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L&E: Economic Tort Law - Statistics
General Stats
- This quiz has been taken 0 times
- The average score is 0 of 8
Answer Stats
| Hint | Answer | % Correct |
|---|---|---|
| A pre-contractual problem where the party with more information (typically the buyer or insured) uses it to their advantage, potentially harming the uninformed party. | Adverse selection | 0%
|
| A mathematical framework to model strategic interactions between rational decision-makers, where each player's outcome depends on the choices of others. | Game theory | 0%
|
| A negligence test from Judge Learned Hand: a party is liable if the burden (B) of preventing harm is less than the probability (P) of harm multiplied by its severity (L), or B < PL. | Hand formula | 0%
|
| A type of information asymmetry where one party has private information relevant to a transaction or contract, often leading to inefficiencies. | Hidden knowledge | 0%
|
| A post-contractual problem where one party changes behavior because they are protected from the consequences, such as taking more risks due to being insured. | Moral hazard | 0%
|
| Pricing behaviour in markets dominated by a few sellers; firms are interdependent and may engage in strategic pricing, collusion, or price wars. | Oligopoly pricing | 0%
|
| A classic game theory scenario where two rational individuals choose not to cooperate—even when it's in their best interest—due to lack of trust or inability to coordinate. | Prisoner's dilemma | 0%
|
| Applies economic reasoning to political decision-making; assumes politicians and bureaucrats act in their own self-interest, leading to inefficiency or policy failures. | Public Choice Theory | 0%
|
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