By Katie Vloet and John MassonMarch 6, 2013
A paper by Michigan Law's Kyle Logue and the University of Chicago's Omri Ben-Shahar has captured the 2013 Liberty Mutual Prize for the year's most exceptional article on the law of property and casualty insurance.
"This is a tremendous honor, and Omri and I are both excited to hear about it," Prof. Logue said.
The paper (available on SSRN) asks whether insurance could be a substitute for government regulation of safety. And according to the authors, the answer, at least in some cases, is yes. Logue and Ben-Shahar's work, "Outsourcing Regulation: How Insurance Reduces Moral Hazard," was printed in the November 2012 edition of the Michigan Law Review.
"In many (though obviously not all) situations, private insurers, because of their inherent informational comparative advantage, should be expected to do the job of regulation better than public regulators and courts," the paper says.
"It's all about finding ways of making the world safer."
The Liberty Mutual Prize, which will be presented formally to Logue and Ben-Shahar this fall, was created by the Liberty Mutual Insurance Group and is administered by the Boston College of Law. Papers are judged by a panel of professors and attorneys with special expertise in insurance law. Submissions were judged on analysis, originality, thoroughness of research, creativity, and clarity of thought and expression.
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