In: Economics
state the learned hand equation and explain its components and interpretation
learned hand equation
The owners duty, as in other similar situations,to provide against resulting injuries is a function of three variables (1) The Probability that she will break away ; (2) The Gravity of the resulting injury, if she does; (3) The Burden of adequate precautions
B=PL
B- Precautions
P- Probability
L- Magnitude