1 definition found for this term.
Definitions are presented in the order source books were published (most recent first).
The Law of Torts, 6/e$70.00 – $112.00
The general concept of allocating accident costs to the producers of those accidents so that the costs of accidents are internalized in the price of a product or activity. It is anticipated that the high cost of dangerous products and services will lead consumers to purchase cheaper (safer) products and services, thereby creating incentives to reduce accidents.