Punitive damages deter and punish. Using a social welfare function that incorporates both economic efficiency and a desire for retribution, this paper explores the effects of punitive damages in situations of reckless disregard that might be viewed as outrageous. If the defendant was making a rational decision that reflected all of social costs, any level of punitive damages lowers efficiency. ...

today, development of social entrepreneurship has been regarded as a social and altruistic mission and as a solution to some social problems and damages. entrepreneurship has exerted positive and direct impact on the activities of many different countries. on one hand, it leads to economic development and creation of vocational opportunities; and on the other hand, it causes to improve social a...

We examine how financial penalties for social damages can be structured to mitigate judgment-proof problems. These problems occur when a producer has insufficient wealth to compensate victims for the most serious damages that can arise from his activities. We demonstrate that a policy in which assessed penalties are decoupled from realized damages generally generates greater social surplus than...

Federal environmental laws encourage private citizens to act like "private attorney generals" and to sue a firm. This citizen group competes over the rewards of levels of regulation and enforcement. The firm can reduce its output to curtail the likelihood of losing the contest. This paper explores whether one can combine citizen suits with Pigovian punitive damages to equate private and social ...

I present a multi-impact economic valuation framework called the Social Cost of Atmospheric Release (SCAR) that extends the Social Cost of Carbon (SCC) used previously for carbon dioxide (CO2) to a broader range of pollutants and impacts. Values consistently incorporate health impacts of air quality along with climate damages. The latter include damages associated with aerosol-induced hydrologi...

the article examines the relationship between tort damages for personal injury and social security benefits in iranian law with a comparative view on english and french law. amongst four potential policies (cumulation, reduction, election and recoupment), the statutory provisions of iranian law have chosen the latter one. but in practice these texts have paradoxically lead to a fifth excessive ...