Torts and the Protection of 'Legally Recognized Interests'
AbstractThe law of torts plays an important role in completing the legal property rights system by defining the extent to which property is protected from harm. It does this by defining the kinds of interests that will be recognized and protected from harm by the courts, the duty of care owed these recognized interests by others, and the manner in which they will be protected through monetary compensation, restitution, or injunction. Together, these three elements of torts define a right in the âbundle of rightsâ that constitute property. In this paper, we develop a systematic approach to formalizing the nature of the property rights protected by tort law. We use this approach to reexamine the literature on compensation for nonpecuniary damages. This reexamination demonstrates how recognizing tortâs role in defining property rights and having a way of formalizing these rights can provide deeper insight into old questions torts scholarship.
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Bibliographic InfoPaper provided by Department of Agricultural & Resource Economics, UC Berkeley in its series Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series with number qt1j8691zn.
Date of creation: 01 Apr 2005
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insurance; laws; losses; property rights; torts;
Other versions of this item:
- Hoffmann, Sandra A. & Hanemann, W. Michael, 2005. "Torts and the protection of 'legally recognized interests'," CUDARE Working Paper Series 1025, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
- Hoffmann, Sandra & Hanemann, W. Michael, 2005. "Torts and the Protection of "Legally Recognized" Interests," Discussion Papers dp-05-21, Resources For the Future.
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- K0 - Law and Economics - - General
- K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
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