The Economic Framework Of Personal Injury/Wrongful Death Damages

Abstract

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Economic Efficiency and Damage Awards in Personal Injury Torts

“…Calfee and Rubin (1992) and Schieren (1998) have made the argument that it is not economically efficient for a defendant to pay money to replace something lost in an accident, when the "something" is irreplaceable by its very nature. In addition, Arlen (1992) has taken the question of what the defendant should pay relative to what the plaintiff should receive to a higher level with her exposition of why the defendant's wealth matters in determining the amount of the award.…”