• Kathryn E. Spier


Should Consumers Be Permitted to Waive Products Liability? Product Safety, Private Contracts, and Adverse Selection. Kathryn E. Spier, March 8, 2013, Paper. "A potentially dangerous product is supplied by a competitive market. The likelihood of a product-related accident depends on the unobservable precautions taken by the manufacturer and on the type of the consumer. Contracts include the price to be paid by the consumer ex ante and stipulated damages to be paid by the manufacturer ex post in the event of an accident. Although the stipulated damage payments are a potential solution to the moral hazard..." May require purchase or user account. Link