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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.


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Journal ArticleDOI
TL;DR: In this paper, the authors provide a characterization of an optimal insurance contract (coverage schedule and audit policy) when the monitoring procedure is random and show that providing a positive indemnity payment for small claims with a nonmonotonic coverage schedule may be optimal.
Abstract: We provide a characterization of an optimal insurance contract (coverage schedule and audit policy) when the monitoring procedure is random. When the policyholder exhibits constant absolute risk aversion, the optimal contract involves a positive indemnity payment with a deductible when the magnitude of damages exceeds a threshold. In such a case, marginal damages are fully covered if the claim is verified. Otherwise, there is an additional deductible that disappears when the damages become infinitely large. Under decreasing absolute risk aversion, providing a positive indemnity payment for small claims with a nonmonotonic coverage schedule may be optimal.

28 citations

Journal ArticleDOI
TL;DR: In this article, the authors argue for a mixture of market incentives, tort law and administrative law, and argue that each sector must fill in the gaps left by the others, in order to overcome the dangers of cartelisation and oligopolistic behaviour.
Abstract: Private standards play a decisive role in tort law and in administrative law. Although they seem to be a perfect tool to achieve the goal of European integration, they tend to substitute democratic legitimacy with uncontrolled private governance. The loss of democratic control is accentuated by the failure of markets to provide sufficient incentives for standardising organisations to behave in a non‐opportunistic manner. The dangers of cartelisation and oligopolistic behaviour are obvious. The approach to overcome these deficits is complex: on the one hand, an institutional governance of private organisations is necessary to incorporate third party interests in the process of enacting private standards; on the other hand, the legal effects of private standards have to be restricted to mere assumptions dependent on the democratic quality of their enacting process. The problem of democratic legitimacy is aggravated by the parallel substitution of state authorities' control by means of private certification organisations which control only the management procedures of firms. As these management systems are difficult to be evaluate, the opportunities for opportunistic behaviour amongst firms and certifiers increases. Moreover, markets themselves fail to discipline certifiers by virtue of a lack of observable factors which might indicate the quality of certification. Tort law, too, cannot fulfil that gap by providing liability for damages caused by undue certifications because tort law suffers from a variety of shortcomings such as missing protection of public goods and difficult assessments of causation linkages. In sum, the author argues for a mixture of market incentives, tort law and administrative law. Each sector must fill in the gaps left by the others.

28 citations

Journal ArticleDOI
TL;DR: For example, this article found that most upland agriculture was primarily for subsistence until relatively recently, when road and other infrastructure improvements brought the majority of upland farmers into contact with markets and thereby have transformed the basis of production decisions.
Abstract: How do farmers in poor, remote upper-watershed areas of developing countries respond to price signals? Until relatively recently, it was widely assumed that most upland agriculture was primarily for subsistence. If correct, this has important implications for the design of upland development programs, as subsistence farmers, by definition, are beyond the reach of economic policies, and programs addressing upland poverty alleviation or environmental protection must depend on direct interventions. Such interventions, including command and control policies to conserve natural resources, remain at the core of most resource conservation strategies in countries of the humid tropics. In this respect, most upland development and conservation strategies no longer reflect the reality of upland agriculture. While pockets of pure subsistence production persist in least accessible regions, road and other infrastructure improvements have brought the majority of upland farmers into contact with markets and thereby have transformed the basis of production decisions. Accumulating evidence indicates that farmers in remote areas are increasingly willing to specialize in production of commercial

28 citations

Journal Article
TL;DR: The authors examines contract remedies, especially damage awards that are punitive or restitutionary, from the standpoint of corrective justice, where the function of the damage award in corrective justice is to undo, so far as possible, the defendant's violation of the plaintiff's right.
Abstract: This Paper examines contract remedies, especially damage awards that are punitive or restitutionary, from the standpoint of corrective justice. The function of the damage award in corrective justice is to undo, so far as possible, the defendant's violation of the plaintiff's right. Because the nature of the right determines the nature of the remedy, a discussion of contract damages requires elucidation of the right infringed by a breach of contract. Drawing on Kant's now almost forgotten discussion of contractual rights, the Paper sketches the relationship between the promisee's right to contractual performance and expectation damages, which give the promisee the value of that right. The Kantian account of contractual right not only justifies expectation damages as compensatory in accordance with corrective justice (thus resolving the perplexity about expectation damages formulated by Fuller and Perdue), but also discloses the inaptness of requiring the disgorgement of gains resulting from contract breach. Turning then to punitive damages, the Paper addresses the question of how corrective justice and punishment - and the institutions devoted to them - coexist, and how they are differentiated in a legal order based on rights. It then discusses the difficulties that emerge from the elaborate but ultimately unsatisfying recent attempt by the Supreme Court of Canada to work out a coherent treatment of punitive damages for contract breach.

28 citations

Posted Content
TL;DR: In this paper, the authors apply the framework of corrective justice to gain-based damages for torts, which is the consequence of the parties' being correlatively situated as the doer and sufferer of an injustice and the remedy is seen as undoing that injustice to the extent possible.
Abstract: For corrective justice, liability is the consequence of the parties' being correlatively situated as the doer and sufferer of an injustice, and the remedy is seen as undoing that injustice to the extent possible. Combining consideration of legal doctrine and private law theory, this article applies the framework of corrective justice to gain-based damages for torts. Within this framework, restitutionary damages ought to be available only insofar as they correspond to a constituent element in the injustice that the defendant has done to the plaintiff. The radical proposal that allows restitutionary damages for any wrongful gain is unsatisfactory because it fails to link the damages that the plaintiff receives to the normative quality of the defendant's wrong. In contrast, dealings in another's property give rise to such damages because the idea of property includes within the owner's entitlement the potential gains from the property's use or alienation. Restitutionary damages should not be seen as serving a deterrent or punitive function; such a function cannot account for why the plaintiff, of all people, is entitled to the defendant's gain. Properly understood, even situations where the plaintiff's wilfulness or calculation increases the damage award fit within the framework of corrective justice. The corrective justice approach thus repudiates the notion that restitutionary damages are occasions for the promotion of social purposes extrinsic to the juridical relationship between the parties.

28 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20242
2023929
20221,943
2021234
2020340
2019324