Download or read book The Changing Landscape of Blockbuster Punitive Damages Awards written by Alison F. Del Rossi and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article investigates the determinants of the blockbuster punitive damages awards of at least $100 million. As of the end of 2008, there had been 100 such awards with an average value of $3.0 billion. The U.S. Supreme Court decision in State Farm v. Campbell suggested a single digit upper bound on the punitive damages/compensatory damages ratio, which reduced the annual number of blockbuster awards, the total annual value of blockbuster awards, and the punitive damages/compensatory damages ratio. Applying the 1:1 ratio from Exxon Shipping Co. et al. v. Baker et al. broadly would eliminate most of the blockbuster awards.
Download or read book Shifting the Fat Tailed Distribution of Blockbuster Punitive Damages Awards written by W. Kip Viscusi and published by . This book was released on 2013 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The distribution of blockbuster punitive damages awards has fat tails similar to the distributions of losses from natural disasters. Extremely large awards occur more often and are more difficult to predict than if blockbuster awards were distributed normally. The size and predictability of awards are important factors in the U.S. Supreme Court's decisions on punitive damages. This article examines the effect of the Court's decision in State Farm v. Campbell on blockbuster punitive damages awards. State Farm shifts the fat tail of the distribution of blockbuster awards down (or “thins” the tail), which is consistent with a restraining effect on award size. State Farm reduces the size of blockbuster awards in general, but this reduction is most salient in the upper half of the distribution of awards. State Farm also has a negative influence on the probability of exceeding a single digit ratio between punitive and compensatory damages. This article also examines the largest awards and considers why defendants may not pay large punitive damages awards.
Download or read book The Blockbuster Punitive Damages Awards written by W. Kip Viscusi and published by . This book was released on 2004 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: A listing and analysis of punitive damage awards of one hundred million dollars or more in the U.S., 1985-2003.
Download or read book Taming Blockbuster Punitive Damages Awards written by Benjamin J. McMichael and published by . This book was released on 2018 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Landmark Cases in the Law of Punitive Damages written by James Goudkamp and published by Bloomsbury Publishing. This book was released on 2023-12-28 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Punitive damages are private law's most controversial remedy. This book traces the development of the jurisdiction from the foundational decisions of Huckle v Money and Wilkes v Wood in England, to leading modern cases such as Harris v Digital Pulse Pty Ltd in Australia, Whiten v Pilot Insurance Co in Canada, Couch v AG (No 2) in New Zealand, PH Hydraulics and Engineering Pte Ltd v Airtrust (Hong Kong) Ltd in Singapore and Mathias v Accor Economy Lodging, Inc and State Farm Mutual Automobile Insurance Co v Campbell in the United States. Many of the decisions addressed are not only landmarks regarding punitive damages but are among the most important judgments delivered in private law more generally. The essays, which are written by leading scholars from a wide range of jurisdictions, cast new light on the cases covered. They do so by examining their historical antecedents and the impact that they have had on the development of the law. The full spectrum of issues regarding punitive damages is addressed including the insurability of punishment, constitutional constraints on the remedy's availability and whether the award should be confined to particular causes of action. The collection will be of interest to all scholars and students of private law. It concentrates on common law cases although civilian perspectives, drawn from France and Germany, are also offered.
Download or read book The Significant Association Between Punitive and Compensatory Damages in Blockbuster Cases written by Martin T. Wells and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article assesses the relation between punitive and compensatory damages in a data set, gathered by Hersch and Viscusi (H-V), consisting of all known punitive damages awards in excess of $100 million from 1985 through 2003. It shows that a strong, statistically significant relation exists between punitive and compensatory awards, a relation that replicates similar findings in nearly all other analyses of punitive and compensatory damages. H-V's claim that no significant relation exists between punitive and compensatory awards in these data appears to be an artifact of questionable regression methodology.
Download or read book The Punitive Damages Calculus written by Benjamin J. McMichael and published by . This book was released on 2016 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: State punitive damages reforms have altered how courts award punitive damages. We model the decision to award punitive damages as a two-step process involving the decision to award any punitive damages and the decision of what amount to award. For the Civil Justice Survey of State Courts samples of trial court verdicts, punitive damages caps reduce the amount of damages awarded but do not affect whether they are initially awarded. In contrast, the effect of punitive damages reforms on blockbuster punitive damages awards of at least $100 million is to reduce the incidence of these awards, but not their amount.
Download or read book The Blockbuster Punitive Damage Awards written by and published by . This book was released on 2004 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Research Handbook on the Economics of Torts written by Jennifer Arlen and published by Edward Elgar Publishing. This book was released on 2013-11-29 with total page 668 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on issues of vital importance to those seeking to understand and reform the tort system, this volume takes a multi-disciplinary approach, including theoretical economic analysis, empirical analysis, socio-economic analysis, and behavioral anal
Download or read book Lawyer Barons written by Lester Brickman and published by Cambridge University Press. This book was released on 2011-01-31 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a broad and deep inquiry into how contingency fees distort our civil justice system, influence our political system and endanger democratic governance. Contingency fees are the way personal injury lawyers finance access to the courts for those wrongfully injured. Although the public senses that lawyers manipulate the justice system to serve their own ends, few are aware of the high costs that come with contingency fees. This book sets out to change that, providing a window into the seamy underworld of contingency fees that the bar and the courts not only tolerate but even protect and nurture. Contrary to a broad academic consensus, the book argues that the financial incentives for lawyers to litigate are so inordinately high that they perversely impact our civil justice system and impose other unconscionable costs. It thus presents the intellectual architecture that underpins all tort reform efforts.
