Economic Principles of Liability and Financial Responsibility for Oil Pollution,
Abstract
The paper examines the economic issues involved in the imposition of liability for the damages caused by disasters in general and major oil spills in particular. The conclusions reached are the following: Unlimited liability with absolute fault is to be preferred to limited liability when one takes the welfare of society as a whole into account; It may be desirable to levy fines on polluters above payment of damages; Oil companies do not have a right to carry on polluting activities; and The government should make certain that financial responsibility is provided for. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 01, 1971
- Accession Number
- AD0722376
Entities
People
- Stanley A. Horowitz
Organizations
- Center for Naval Analyses