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''Gregoire v. Biddle'', 177 F. 2d 579, 581 (2d Cir. 1949), ''cert. denied'', 339 U.S. 949 (1950).
''Gregoire v. Biddle'', 177 F. 2d 579, 581 (2d Cir. 1949), ''cert. denied'', 339 U.S. 949 (1950).
Judge Hand was the first to apply [[economic]] concepts to legal analysis. His "Hand test" for negligence imposes liability only if if the burden of preventing harm is less than the probability of the harm times its magnitude:<ref>''United States v. Carroll Towing Co., Inc.'', 159 F.2d 169 (2d Cir. 1947). [http://www.learnedhand.com/]</ref>
Judge Hand was the first to apply [[economic]] concepts to legal analysis. His "Hand test" for negligence imposes liability only if the burden of preventing harm is less than the probability of the harm times its magnitude:<ref>''United States v. Carroll Towing Co., Inc.'', 159 F.2d 169 (2d Cir. 1947). [http://www.learnedhand.com/]</ref>
:the owner's 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. Possibly it serves to bring this notion into relief to state it in algebraic terms: if the probability be called P; the injury, L; and the burden, B; liability depends upon whether B is less than L multiplied by P: i.e., whether B less than PL.
:the owner's 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. Possibly it serves to bring this notion into relief to state it in algebraic terms: if the probability be called P; the injury, L; and the burden, B; liability depends upon whether B is less than L multiplied by P: i.e., whether B less than PL.
* Griffith, Kathryn. ''Judge Learned Hand and the Role of the Federal Judiciary.'' (1973). 251 pp.
* Griffith, Kathryn. ''Judge Learned Hand and the Role of the Federal Judiciary.'' (1973). 251 pp.
* Gunther, Gerald. ''Learned Hand: The Man and the Judge'' (1994), the standard scholarly biographt
* Gunther, Gerald. ''Learned Hand: The Man and the Judge'' (1994), the standard scholarly biographt
== References ==
== References ==
<references/>
[[Category:United States Judges]]
[[Category:United States Judges]]
[[Category:Second Circuit]]
[[Category:Second Circuit]]