This Note applies the theory of comparative institutional analysis to evaluate the trade-offs from permitting the assignability of personal injury tort claims and the sanctioning of markets in such claims. I assess the trade-offs for three aspects of the tort system: compensation for victims, deterrence of inefficient risk-taking, and judicial economy. I outline the mechanisms through which assignability could affect these aspects and conclude that additional empirical evidence is needed before the net effect of assignability on these aspects can be properly quantified. Finally, I provide a rudimentary framework to guide the collection of the empirical evidence needed to assess the net effect of assignability on these aspects.
Paul Strickland, The Market For Torts: An Imperfect Alternative, 9 UC Irvine Law Review 1289 (2019).