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
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Viscusi, W Kip & Moore, Michael J, 1993. "Product Liability, Research and Development, and Innovation," Journal of Political Economy, University of Chicago Press, vol. 101(1), pages 161-84, February.
- 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.
- Eisenberg, Theodore, et al, 1997. "The Predictability of Punitive Damages," The Journal of Legal Studies, University of Chicago Press, vol. 26(2), pages 623-61, June.
- Viscusi, W. Kip, 2004. "The Blockbuster Punitive Damages Awards," Working paper 357, Regulation2point0.
- Manning, Richard L, 1994. "Changing Rules in Tort Law and the Market for Childhood Vaccines," Journal of Law and Economics, University of Chicago Press, vol. 37(1), pages 247-75, April.
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