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Efficiency Effects of Punitive Damages

Author

Listed:
  • Diamond, P.

Abstract

This paper develops a typology of different behaviors that might be viewed as outrageous by a jury and subjected to punitive damages. The paper derives the level of punitive damages for achieving economic efficiency in four different situation - malice and three settings where a jury might find reckless disregard - a rational response to insufficient compensatory damages, a nonrational disregard to risk, and a rational response when compensatory damages are adequate.

Suggested Citation

  • Diamond, P., 1997. "Efficiency Effects of Punitive Damages," Working papers 97-16, Massachusetts Institute of Technology (MIT), Department of Economics.
    • Handle: RePEc:mit:worpap:97-16
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    Keywords

    LAW;

    JEL classification:

    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics

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