Download or read book The American Illness written by F. H. Buckley and published by Yale University Press. This book was released on 2013-05-28 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: DIVThis provocative book brings together twenty-plus contributors from the fields of law, economics, and international relations to look at whether the U.S. legal system is contributing to the country’s long postwar decline. The book provides a comprehensive overview of the interactions between economics and the law—in such areas as corruption, business regulation, and federalism—and explains how our system works differently from the one in most countries, with contradictory and hard to understand business regulations, tort laws that vary from state to state, and surprising judicial interpretations of clearly written contracts. This imposes far heavier litigation costs on American companies and hampers economic growth./div
Download or read book The Jury Under Fire written by Brian H. Bornstein and published by Oxford University Press. This book was released on 2017-01-23 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the jury is often referred to as one of the bulwarks of the American justice system, it regularly comes under attack. Recent changes to trial procedures, such as reducing jury size, allowing non-unanimous verdicts, and rewriting jury instructions in plain English, were designed to promote greater efficiency and adherence to the law. Other changes, such as capping damages and replacing jurors with judges as arbiters in complex trials, seem designed to restrict the role of laypeople in trial outcomes. Whether these innovations are implemented to facilitate the administration of justice or due to the belief that juries have excessive power and make irrational decisions, they raise a host of questions about their effects on juries' judgments and about justice. Policymakers sometimes make incorrect assumptions about jury behavior, with the result that some reform efforts have had surprising and unintended consequences. The Jury Under Fire reviews a number of controversial beliefs about juries as well as the implications of these views for jury reform. It reviews up-to-date research on both criminal and civil juries that uses a variety of research methodologies: simulations, archival analyses, field studies, and juror interviews. Each chapter focuses on a mistaken assumption or myth about jurors or juries, critiques these myths, and then uses social science research findings to suggest appropriate reforms. Chapters discuss the experience of serving as a juror; jury selection and jury size; and the impact of evidence from eyewitnesses, experts, confessions, and juvenile offenders. The book also covers the process of deciding damages and punishment and the role of emotions in jurors' decision making, and it compares jurors' and judges' decisions. Finally, it reviews a broad range of efforts to reform the jury, including the most promising reforms that have a solid backing in research. Featuring highly visible trials to illustrate key points, The Jury Under Fire will interest researchers in psychology and the law, practicing attorneys, and policymakers, as well as students and trainees in these areas.
Download or read book Civil Justice Reconsidered written by Steven P. Croley and published by NYU Press. This book was released on 2017-08-22 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prosecutes the civil litigation system and proposes practical reforms to increase access to the courts and reduce costs. Civil litigation has come under fire in recent years. Some critics portray a system of dishonest lawyers and undeserving litigants who prevail too often, and are awarded too much money. Others criticize the civil justice system for being out of reach for many who have suffered real injury. But contrary to these perspectives and popular belief, the civil justice system in the United States is not out of control. In Civil Justice Reconsidered, Steven Croley demonstrates that civil litigation is, for the most part, socially beneficial. An effective civil litigation system is accessible to parties who have suffered legal wrongs, and it is reliable in the sense that those with stronger claims tend to prevail over those with weaker claims. However, while most of the system’s failures are overstated, they are not wholly off base; civil litigation often imposes excessive costs that, among other unfortunate consequences, impede access to the courts, and Croley offers ways to reform civil litigation in the interest of justice for potential plaintiffs and defendants, and for the rule of law itself. A better litigation system matters only because of what is at stake for real people, and Civil Justice Reconsidered speaks to the thought leaders, litigation reformers, members of the bar and bench, and policymakers who can answer the call for reforming civil litigation in the United States.
Download or read book Punishment and Private Law written by Elise Bant and published by Bloomsbury Publishing. This book was released on 2021-05-20 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does private law punish? This collection answers this complex but compelling question. Lawyers from across the spectrum of the law (contract, tort, restitution) explore exactly how it punishes wrong doing. These leading voices ask whether that punishment is effective and what its societal role might be. Taking the discussion out of the technical and into a broader realms of a wider purpose, it is both compelling and thought-provoking.
