01:220:395 Lecture Notes - Lecture 16: Indifference Curve

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2 May 2016
Victim’s precaution vs Injurer’s precaution
Quadrant Injurer Victim
I Fault No fault
II No fault No fault
III No fault Fault
IV Fault Fault
Fault determined by law
Precise regulations
Speed limits
Seat belts
Smoke detectors
Reasonable care
The degree of caution and concern an ordinary prudent and rational
person would use in similar circumstances
Perfect compensation
A sum of money sufficient to make the victim of an injury equally as well off
with the money and the injury as he or she would have been had the injury not
taken place
Reasonable care
Abuse of property rights: exercise property rights in a way that does not harm
Paterfamilias: treat people like a parent treats family members
Rationalities: efficient means to a legal end
Indifference curve
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