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Saving Lives Through Punitive Damages, W. Kip Viscusi, Joni Hersch
Saving Lives Through Punitive Damages, W. Kip Viscusi, Joni Hersch
Vanderbilt Law School Faculty Publications
This Article proposes that the value of statistical life ("VSL ") be used to set the total damages amount needed for deterrence when punitive damages are warranted in wrongful death cases. The appropriate level of total damages should be achieved by adjusting the value of punitive damages. Compensatory damages should not be distorted to establish the total damages level needed for efficient deterrence. Attempts to introduce hedonic damages as a compensatory damages component, and proposals to use the VSL on a routine basis when setting compensatory damages awards, are misguided and will undermine the insurance and compensation functions of compensatory …
Saving Lives Through Punitive Damages, Joni Hersch, W. Kip Viscusi
Saving Lives Through Punitive Damages, Joni Hersch, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
This Article proposes that the value of statistical life ("VSL ") be used to set the total damages amount needed for deterrence when punitive damages are warranted in wrongful death cases. The appropriate level of total damages should be achieved by adjusting the value of punitive damages. Compensatory damages should not be distorted to establish the total damages level needed for efficient deterrence. Attempts to introduce hedonic damages as a compensatory damages component, and proposals to use the VSL on a routine basis when setting compensatory damages awards, are misguided and will undermine the insurance and compensation functions of compensatory …
Punitive Damages By Numbers: Exxon Shipping Co. V. Baker, Joni Hersch, W. Kip Viscusi
Punitive Damages By Numbers: Exxon Shipping Co. V. Baker, Joni Hersch, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
The U.S. Supreme Court decision in Exxon Shipping Co. v. Baker is a landmark that establishes an upper bound ratio of punitive damages to compensatory damages of 1:1 for maritime cases, with potential implications for other types of cases as well. This article critiques the Court’s reliance on the median ratio of punitive to compensatory damages in samples of verdicts to set an upper bound for punitive damages awards. Our critique of the approach draws on the properties of statistical distributions and a new analysis of cases with punitive damages awards. The Court’s conclusion that a 1:1 ratio establishes a …