The Judgment Proof Problem

@inproceedings{Shavell2001TheJP,
  title={The Judgment Proof Problem},
  author={Steven Shavell},
  year={2001}
}
Parties who cause harm to others may sometimes turn out to be ‘judgment proof,’ that is, unable to pay fully the amount for which they have been found legally liable.’ This possibility is an important and realistic one. Certainly individuals may readily be imagined to cause personal injury or property damage resulting in judgments that exceed their assets plus any liability insurance coverage; and the same is true of firms.2 To understand the nature of this problem, a theoretical model of the… CONTINUE READING
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