This paper develops a typology of different behaviors that might be viewed as outrageous by a jury and subjected to punitive damages. The paper derives the level of punitive damages for achieving economic efficiency in four different situation - malice and three settings where a jury might find reckless disregard - a rational response to insufficient compensatory damages, a nonrational disregard to risk, and a rational response when compensatory damages are adequate.
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Paper provided by Massachusetts Institute of Technology (MIT), Department of Economics in its series Working papers with number
97-16.
Length: 37 pages Date of creation: 1997 Date of revision: Handle: RePEc:mit:worpap:97-16
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