Topic
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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TL;DR: In this paper, the authors developed an auction model in which the winning bidder has an opportunity to cancel the transaction and pay damages to the seller in the event of a default on the auction contract.
75 citations
TL;DR: In this paper, the authors compare private and public enforcement of the antitrust laws in a simple strategic model of antitrust violation and lawsuit, and highlight the tradeoff that private firms are initially more likely than the government to be informed about antitrust violations, but are also more likely to use the laws strategically, to the disadvantage of consumers.
Abstract: We compare private and public enforcement of the antitrust laws in a simple strategic model of antitrust violation and lawsuit. The model highlights the tradeoff that private firms are initially more likely than the government to be informed about antitrust violations, but are also more likely to use the antitrust laws strategically, to the disadvantage of consumers. Assuming coupled private damages, if the court is sufficiently accurate, adding private enforcement to public enforcement always increases social welfare, while if the court is less accurate, it increases welfare only if the government is sufficiently inefficient in litigation. Pure private enforcement is never strictly optimal. Public enforcement can achieve the social optimum with a fee for public lawsuit that induces efficient information revelation. Private enforcement can also achieve the social optimum with private damages that are efficiently multiplied and decoupled.
75 citations
TL;DR: The principle of freedom of contract rests on the premise that it is in the public interest to accord individuals broad powers to order their affairs through legally enforceable agreements that the courts will enforce without passing on their substance as discussed by the authors.
Abstract: The principle of freedom of contract rests on the premise that it is in the public interest to accord individuals broad powers to order their affairs through legally enforceable agreements that the courts will enforce without passing on their substance. Occasionally, however, a court will decide that the public interest in freedom of contract is outweighed by other considerations and will refuse to enforce the agreement or some part of it. In particular, contracting parties' power to bargain over their remedial rights is surprisingly limited. The most important restriction denies them the power to stipulate damages that are so large as to be characterized as penalties.'
75 citations
TL;DR: The question of whether it is possible to get damages for breach of an exclusive jurisdiction clause was very rarely considered by the courts and had attracted little academic interest as mentioned in this paper. But when considered alongside recent developments in cases covered by the Brussels regime, the subject becomes of potentially much greater practical significance.
Abstract: Until relatively recently the question of whether it is possible to get damages for breach of an exclusive jurisdiction clause was very rarely considered by the courts and had attracted little academic interest. But when considered alongside recent developments in cases covered by the Brussels regime, the subject becomes of potentially much greater practical significance. The main purpose of this article is to consider how the newly developing common law principles might apply in that context.
75 citations
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11 Sep 2012
TL;DR: This article examined how product liability law treated personal injuries attributed to microbially contaminated foods and found that the risk of lawsuits stemming from microbial foodborne illness and the resulting court-awarded compensation may create economic incentives for firms to produce safer food.
Abstract: This report examines how product liability law treats personal injuries attributed to microbially contaminated foods The risk of lawsuits stemming from microbial foodborne illness and the resulting court-awarded compensation may create economic incentives for firms to produce safer food It is not known how many consumers seek compensation for damages from contaminated foods because information about complaints and legal claims involving foodborne illness is not readily accessible, especially for cases that are settled out of court Reviewing the outcomes of 175 jury trials involving foodborne pathogens, the analysis identifies several factors that influence trial outcomes, while noting that the awards won by plaintiffs tend to be modest
75 citations