Tort Damages

TORT LAW AND ECONOMICS, ENCYCLOPEDIA OF LAW AND ECONOMICS,Vol. 1, Second Edition, M.G. Faure, ed., p. 153-200, Cheltenham, UK: Edward Elgar, 2009

Rotterdam Institute of Law and Economics (RILE) Working Paper Series No. 2008/02

48 Pages Posted: 19 Mar 2008 Last revised: 2 May 2013

Louis T. Visscher

Erasmus University Rotterdam (EUR) - Rotterdam Institute of Law and Economics; Erasmus University Rotterdam (EUR) - Erasmus School of Law

Date Written: August 31, 2010

Abstract

In this Chapter, I provide an overview of Law and Economics literature regarding tort damages. Where necessary, attention is also spent to rules of tort liability. Both types of rules provide behavioral incentives to both injurers and victims, with respect to their level of care and activity. Moreover, they determine who is the residual risk bearer. Many topics determine who ultimately bears which risks, among which the applicable liability rule (strict liability or negligence), the question which losses are included in the damages and which are excluded, the issue whether punitive damages are possible, how future losses, damages for nonpecuniary losses and fatal accidents are calculated, and how the topic of multiple tortfeasors is dealt with. Finally, empirical research regarding tort damages is briefly touched upon. The Chapter is followed by an extensive bibliography.

Keywords: Computation of Damages, Future Losses, Judgment Proof, Limitation of Damages, Loss of a Chance, Mitigation of Losses, Non Pecuniary Losses, Pain and Suffering, Punitive Damages, Pure Economic Loss, Tort Damages, Uncompensated Losses, Value of Human Life, Quality Adjusted Life Years

JEL Classification: K13

Suggested Citation

Visscher, Louis T., Tort Damages (August 31, 2010). TORT LAW AND ECONOMICS, ENCYCLOPEDIA OF LAW AND ECONOMICS,Vol. 1, Second Edition, M.G. Faure, ed., p. 153-200, Cheltenham, UK: Edward Elgar, 2009 . Available at SSRN: https://ssrn.com/abstract=1109069

Louis T. Visscher (Contact Author)

Erasmus University Rotterdam (EUR) - Rotterdam Institute of Law and Economics ( email )

Burgemeester Oudlaan 50
PO box 1738
Rotterdam, 3000 DR
Netherlands

Erasmus University Rotterdam (EUR) - Erasmus School of Law ( email )

3000 DR Rotterdam
Netherlands
+31 (10) 408 1833 (Phone)
+31 (10) 408 9191 (Fax)

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