The Changing Landscape of Blockbuster Punitive Damages Awards
AbstractThis article investigates the determinants of the blockbuster punitive damages awards of at least $100 million. As of the end of 2008, there had been one hundred such awards with an average value of $3.0 billion. The U.S. Supreme Court decision in State Farm v. Campbell suggested a single-digit upper bound on the punitive damages-compensatory damages ratio, which reduced the annual number of blockbuster awards, the total annual value of blockbuster awards, and the punitive damages-compensatory damages ratio. Applying the 1:1 ratio from Exxon Shipping Co. et al. v. Baker et al. broadly would eliminate most of the blockbuster awards. Copyright 2009, Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal American Law and Economics Review.
Volume (Year): 12 (2009)
Issue (Month): 1 ()
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Other versions of this item:
- Alison F. Del Rossi & W. Kip Viscusi, 2009. "The Changing Landscape of Blockbuster Punitive Damages Awards," NBER Working Papers 15571, National Bureau of Economic Research, Inc.
- K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
- K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
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- Joni Hersch & W. Kip Viscusi, 2004. "Punitive Damages: How Judges and Juries Perform," The Journal of Legal Studies, University of Chicago Press, vol. 33(1), pages 1-36, 01.
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