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Integrating Punishment and Efficiency Concerns in Punitive Damages for Reckless Disregard of Risks to Others

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  • Diamond, P.A.

Abstract

Punitive damages deter and punish. Using a social welfare function that incorporates both economic efficiency and a desire for retribution, this paper explores the effects of punitive damages in situations of reckless disregard that might be vie wed as outrageous.

Suggested Citation

  • Diamond, P.A., 1997. "Integrating Punishment and Efficiency Concerns in Punitive Damages for Reckless Disregard of Risks to Others," Working papers 97-19, Massachusetts Institute of Technology (MIT), Department of Economics.
    • Handle: RePEc:mit:worpap:97-19
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    Cited by:

    1. Polinsky, A. Mitchell & Shavell, Steven, 2007. "The Theory of Public Enforcement of Law," Handbook of Law and Economics, in: A. Mitchell Polinsky & Steven Shavell (ed.), Handbook of Law and Economics, edition 1, volume 1, chapter 6, pages 403-454, Elsevier.
    2. Fluet, Claude & Galbiati, Rpbertp, 2016. "Lois et normes : les enseignements de l'économie comportementale," L'Actualité Economique, Société Canadienne de Science Economique, vol. 92(1-2), pages 191-215, Mars-Juin.
    3. Lando Henrik, 2009. "Prevention of Crime and the Optimal Standard of Proof in Criminal Law," Review of Law & Economics, De Gruyter, vol. 5(1), pages 33-52, January.
    4. Park Sung-Hoon & Shogren Jason F, 2010. "Environmental Citizen Suits with Pigovian Punitive Damages," Asian Journal of Law and Economics, De Gruyter, vol. 1(1), pages 1-19, July.
    5. Steven Shavell, 2005. "Liability for Accidents," NBER Working Papers 11781, National Bureau of Economic Research, Inc.
    6. Luciana Echazu & Mark Frascatore, 2012. "Supply Chain Quality, Mandatory Insurance, and Recall Risk," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 11(1), pages 1-11, June.
    7. Lando, Henrik, 2000. "The Optimal Standard of Proof in Criminal Law When Both Fairness and Deterrence Matter," Working Papers 2000-7, Copenhagen Business School, Department of Finance.

    More about this item

    Keywords

    PENAL SANCTIONS ; LAW;

    JEL classification:

    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics

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