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

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Author Info

  • 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.

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Bibliographic Info

Paper provided by Massachusetts Institute of Technology (MIT), Department of Economics in its series Working papers with number 97-19.

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Length: 40 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:mit:worpap:97-19

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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), DEPARTMENT OF ECONOMICS, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA
Phone: (617) 253-3361
Fax: (617) 253-1330
Web page: http://econ-www.mit.edu/
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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), DEPARTMENT OF ECONOMICS, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA
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Keywords: PENAL SANCTIONS ; LAW;

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Cited by:
  1. 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.
  2. Polinsky, A. Mitchell & Shavell, Steven, 2007. "The Theory of Public Enforcement of Law," Handbook of Law and Economics, Elsevier.
  3. Steven Shavell, 2005. "Liability for Accidents," NBER Working Papers 11781, National Bureau of Economic Research, Inc.
  4. Luciana Echazu & Mark Frascatore, 2012. "Supply Chain Quality, Mandatory Insurance, and Recall Risk," International Journal of Business and Economics, College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan, vol. 11(1), pages 1-11, June.

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