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Punitive Damages by Numbers: Exxon Shipping Co. v. Baker
(Supreme Court Economic Review, 2010)
The U.S. Supreme Court decision in Exxon Shipping Co. v. Baker is a landmark that establishes an upper bound ratio of punitive damages to compensatory damages of 1:1 for maritime cases, with potential implications for other ...
Promoting Recycling: Private Values, Social Norms, and Economic Incentives
(American Economic Review, 2011)
Individual behaviors that benefit the environment are potentially influenced by personal values of environmental quality, social norms that encourage proenvironmental actions, and economic incentives. Economic incentives ...
Phosphates and the Environmental Free Lunch
(Regulation, 1984)
The environmental rationale for a detergent phosphate ban is straightforward enough.
Phosphates are pollutants because, ironically enough, they are biodegradable. In fact, living things thrive on them. Excessive phosphate ...
Product Liability and Regulation: Establishing the Appropriate Institutional Division of Labor
(American Economic Association, 2012)
Society has several institutional mechanisms that promote the control of product health and safety risks and compensation of the income losses that these risks generated. For risks traded in the market, economic forces at ...
Safety at Any Price
(Regulation, 2002)
After three decades of experience with extensive government regulation and oversight of health, safety and environmental matters, we have reason to believe that those measures have largely failed to fulfill their initial ...
Are Individuals Bayesian Decision Makers?
(American Economic Review, 1985)
There has been increasing interest in whether normative models of individual choice under uncertainty accord with actual behavior. These concerns have been much greater than in other economic contexts because of the ...
Risk Perceptions in Regulation, Tort Liability, and the Market
(Regulation, 1991)
Risk regulations are generally based on a stylized view of the behavior of the individuals affected by the regulation. These behavioral assumptions establish the basis for regulation and also influence the character of the ...
Saving Lives Through Punitive Damages
(Southern California Law Review, 2010)
This Article proposes that the value of statistical life ("VSL ") be used to set the total damages amount needed for deterrence when punitive damages are warranted in wrongful death cases. The appropriate level of total ...
Market Incentives for Safety
(Harvard Business Review, 1985)
In the heated atmosphere generated by inch-high headlines and multimillion-dollar liability suits, two important facts often get lost. First, society's awareness of what ensuring reasonably complete safety would cost rarely ...
Pricing Lives for Corporate and Governmental Risk Decisions
(Vanderbilt Law Review, 2015)
The value of a statistical life (VSL) is the most influential single parameter used in calculating the benefits of governmental regulations. While there are some inter-agency differences, there is a commonality in the ...