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Full-Text Articles in Torts
Individual Rationality, Hazard Warnings, And The Foundations Of Tort Law, W. Kip Viscusi
Individual Rationality, Hazard Warnings, And The Foundations Of Tort Law, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
If all people were fully rational and cognizant of all the risks they faced, then they would always select an efficient level of safety in all their activities and other choices. Thus people would trade off the potential benefits of the risky behavior against the costs, including the risks to life and limb, and select the activity and product mix that best promoted their welfare. In such a world, there would not only be no need for hazard warnings, but there also would be no need for liability of any kind. Purchasers of hazardous products, for example, would always value …
Pain And Suffering: Damages In Search Of A Sounder Rationale, W. Kip Viscusi
Pain And Suffering: Damages In Search Of A Sounder Rationale, W. Kip Viscusi
Vanderbilt Law School Faculty Publications
This paper will address pain and suffering generally and will not distinguish these different potential components of pain and suffering damages. Section 1 presents the theoretical foundations for damages awards, including both the deterrence and compensation objectives. Section 2 explores some practical rationales for pain and suffering damages, such as the omission of legal fees as a component of damages. Section 3 examines the extent to which pain and suffering awards vary systematically with the extent and nature of the injury as opposed to simply being random acts of capricious juries. Since much of the interest in pain and suffering …