An economic analysis of auto compensation systems: Choice experiences from New Jersey and Pennsylvania
Publication in refereed journal

香港中文大學研究人員

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摘要Nearly since the first automobile traveled on U.S. soil, questions about how best to compensate people injured by their use have been raised. As early as in 1932, in fact, the tort system of imposing costs on negligent drivers was strongly criticized, and a system of compensation without regard to negligence recommended. Yet despite various efforts to identify and implement improved systems during the past more than 70 years, no clear best compensation mechanism has been found. Current discussions have focused on the "choice" system, under which insureds are allowed to select either a tort system or a no-fault system of compensation at the time of insurance purchase. New Jersey and Pennsylvania, which implemented very similar choice programs in 1989 and 1990, respectively, offer an opportunity to observe the effects of choice on outcomes such as: use of attorneys, speed of payment, and consistency (equity) of payment. Our results indicate outcomes consistent with expectations in New Jersey (NJ), which switched from no-fault to choice, but inconsistent with expectations in Pennsylvania (PA), which switched from tort to choice. Furthermore, analysis of tort versus no-fault selectors postchoice in New Jersey and Pennsylvania does not offer clear evidence of no-fault's lower administrative costs and speedier, more equitable payment in these jurisdictions.
著者Schmit JT, Yeh JH
期刊名稱Journal of Risk and Insurance
出版年份2003
月份12
日期1
卷號70
期次4
出版社BLACKWELL PUBL LTD
頁次601 - 628
國際標準期刊號0022-4367
電子國際標準期刊號1539-6975
語言英式英語
Web of Science 學科類別Business & Economics; Business, Finance; BUSINESS, FINANCE; Economics; ECONOMICS

上次更新時間 2020-28-09 於 01:30