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Negligence and the marginal utility of engineering safety

R.H. Stillman (Department of Economics, The University of Queensland, St Lucia, Australia)

International Journal of Social Economics

ISSN: 0306-8293

Article publication date: 1 July 1997

1165

Abstract

Addresses modelling liability for legal negligence and the marginal cost of accidents, with special reference to the ageing and maintenance of the components of electric transmission and distribution lines. The methodology, which is based on the formula‐tion suggested by Judge Learned Hand, considers the use of a conditional failure distribution related to the age and degradation of a component to define the accident probability. Discusses issues of engineering risk, cost‐benefit and limited resources in the context of a “reasonable standard of care” and the common law question of “how safe is safe enough”?

Keywords

Citation

Stillman, R.H. (1997), "Negligence and the marginal utility of engineering safety", International Journal of Social Economics, Vol. 24 No. 7/8/9, pp. 873-883. https://doi.org/10.1108/03068299710178919

Publisher

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MCB UP Ltd

Copyright © 1997, MCB UP Limited

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