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Hedonic Damages
Hedonic damages is a legal term that first emerged in 1985 in the research of Stan V. Smith, who was a PhD student in economics at the University of Chicago. The term refers to damages for loss of enjoyment of life, the intangible value of life, as distinct from the human capital value or lost earnings value. History Hedonic damages was used in a legal case for the first time in 1987 in the case of ''Sherrod v. Berry'', 827 F.2d 195 (7th Cir. 1987).. and testified as an expert witness in regards to the amount of the hedonic award, the first such testimony proffered nationwide. It has since been used in additional legal decisions, in law review articles, and in law and economics articles in the United States. See for example Professor Cass Sunstein's University of Chicago Law & Economics, Olin Working Paper No. 340, July 2007. The concept of hedonic damages has been admitted in testimony in state and federal courts. Research on the implications of hedonic damages theory ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stan V
Stan or STAN may refer to: People * Stan (given name), a list of people with the given name ** Stan Laurel (1890–1965), English comic actor, part of duo Laurel and Hardy * Stan (surname), a Romanian surname * Stan! (born 1964), American author, cartoonist and games designer Steven Brown * Stan (singer) (born 1987), Greek singer born Stratos Antipariotis Arts and entertainment Fictional characters * Stan, an alligator in the 2006 Disney animated film ''The Wild'' * Grunkle Stan, in the animated TV series ''Gravity Falls'' * Stan, in the 2009 American fantasy comedy movie '' 17 Again'' * Stan, from the film ''Crawl'' * Stan Beeman, in the TV series ''The Americans'' * Stan Carter, in the British soap opera ''EastEnders'' * Stan Edgar, in the Amazon Prime Video series '' The Boys'' * Stan Gable, in the ''Revenge of the Nerds'' film series played by Ted McGinley * Stan Marsh, in the animated TV series ''South Park'' * Stan Ogden, in the British soap opera ''Coronation Street'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedonology
Hedonology (Hedonics), is the study of the impact an injury or incident had on a persons lifestyle. History The Hedonology Institute was developed by Jeffrey Francis Magrowski, Ph.D., CRC, CRE. A trademark for Hedonology was registered in 1990 and abandoned in 1999 while Magrowski attended college and his studies in Vocational Rehabilitation. The development and use of Hedonics admissibility of scientific evidence for use in the legal system is set by the standard of Hedonic damages to evaluate non-economic damages using the American Juris Jurisprudence method (1988), based on the Frye Standard and supported by the Daubert Test. The determination of present and future pain and suffering is taken into account. Generally, the fact that statistics can be used, but must get the same result was proven in the use of Hedonics. The Hedonics model and analysis was first accepted in 1991 in United States Claims Court: Joshua Wasson V. Secretary of the Dept. of Health and Human Services ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law And Economics
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law, which emerged primarily from scholars of the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated. There are two major branches of law and economics; one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance. History Origin The historical antecedents of law and economics can be traced back to the classical economists, who are credited with the foundations of modern economic thought. As early as the 18th century, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pure Economic Loss
Economic loss is a term of art which refers to financial loss and damage suffered by a person which is seen only on a balance sheet and not as physical injury to person or property. There is a fundamental distinction between pure economic loss and consequential economic loss, as pure economic loss occurs independent of any physical damage to the person or property of the victim. It has also been suggested that this tort should be called "commercial loss" as injuries to person or property can be regarded as "economic". Examples of pure economic loss include the following: *Loss of income suffered by a family whose principal earner dies in an accident. The physical injury is caused to the deceased, not the family.. *Loss of market value of a property owing to the inadequate specifications of foundations by an architect.. *Loss of production suffered by an enterprise whose electricity supply is interrupted by a contractor excavating a public utility. The latter case is exemplified by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Punitive Damages
Punitive damages, or exemplary damages, are damages assessed in order to punish the defendant for outrageous conduct and/or to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit. Although the purpose of punitive damages is not to compensate the plaintiff, the plaintiff will receive all or some of the punitive damages in award. Punitive damages are often awarded if compensatory damages are deemed an inadequate remedy. The court may impose them to prevent undercompensation of plaintiffs and to allow redress for undetectable torts and taking some strain away from the criminal justice system. Punitive damages are most important for violations of the law that are hard to detect. However, punitive damages awarded under court systems that recognize them may be difficult to enforce in jurisdictions that do not recognize them. For example, punitive damages awarded to one party in a US case would be difficult to get recogn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pro-rata
