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Efficiency effects of punitive damages

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Published by Dept. of Economics, Massachusetts Institute of Technology in Cambridge, Mass .
Written in English

Book details:

Edition Notes

StatementPeter Diamond
SeriesWorking paper / Dept. of Economics -- 97-17, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 97-17.
The Physical Object
Pagination38 p. :
Number of Pages38
ID Numbers
Open LibraryOL24644213M

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  Since we aim at providing an efficiency argument for punitive damages, in the following we will restrict our attention to the case where Proposition 1 holds. 14 Therefore, we assume: (A7) Either c 12 (x, y) ≥ 0 or |c 12 (x, y)| is small for all x and y. We now proceed to the injurer's decision of whether to comply with the negligence standard Cited by: 7. The twenty-two authors of this book reflect on the pros and cons, applicability, aims and limitations of punitive damages in terms of different legal themes. Some of the authors are, because of their legal background, familiar with punitive damages, whereas others are not. Likewise, some take an enthusiastic stance, whereas others remain prudent. We construct a model of optimal deterrence to address the issue concerning the form and efficiency of punitive damages. Because the same amount of damages means less to wealthy injurers than to poor ones, without punitive damages, it might happen that poor injurers abide by Cited by: 7. I. INTRODUCTION. Professor Viscusi addresses an important concern, namely, that economic efficiency can be undermined by the threat of punitive damages because of a well-executed, socially oriented risk or benefit-cost analysis.(1) While Viscusi refers occasionally to environmental liability, his analysis focuses on product liability, so my comments pertain only to product liability.

Process Clause constrains the imposition of punitive damages in civil cases brought by private parties.‖14 The motivation to federalize punitive damages appears in Justice O‘Connor‘s dissent where she advocated on behalf of big business against ―skyrocketing‖ punitive damage awards, contending that manufacturers 6. The Economics of Punitive Damages [ as published in For the Defense ] The Economics of Punitive Damages Patrick A. Gaughan, Ph.D. Professor College of Business Fairleigh Dickinson University and President Economatrix Research Associates, Inc. Abstract This paper explores the economics of punitive damages as they relate to corporate defendants. The purposes of punitive damages are . PUNITIVE DAMAGES AND ENVIRONMENTAL LAW 1 The week that the jury in the Exxon Valdez trial came in with their final verdict, juror Nancy Provost's granddaughter had been learning about big numbers in her fifth-grade math class. “Billions and millions and trillions,” says Provost. Also known as exemplary damages, retributory damages or vindictive damages. Damages awarded in excess of the claimant’s loss. They are intended to punish the defendant rather than compensate the claimant and are only available in precise and limited circumstances such as where the defendant is guilty of oppressive or unconstitutional action or has calculated that the money to be made from.

While some research studies have indicated that punitive damages are awarded relatively infrequently, such research does not take into account the shadow effect of punitive damages. The shadow effect refers to the fact that settlement amounts may include an allocation for punitive damages even though, for tax reasons, it is not designated as such. This fairness and efficiency in the law of punitive damages by dorsey d ellis, as one of the most functional sellers here will unquestionably be in the midst of the best options to review. The legality of Library Genesis has been in question since because it allegedly grants access to pirated copies of books and paywalled articles, but the. sium on the economic analysis of punitive damages was published in in Symposium, Punitive Damages, 56 S. CAL. L. REV. 1 (). The keynote paper is Dan Ellis, Fairness and Efficiency in the Law of Punitive Damages, 56 S. CAL. L. REV. 1 (). My paper in this symposium, Robert D. Cooter, Economic Analysis of Punitive Damages, 56 S. CAL. L.   I've analyzed effects of product liability, including punitive damages, on corporate decisions and economic efficiency, focusing on pharmaceuticals, medical devices, and automobiles.(2) I've also deplored the threat of punitive damages for performing benefit-cost analyses.(3).