics of Everyday Life, HarperBusiness (1997), Chapter 13: Chance

 

10:00 - 11:30 am

 

CLASS 3 — Moral Hazard and Adverse Selection | Helland and Klick

 
 

Topics: Risk, Uncertainty, Risk Aversion, Certainty Equivalents, Overview of Mechanisms for Dealing with Risk, Hedging, Reinsurance, Securitization

 
 

Reading Assignments:

 

Friedman, Law's Order: What Economics Has to do with Law and Why It Matters, Princeton University Press (2001), Chapter 6: Of Burning Hourses and Exploding Coke Bottles.

 

11:30 - 12:15 pm

 

Lunch, Dolphin Deck

 

12:30 - 2:00 pm

 

CLASS 4 — Empirical Studies on Risk, Injury, Liability and Insurance | Helland and Klick

 
 

Reading Assignments:

 

Klick and Stratmann, "The Effect of Abortion Legalization on Sexual Behavior: Evidence from Sexually Transmitted DIseases," 32 J. Legal Stud. 407 (2003)

 

Klick and Stratmann, "Diabetes Treatments and Moral Hazard," 50 Journal of Law and Economics 519-538 (No. 3, 2007)

 

Klick and Stratmann, "Subsidizing Addiction: Do State Health Insurance Mandates increase Alcohol Consumption?", 55 J. Legal Stud. 175 (2006)

 

Helland and Tabarrok, "Product Liability and Moral Hazard: Evidence from General Aviation," 55 Journal of Law and Economics, 593-630 (No. 3, 2012)

 

2:00 pm

 

Adjourn for Day

 

Saturday, February 1

Classes held in the Sea Turtle Room

 

7:30 - 8:00 am

 

Breakfast, Dolphin Deck

 

8:00 - 9:30 am

 

CLASS 5 — Tort Law | Helland and Klick

 
 

Topics: The Costs of Accidents, Injury, Precaution, Alternatice Liability Rules, Products Liability

 
 

Reading Assignments:

 

Miceli, The Economic Approach to Law, 2nd Edition, Stanford (2008), Chapter 2: An Economic Model of Tort Law and Chapter 3: Applying the Economic Model of Tort Law

 

10:00 - 11:30 am

 

CLASS 6 — Risk Regulation | Helland and Klick

 
 

Topics: Compensating Differentials, Least Cost Risk Bearers, Contracting, Environmental Risk, Pharmaceuticals, Medical Malpractice

 
 

Reading Assignments:

 

Rubin, "Fundamental Reform of Tort Law," Regulation (No. 4, 1995)

 

Viscusi, Vernon and Harrington, Ecnomics of Regulation and Antitrust, 3rd edition, MIT Press (2001): Chapter 20: Valuing Law and Other Nonmonetary Benefits and Chapter 22: Product Safety

 

11:30 - 4:30 pm

 

Study Break (Lunch on your own)

 

4:30 - 6:00 pm

 

CLASS 7 —Research Roundtable | Butler, Helland, and Klick

 
 

Topics: Participants Present Potential Research Projects

 

6:00 - 8:30 pm

 

Reception, Dinner and Closing Remarks, Beach Grill

 

8:30 pm

Adjourn

 

Sunday, February 2

Departure