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Torts and the Protection of "Legally Recognized" Interests

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Author Info
Hoffmann, Sandra () (Resources for the Future)
Hanemann, W. Michael

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Abstract

The 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 “bundle of rights” 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 tort’s 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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Paper provided by Resources For the Future in its series Discussion Papers with number dp-05-21.

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Date of creation: 11 Aug 2005
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Handle: RePEc:rff:dpaper:dp-05-21

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Related research
Keywords: torts; property rights; liability; compensation; damages; insurance;

Find related papers by JEL classification:
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

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Calfee, John E & Rubin, Paul H, 1992. "Some Implications of Damage Payments for Nonpecuniary Losses," Journal of Legal Studies, University of Chicago Press, vol. 21(2), pages 371-411, June.
  2. Cook, Philip J & Graham, Daniel A, 1977. "The Demand for Insurance and Protection: The Case of Irreplaceable Commodities," The Quarterly Journal of Economics, MIT Press, vol. 91(1), pages 143-56, February. [Downloadable!] (restricted)
  3. Steven Shavell, 2003. "Economic Analysis of Accident Law," NBER Working Papers 9694, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Viscusi, W Kip & Evans, William N, 1990. "Utility Functions That Depend on Health Status: Estimates and Economic Implications," American Economic Review, American Economic Association, vol. 80(3), pages 353-74, June. [Downloadable!] (restricted)
  5. Ian Ayres & Paul M. Goldbart, 2003. "Correlated Values in the Theory of Property and Liability Rules," Journal of Legal Studies, University of Chicago Press, vol. 32, pages 121-151. [Downloadable!]
  6. Walter Y. Oi, 1973. "The Economics of Product Safety," Bell Journal of Economics, The RAND Corporation, vol. 4(1), pages 3-28, Spring. [Downloadable!] (restricted)
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