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Death, happiness and the calculation of compensatory damages

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Oswald, Andrew J. and Powdthavee, Nattavudh (2007) Death, happiness and the calculation of compensatory damages. Working Paper. Coventry: University of Warwick, Department of Economics. Warwick economic research papers (No.827).

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Abstract

This paper studies the mental distress caused by bereavement. The largest emotional losses are from the death of a spouse; the second-worst in severity are the losses from the death of a child; the third-worst is the death of a parent. The paper explores how happiness regression equations might be used in tort cases to calculate compensatory damages for emotional harm and pain-and-suffering. We examine alternative well-being variables, discuss adaptation, consider the possibility that bereavement affects someone’s marginal utility of income, and suggest a procedure for correcting for the endogeneity of income. Although the paper’s contribution is methodological, and further research is needed, some illustrative compensation amounts are discussed.

Item Type: Working or Discussion Paper (Working Paper)
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Bereavement -- Psychological aspects, Happiness, Regression analysis -- Mathematical models, Reparation (Criminal justice), Marginal utility
Series Name: Warwick economic research papers
Publisher: University of Warwick, Department of Economics
Place of Publication: Coventry
Official Date: 31 October 2007
Dates:
DateEvent
31 October 2007Published
Number: No.827
Number of Pages: 44
Institution: University of Warwick
Status: Not Peer Reviewed
Access rights to Published version: Open Access (Creative Commons)
Funder: Economic and Social Research Council (Great Britain) (ESRC)
Version or Related Resource: Oswald, A.J., and Powdthavee, N. (2008). Death, Happiness, and the Calculation of Compensatory Damages. The Journal of Legal Studies, 37(2), pp. S217-S251. http://wrap.warwick.ac.uk/id/eprint/28759
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