Download or read book The Economics of Artificial Intelligence written by Ajay Agrawal and published by University of Chicago Press. This book was released on 2019-06-07 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in artificial intelligence (AI) highlight the potential of this technology to affect productivity, growth, inequality, market power, innovation, and employment. This volume seeks to set the agenda for economic research on the impact of AI. It covers four broad themes: AI as a general purpose technology; the relationships between AI, growth, jobs, and inequality; regulatory responses to changes brought on by AI; and the effects of AI on the way economic research is conducted. It explores the economic influence of machine learning, the branch of computational statistics that has driven much of the recent excitement around AI, as well as the economic impact of robotics and automation and the potential economic consequences of a still-hypothetical artificial general intelligence. The volume provides frameworks for understanding the economic impact of AI and identifies a number of open research questions. Contributors: Daron Acemoglu, Massachusetts Institute of Technology Philippe Aghion, Collège de France Ajay Agrawal, University of Toronto Susan Athey, Stanford University James Bessen, Boston University School of Law Erik Brynjolfsson, MIT Sloan School of Management Colin F. Camerer, California Institute of Technology Judith Chevalier, Yale School of Management Iain M. Cockburn, Boston University Tyler Cowen, George Mason University Jason Furman, Harvard Kennedy School Patrick Francois, University of British Columbia Alberto Galasso, University of Toronto Joshua Gans, University of Toronto Avi Goldfarb, University of Toronto Austan Goolsbee, University of Chicago Booth School of Business Rebecca Henderson, Harvard Business School Ginger Zhe Jin, University of Maryland Benjamin F. Jones, Northwestern University Charles I. Jones, Stanford University Daniel Kahneman, Princeton University Anton Korinek, Johns Hopkins University Mara Lederman, University of Toronto Hong Luo, Harvard Business School John McHale, National University of Ireland Paul R. Milgrom, Stanford University Matthew Mitchell, University of Toronto Alexander Oettl, Georgia Institute of Technology Andrea Prat, Columbia Business School Manav Raj, New York University Pascual Restrepo, Boston University Daniel Rock, MIT Sloan School of Management Jeffrey D. Sachs, Columbia University Robert Seamans, New York University Scott Stern, MIT Sloan School of Management Betsey Stevenson, University of Michigan Joseph E. Stiglitz. Columbia University Chad Syverson, University of Chicago Booth School of Business Matt Taddy, University of Chicago Booth School of Business Steven Tadelis, University of California, Berkeley Manuel Trajtenberg, Tel Aviv University Daniel Trefler, University of Toronto Catherine Tucker, MIT Sloan School of Management Hal Varian, University of California, Berkeley
Download or read book Michigan Law Review written by and published by . This book was released on 2012 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economics of Artificial Intelligence written by Ajay Agrawal and published by University of Chicago Press. This book was released on 2019-05-22 with total page 643 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in artificial intelligence (AI) highlight the potential of this technology to affect productivity, growth, inequality, market power, innovation, and employment. This volume seeks to set the agenda for economic research on the impact of AI. It covers four broad themes: AI as a general purpose technology; the relationships between AI, growth, jobs, and inequality; regulatory responses to changes brought on by AI; and the effects of AI on the way economic research is conducted. It explores the economic influence of machine learning, the branch of computational statistics that has driven much of the recent excitement around AI, as well as the economic impact of robotics and automation and the potential economic consequences of a still-hypothetical artificial general intelligence. The volume provides frameworks for understanding the economic impact of AI and identifies a number of open research questions. Contributors: Daron Acemoglu, Massachusetts Institute of Technology Philippe Aghion, Collège de France Ajay Agrawal, University of Toronto Susan Athey, Stanford University James Bessen, Boston University School of Law Erik Brynjolfsson, MIT Sloan School of Management Colin F. Camerer, California Institute of Technology Judith Chevalier, Yale School of Management Iain M. Cockburn, Boston University Tyler Cowen, George Mason University Jason Furman, Harvard Kennedy School Patrick Francois, University of British Columbia Alberto Galasso, University of Toronto Joshua Gans, University of Toronto Avi Goldfarb, University of Toronto Austan Goolsbee, University of Chicago Booth School of Business Rebecca Henderson, Harvard Business School Ginger Zhe Jin, University of Maryland Benjamin F. Jones, Northwestern University Charles I. Jones, Stanford University Daniel Kahneman, Princeton University Anton Korinek, Johns Hopkins University Mara Lederman, University of Toronto Hong Luo, Harvard Business School John McHale, National University of Ireland Paul R. Milgrom, Stanford University Matthew Mitchell, University of Toronto Alexander Oettl, Georgia Institute of Technology Andrea Prat, Columbia Business School Manav Raj, New York University Pascual Restrepo, Boston University Daniel Rock, MIT Sloan School of Management Jeffrey D. Sachs, Columbia University Robert Seamans, New York University Scott Stern, MIT Sloan School of Management Betsey Stevenson, University of Michigan Joseph E. Stiglitz. Columbia University Chad Syverson, University of Chicago Booth School of Business Matt Taddy, University of Chicago Booth School of Business Steven Tadelis, University of California, Berkeley Manuel Trajtenberg, Tel Aviv University Daniel Trefler, University of Toronto Catherine Tucker, MIT Sloan School of Management Hal Varian, University of California, Berkeley
