Problems with Relational Loss Valuation
In serious personal injury and death cases, courts may allow an award for that component of nonpecuniary losses variously referred to as "companionship", "society", "emotional services", or consortium." I wiil hereafter refer to this kind of loss as a "loss of society.The purpose of this short paper is twofold: (1) to consider briefly whether it is desirable and possible in terms of economic theory to compensate the loss of society, and (2) TO assess the specific methodologies of the three papers in this section, each of which presents a different method for assigning a dollar value to it.
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Web page: http://econ.la.psu.edu/
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