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.
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Paper provided by Massachusetts Institute of Technology (MIT), Department of Economics in its series Working papers with number
97-19.
Length: 40 pages Date of creation: 1997 Date of revision: Handle: RePEc:mit:worpap:97-19
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