''Pro rata'' is an adverb or adjective meaning in equal portions or in proportion. The term is used in many legal and economic contexts. The hyphenated spelling ''pro-rata'' for the adjective form is common, as recommended for adjectives by some English-language style guides. In American English this term has been vernacularized to ''prorated'' or ''pro-rated''. Meanings More specifically, ''pro rata'' means: * In proportionality to some factor that can be exactly calculated * To count based on an amount of time that has passed out of the total time * Proportional ratioInvestigator web site Accessed May 29, 2008. Pro rata has a |
Pain And Suffering
Pain and suffering is the legal term for the physical and emotional stress caused from an injury (see also pain and suffering). Some damages that might come under this category would be: aches, temporary and permanent limitations on activity, potential shortening of life, depression or scarring. When filing a lawsuit as a result of an injury, it is common for someone to seek money both in compensation for actual money that is lost and for the pain and stress associated with virtually any injury. In a suit, pain and suffering is part of the "general damages" section of the claimant's claim, or, alternatively, it is an element of "compensatory" non-economic damages that allows recovery for the mental anguish and/or physical pain endured by the claimant as a result of injury for which the plaintiff seeks redress. Apart from money damages awarded in trial, money damages are also given informally outside the judicial system in mediations, arbitration (both of which may be court an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Measure Of Damages (under English Law)
Damages for breach of contract is a common law remedy, available as of right. It is designed to compensate the victim for their actual loss as a result of the wrongdoer’s breach rather than to punish the wrongdoer. If no loss has been occasioned by the plaintiff, only nominal damages will be awarded. A victim will not necessarily recover every loss which flows from the breach by the defendant. In order to recover any damages, the losses suffered by the victim must be caused by the defendant, and not be too remote. Further, the plaintiff has a duty to mitigate his losses. Amount of damages The amount of damages a plaintiff would recover is usually measured on a "loss of bargain" basis, also known as expectation loss. In a commercial context this means the profits which would have been earned after deduction of costs which would have been incurred. Loss of bargain replaces expected value "so far as money can do it", a phrase adopted in the case of Robinson v Harman (1848).Swarbr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Damages
At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognised at law, the loss must involve damage to property, or mental or physical injury; pure economic loss is rarely recognised for the award of damages. Compensatory damages are further categorized into special damages, which are economic losses such as loss of earnings, property damage and medical expenses, and general damages, which are non-economic damages such as pain and suffering and emotional distress. Rather than being compensatory, at common law damages may instead be nominal, contemptuous or exemplary. History Among the Saxons, a monetary value called a ''weregild'' was assigned to every human being and every piece of property in the Salic Code. If property was stolen or someone was injured or killed, the guilty person had to pay the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Of Life
The value of life is an economic value used to quantify the benefit of avoiding a fatality. It is also referred to as the cost of life, value of preventing a fatality (VPF), implied cost of averting a fatality (ICAF), and value of a statistical life (VSL). In social and political sciences, it is the marginal cost of death prevention in a certain class of circumstances. In many studies the value also includes the quality of life, the expected life time remaining, as well as the earning potential of a given person especially for an after-the-fact payment in a wrongful death claim lawsuit. As such, it is a statistical term, the cost of reducing the average number of deaths by one. It is an important issue in a wide range of disciplines including economics, health care, adoption, political economy, insurance, worker safety, environmental impact assessment, and globalization. The motivation for placing a monetary value on life is to enable policy and regulatory analysts to allocate the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daubert V
In United States federal law, the ''Daubert'' standard is a rule of evidence regarding the admissibility of expert witness testimony. A party may raise a ''Daubert'' motion, a special motion ''in limine'' raised before or during trial, to exclude the presentation of unqualified evidence to the jury. The ''Daubert'' trilogy are the three United States Supreme Court cases that articulated the ''Daubert'' standard: *'' Daubert v. Merrell Dow Pharmaceuticals, Inc.'' (1993), which held that Rule 702 of the Federal Rules of Evidence did not incorporate the ''Frye'' standard as a basis for assessing the admissibility of scientific expert testimony, but that the rule incorporated a flexible reliability standard instead; *'' General Electric Co. v. Joiner'' (1997), which held that a district court judge may exclude expert testimony when there are gaps between the evidence relied on by an expert and that person's conclusion, and that an abuse-of-discretion standard of review is the proper ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
