Courts typically base compensation for loss of income in personal injury cases on either mean or median work income … percent of mean income. In this paper we use economic theory to determine the relation between the appropriate make …-whole (full) compensation and mean and median work incomes. Given that consumption uncertainty associated with compensation …

, as well as the degree of risk aversion. Since the consumption uncertainty associated with compensation generally exceeds …What is the appropriate lump-sum compensation for loss of work income in personal injury cases? Since generally future … work income is not known with certainty, compensation for its loss must be based on statistical considerations. Typically …

, as well as the degree of risk aversion. Since the consumption uncertainty associated with compensation generally exceeds …What is the appropriate lump-sum compensation for loss of work income in personal injury cases? Since generally future … work income is not known with certainty, compensation for its loss must be based on statistical considerations. Typically …

the case with toxic torts. Risk aversion and ambiguity aversion tend to have a similar impact on optimal liability rules … liability dominates negligence when the injurer has lower degrees of risk and ambiguity aversion than the victim and can … standard risk and ambiguity. Ambiguity arises when the causal link between conduct and harm is not univocal, as is frequently …

the case with toxic torts. Risk aversion and ambiguity aversion tend to have a similar impact on optimal liability rules … liability dominates negligence when the injurer has lower degrees of risk and ambiguity aversion than the victim and can … standard risk and ambiguity. Ambiguity arises when the causal link between conduct and harm is not univocal, as is frequently …

Courts typically base compensation for loss of income in personal injury cases on either mean or median work income … percent of mean income. In this paper we use economic theory to determine the relation between the appropriate make …-whole (full) compensation and mean and median work incomes. Given that consumption uncertainty associated with compensation …

Courts typically base compensation for loss of income in personal injury cases on either mean or median work income … percent of mean income. In this paper we use economic theory to determine the relation between the appropriate make …-whole (full) compensation and mean and median work incomes. Given that consumption uncertainty associated with compensation …

, as well as the degree of risk aversion. Since the consumption uncertainty associated with compensation generally exceeds …What is the appropriate lump-sum compensation for loss of work income in personal injury cases? Since generally future … work income is not known with certainty, compensation for its loss must be based on statistical considerations. Typically …

is subject to probability weighting and loss aversion, which are two important characteristics of Prospect Theory …. Probability weighting encourages an auditor to overrate the audit risk and the likelihood of damages leading to inflated audit … fees which could help to explain the BigN audit fee premium. With loss aversion, an auditor is sensitive to the risk of …