How Do We Compensate a Victim's Losses? An Economic Perspective
International Review of Victimology, Vol. 16, pp. 67-87, 2009
21 Pages Posted: 6 May 2010
Date Written: April 5, 2009
Compensatory damages awarded in court are intended to make victims 'whole again'. This intention raises the question how the losses, especially the emotional losses, that victims incur could be compensated. This paper provides an overview of the economic theories that are used to provide an answer to this question and it purports to provide a new perspective on compensation by explaining how victims could be compensated by both financial and non-financial forms of compensation.
Keywords: Compensation, Pain and Suffering, Economics
JEL Classification: K000
Suggested Citation: Suggested Citation