This paper analyzes interdependencies between optimal trade policy and ‘preferred' liability doctrine to assess infringement damages, when intellectual property rights are probabilistic, in a model of import competition between a foreign patentee and a domestic infringer. It shows two reversal...

When valuing market and non-market goods, people are often observed to have a range of acceptable values in mind, due to e.g., “coherent arbitrariness”, rather than a point estimate as suggested by rational choice theory. This lack of a point estimate may lead to biased values of willingness...