Economics, Econometrics and Finance
4 years ago

Balancing punishment and efficiency in punitive damages for reckless behavior.

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The Journal of Law Economics and Organization
Integrating Punishment and Efficiency Concerns in Punitive Damages for Reckless Disregard of Risks to Others
Peter Dia­mond

Paper Summary

The article discusses how punitive damages can balance punishment and efficiency concerns. By combining deterrence and retribution in a social welfare function, optimal punitive damages can be determined. This balance varies based on wealth and precaution levels. The study also looks at situations where accidents may not lead to liability.

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