Costly Litigation and Optimal Damages

A. Mitchell Polinsky, Steven Shavell

A basic principle of law is that damages paid by a liable party should equal the harm caused by that party. However, this principle is not correct when account is taken of litigation costs, because they too are part of the social costs associated with an injury. In this article we examine the influence of litigation costs on the optimal level of damages, assuming that litigation costs rise with the level of damages

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Year of publication:	December 2012
Authors:	Polinsky, A. Mitchell
Other Persons:	Shavell, Steven (contributor)
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Theorie \| Theory \| Gerichtliche Prozesskosten \| Litigation costs \| Unfall \| Accident

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