Punitive Damages in Financial Injury Jury Verdicts

Moller, Erik; Pace, Nicholas M.; Carroll, Stephen J.

doi:10.1086/468053

Cited by 32 publications

(15 citation statements)

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“…1997Vidmar and Rose 2001), with a rate of about 3-5 percent of plaintiff trial wins (see, for example, Eisenberg et al 2006, p. 268), and to be more likely to be awarded in cases of intentional misbehavior (Eisenberg et al 1997;Moller 1996). Evidence also suggests that judges and juries award punitive damages at about the same rate (Eisenberg et al 2006) and that punitive awards are more frequent in cases of financial injury than in cases of personal injury (Moller, Pace, and Carroll 1999). 6 Geographical variation in award patterns has been observed (Eisenberg et al 1997).…”

Section: Prior Empirical Literature On Punitive Damages and Securitiementioning

confidence: 99%

Punitive Damages in Securities Arbitration: An Empirical Study

Choi¹,

Eisenberg²

2010

The Journal of Legal Studies

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This article provides the first empirical analysis of punitive damages in securities arbitrations.Using a data set of over 6,800 securities arbitration awards, we find that claimants prevailed in 48.9 percent of arbitrations and that 9.1 percent of those claimant victories included a punitive damages award. The existence of a punitive damages award was associated with claims that suggested egregious misbehavior and with claims that provided higher compensatory awards. The pattern of punitive awards is more consistent with a traditional view of punitive damages that incorporates a retributive component than with a law and economics emphasis on efficient deterrence. We also report evidence that the relation between punitive and compensatory awards did not differ substantially between the securities arbitrators' data and data on juries available from periodic Civil Justice Surveys by the Bureau of Justice Statistics.

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Section: Prior Empirical Literature On Punitive Damages and Securitiementioning

confidence: 99%

Punitive Damages in Securities Arbitration: An Empirical Study

Choi¹,

Eisenberg²

2010

The Journal of Legal Studies

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“… 7 Some researchers have noted that jury verdict reporters do not comprehensively cover all verdicts (cf, Eisenberg, 2001; Moller et al, 1999; Seabury et al, 2004; Vidmar, 1994). Earlier studies on the RAND JVDB used samples of public records to validate the data from several of the reporters used in this study.…”

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confidence: 99%

The welfare effects of medical malpractice liability

Lakdawalla

Seabury

2012

International Review of Law and Economics

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We use variation in the generosity of local juries to identify the causal impact of medical malpractice liability on social welfare. Growth in malpractice payments contributed at most 5 percentage points to the 33% total real growth in medical expenditures from 1990-2003. On the other hand, malpractice leads to modest mortality reductions; the value of these more than likely exceeds the costs of malpractice liability. Therefore, reducing malpractice liability is unlikely to have a major impact on health care spending, and unlikely to be cost-effective over conventionally accepted values of a statistical life.

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“…1 1 See, e.g., Peterson and Priest (1982), Shanley and Peterson (1983), Peterson (1984), Chin and Peterson (1985), Hensler et al (1987), Peterson (1987), Moller (1996), and Moller, Pace, and Carroll (1999). …”

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confidence: 99%

Forty Years of Civil Jury Verdicts

Seabury¹,

Pace²,

Reville

2003

J Empirical Legal Studies

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Debate over civil justice reform in the United States frequently centers on the extent to which damage awards granted by juries have been escalating over time. However, past studies on civil juries have been hampered by lack of data on verdicts spanning a sufficiently long time period. Average jury awards tend to be highly variable from year to year, making it difficult to distinguish trends over relatively short periods of time. We use the longest time series of data on jury verdicts ever assembled: 40 years of data on tort cases in San Francisco County, CA and Cook County, IL collected by the RAND Institute for Civil Justice. We find that while there has been a substantial increase in the average award amount in real dollars, much of this trend is explained by changes in the mix of cases, particularly a decreasing fraction of automobile cases and an increase in medical malpractice. Claimed economic losses, in particular claimed medical losses, also explain a great deal of the increase. Although there appears to be some unexplained growth in awards for certain types of cases, this growth is cancelled out on average by declines in awards in other types of cases.

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Punitive Damages in Financial Injury Jury Verdicts

Cited by 32 publications

References 0 publications

Punitive Damages in Securities Arbitration: An Empirical Study

Punitive Damages in Securities Arbitration: An Empirical Study

The welfare effects of medical malpractice liability

Forty Years of Civil Jury Verdicts

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