Rationalizing the Relationship between Product Liability and Innovation
W. KIP VISCUSI AND MICHAEL J. MOORE
One of the principal effects of tort liability that has stimulated the product liability reform debate has been the____________________
W. KIP VISCUSI is the George G. Allen Professor of Economics at Duke University. He received the David A. Wells Prize for the best Harvard economics PhD dissertation in 1976. Dr. Viscusi serves as an associate reporter for the American Law Institute's Tort Liability Reform Project. He is the author of many articles and books, including Regulating Consumer Product Safety ( 1984), Risk by Choice: Regulating Health and Safety in the Workplace ( 1984), and Restructuring Product Liability to Manage Risks (forthcoming).
MICHAEL J. MOORE is associate professor of economics at the Fuqua School of Business, Duke University. He has published articles on workers' compensation, occupational safety, and the value of life and health. Additionally his current research interests include economic studies of the effects of product liability and product safety regulation. He is the coauthor (with W. Kip Viscusi) of the recently published book, Compensation Mechanisms for Job Risks: Wages, Workers' Compensation, and Product Liability. The authors are indebted to the Insurance Services Office (product liability data) and the Wharton-