Damages

About: Damages is a research topic. Over the lifetime, 9365 publications have been published within this topic receiving 89750 citations. The topic is also known as: compensation award.

The Social Cost of Carbon

Abstract: • The social cost of carbon (SCC), the estimated price of the damages caused by each additional ton of carbon dioxide (CO2) released into the atmosphere, determines the strength of climate legislation; the higher the SCC is set, the more stringent the regulatory standards. • Current national estimates of the SCC are grossly underestimated due to a reliance on deeply flawed economic models and a disregard of important alternative estimates and ethical issues. • Ethical considerations such as unmonetized climate impacts and the rate of discounting future impacts cannot be disregarded; nor can the risk of catastrophic climate damages.

IPO underpricing and insurance against legal liability

Abstract: Initial public offerings (IPOs) of equity are typically underpriced on the day of the offering. A frequently mentioned explanation for this puzzling phenomenon relies on issuers' desire to avoid legal liabilities under federal securities laws for misstatements in the offering prospectus or registration statement. According to this "lawsuit avoidance hypothesis," large positive returns from offer price to early after market trading reduce (i) the probability of a lawsuit, (ii) the conditional probability of an adverse judgment if a lawsuit is filed, and (iii) the amount of damages in the event of an adverse judgment.

Understanding and enhancing the public's behavioural response to flood warning information

Abstract: Drawing on evidence from the United Kingdom and elsewhere in Europe, this paper explores how people have responded to flood warning information and how these responses impact upon the effectiveness of a flood warning through saving lives and injuries, and reducing economic damages Methods of flood warning that the public rely upon are discussed alongside empirical evidence of how flood victims prepare for, and respond to, flood warnings in rapid to medium-onset floods The paper investigates why some members of the public fail to act appropriately, or most effectively, to flood warning information, touching on ideas of a lack of understanding, mistrust in authority and a lack of ownership of flood reducing actions The paper examines the styles of public learning about flood warning response which might be most appropriate and effective, and how recent positive steps to increase the public's understanding of effective response might be further enhanced in the United Kingdom Copyright © 2009 Royal Meteorological Society

Large potential reduction in economic damages under UN mitigation targets.

Abstract: International climate change agreements typically specify global warming thresholds as policy targets 1 , but the relative economic benefits of achieving these temperature targets remain poorly understood2,3. Uncertainties include the spatial pattern of temperature change, how global and regional economic output will respond to these changes in temperature, and the willingness of societies to trade present for future consumption. Here we combine historical evidence 4 with national-level climate 5 and socioeconomic 6 projections to quantify the economic damages associated with the United Nations (UN) targets of 1.5 °C and 2 °C global warming, and those associated with current UN national-level mitigation commitments (which together approach 3 °C warming 7 ). We find that by the end of this century, there is a more than 75% chance that limiting warming to 1.5 °C would reduce economic damages relative to 2 °C, and a more than 60% chance that the accumulated global benefits will exceed US$20 trillion under a 3% discount rate (2010 US dollars). We also estimate that 71% of countries—representing 90% of the global population—have a more than 75% chance of experiencing reduced economic damages at 1.5 °C, with poorer countries benefiting most. Our results could understate the benefits of limiting warming to 1.5 °C if unprecedented extreme outcomes, such as large-scale sea level rise 8 , occur for warming of 2 °C but not for warming of 1.5 °C. Inclusion of other unquantified sources of uncertainty, such as uncertainty in secular growth rates beyond that contained in existing socioeconomic scenarios, could also result in less precise impact estimates. We find considerably greater reductions in global economic output beyond 2 °C. Relative to a world that did not warm beyond 2000–2010 levels, we project 15%–25% reductions in per capita output by 2100 for the 2.5–3 °C of global warming implied by current national commitments 7 , and reductions of more than 30% for 4 °C warming. Our results therefore suggest that achieving the 1.5 °C target is likely to reduce aggregate damages and lessen global inequality, and that failing to meet the 2 °C target is likely to increase economic damages substantially.

First Do No Harm? Tort Reform and Birth Outcomes

Abstract: In the 1980s and 1990s many states adopted tort reforms. It has been argued that these reforms have reduced the practice of defensive medicine arising from excess tort liability. We find that this does not appear to be true for a large and important class of cases—childbirth in the United States. Using data from national vital statistics natality files on millions of individual births from 1989 to 2001, we ask whether specific tort reforms affect the types of procedures that are performed, and the health outcomes of mothers and their infants. We find that reform of the Joint and Several Liability rule (or the "deep pockets rule") reduces complications of labor and procedure use, whereas caps on noneconomic damages increase them. We show that these results are consistent with a model of tort reform that explicitly allows for variations in patient condition.