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A Note on the Law and Economics of Stolen Valor

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  • Dennis L. Weisman

Abstract

The issue of stolen valor concerns the act of trading on false claims of being awarded valorous military service medals. The Supreme Court overturned the 2005 Stolen Valor Act , largely on First Amendment grounds, ruling that even false speech deserves some protection. Misrepresentation that devalues the reputation of medals for valor may not violate the revised statute despite reducing the expected wage premium associated with being awarded the medal for valor and discouraging investment in military effort. Hence, the law and economics of stolen valor are in some conflict. JEL Classifications : D82, H1, K23

Suggested Citation

  • Dennis L. Weisman, 2018. "A Note on the Law and Economics of Stolen Valor," The American Economist, Sage Publications, vol. 63(1), pages 115-119, March.
    • Handle: RePEc:sae:amerec:v:63:y:2018:i:1:p:115-119
    DOI: 10.1177/0569434517736287
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    References listed on IDEAS

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    1. Landes, William M & Posner, Richard A, 1987. "Trademark Law: An Economic Perspective," Journal of Law and Economics, University of Chicago Press, vol. 30(2), pages 265-309, October.
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    More about this item

    Keywords

    stolen valor; military; principal-agency;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • H1 - Public Economics - - Structure and Scope of Government
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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