Question

In: Economics

state the learned hand equation and explain its components and interpretation

state the learned hand equation and explain its components and interpretation

Solutions

Expert Solution

learned hand equation

  • Learned Hand Formula is an algebraic formula coined by judge Learned Hand and describes a process for determining whether a legal duty of care has been breached.
  • Hand Stated ;

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

  • given as;

B=PL

B- Precautions

P- Probability

L- Magnitude

  • According to which liability turns on the relation between investment in precautions (B) and the products of the probability(P) and magnitude (L) of harm resulting from the accident.
  • If PL Exceeds B then the defendant should be liable .
  • The Rule is also known as Hand Rule, Hand Formula or BPL Formula.

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