Punitive Damages and the Optimal Level of Product Failure
For several years a battle has been waged between trial lawyers and American business regarding the issue of punitive damage awards. Given the staggering magnitude of the monetary penalties that modern juries often impose against defendant firms, as well as the potential damage to the reputation of the company, how far should a supplier go in terms of efforts to improve product performance and reduce safety risks? We present a simple model that may be used as a framework for determining the optimal level of product safety/failure.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
When requesting a correction, please mention this item's handle: RePEc:mve:journl:v:28:y:2002:i:1:p:67-78. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ken Brown)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.