The thread on suing pharma companies got me thinking...
What duty does one have to the buyer when selling? How much information is to be given? Is it all Caveat Emptor? Do you forget to mention that while it was LNIB, there were just a couple FTF's?
We know when we are buying from a used car salesman that we may not be getting the whole story, but why do we believe it of other salesmen?
What about when an agent for you has an asymmetry of information? Like when you go to the doctor or hire a builder or a real estate agent? They are supposed to be acting in your best interest, but they often have their own interests to consider.
Why do people treat transactions within a group (ODT?) differently than when transacting with others outside their group (Armslist?). E.g., Jews have different laws for transactions with other Jews versus with Gentiles.
An interesting historical perspective:
Why Each One Should Eat His Own Turtles
https://medium.com/incerto/why-each-one-should-eat-his-own-turtles-revised-8a4be2f11e61
"So to the question voiced by Cicero in the debate between the two ancient stoics , “If a man knowingly offers for sale wine that is spoiling, ought he to tell his customers?” , the world is getting closer to Diogenes position of transparency, not necessarily via regulations as much as thanks to tort laws, one’s ability to sue for harm in the event the seller deceived him or her. Recall that tort laws put some skin in the game back into the seller –which is why they are reviled, hated by corporations. But tort laws have side effects –they should only be used in a nonnaive way, that is, in a way they cannot be gamed. As we will see in the discussion of the visit to the doctor, they will be gamed."
What duty does one have to the buyer when selling? How much information is to be given? Is it all Caveat Emptor? Do you forget to mention that while it was LNIB, there were just a couple FTF's?
We know when we are buying from a used car salesman that we may not be getting the whole story, but why do we believe it of other salesmen?
What about when an agent for you has an asymmetry of information? Like when you go to the doctor or hire a builder or a real estate agent? They are supposed to be acting in your best interest, but they often have their own interests to consider.
Why do people treat transactions within a group (ODT?) differently than when transacting with others outside their group (Armslist?). E.g., Jews have different laws for transactions with other Jews versus with Gentiles.
An interesting historical perspective:
Why Each One Should Eat His Own Turtles
https://medium.com/incerto/why-each-one-should-eat-his-own-turtles-revised-8a4be2f11e61
"So to the question voiced by Cicero in the debate between the two ancient stoics , “If a man knowingly offers for sale wine that is spoiling, ought he to tell his customers?” , the world is getting closer to Diogenes position of transparency, not necessarily via regulations as much as thanks to tort laws, one’s ability to sue for harm in the event the seller deceived him or her. Recall that tort laws put some skin in the game back into the seller –which is why they are reviled, hated by corporations. But tort laws have side effects –they should only be used in a nonnaive way, that is, in a way they cannot be gamed. As we will see in the discussion of the visit to the doctor, they will be gamed."
