Kling, Catherine L.; Phaneuf, Daniel J.; Zhao, Jinhua - In: Journal of Economic Perspectives 26 (2012) 4, pp. 3-26
On March 23, 1989, the Exxon Valdez ran aground in Alaska's Prince William Sound and released over 250,000 barrels of crude oil, resulting in 1300 miles of oiled shoreline. The Exxon spill ignited a debate about the appropriate compensation for damages suffered, and among economists, a debate...