Abstract
This chapter argues that the best solution for dealing with the high cost of administrating pain-and-suffering damages and the alleged variation in horizontal quality is to reduce the cost of administration and increasing uniformity, rather than limiting plaintiffs’ recoveries. The best way to accomplish this is by simplifying ways to estimate pain-and-suffering losses. The chapter surveys a number of solutions discussed in the literature on how to simplify the estimation of pain-and-suffering damages to cut administrative costs. The goal is to demonstrate the feasibility of the task of estimating the loss more than to recommend any specific path to it.
Original language | English |
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Title of host publication | The Oxford Handbook of Law and Economics |
Subtitle of host publication | Volume 2: Private and Commercial Law |
Publisher | Oxford University Press |
Pages | 96-119 |
Number of pages | 24 |
Volume | 2 |
ISBN (Electronic) | 9780199684205 |
DOIs | |
State | Published - 1 Jan 2017 |
Externally published | Yes |
Keywords
- Administrative cost reduction
- Cost estimation
- Damages
- Pain
- Suffering
- Tort law
All Science Journal Classification (ASJC) codes
- General Economics,Econometrics and Finance
- General Business,Management and Accounting