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A business's purpose is to serve its customers, and that means taking risks sometimes. One of these risks is losing money in lawsuits, which could be filed by employees, customers, or anyone else who was negatively impacted by the business. Insurance offers protection against these liabilities to a degree; nevertheless, lawsuits will still hurt the business in some way. This text looks at economic damages and its role in insurance claims, lawsuits, and injunctions against businesses. Readers should be able to understand economic damages as an aspect of business liability, outline business risks posed by economic damages, describe key determinants of economic damages, and estimate economic damages and business loss. While this book gives a broad overview of the connection between business liability and economic damages, it could not possibly cover all the issues that can arise; however, it will be of benefit to business owners, managers, students, lawyers, and economists who deal with business liability and liability cases. Chapter 1 offers an explanation of business liability generally. Liabilities are debts or obligations owed to others; in a business context, this can include loans and obligations in business contracts. Sources of business liability include owners, employees, customers, government, the public, and other businesses. The idea of social contracts is also discussed and is defined as an idea or framework that serves to define and limit the rights and responsibilities of society's members. Insurance as a solution to unexpected liabilities is explained. The insurer has an obligation to the business, and per the social contract, businesses have an obligation to society. Business liability can negatively impact innovation and economic growth, so in the United States, financial liability has been capped for each corporation.

A business's purpose is to serve its customers, and that means taking risks sometimes. One of these risks is losing money in lawsuits, which could be filed by employees, customers, or anyone else who was negatively impacted by the business. Insurance offers protection against these liabilities to a degree; nevertheless, lawsuits will still hurt the business in some way. This text looks at economic damages and its role in insurance claims, lawsuits, and injunctions against businesses. Readers should be able to understand economic damages as an aspect of business liability, outline business risks posed by economic damages, describe key determinants of economic damages, and estimate economic damages and business loss. While this book gives a broad overview of the connection between business liability and economic damages, it could not possibly cover all the issues that can arise; however, it will be of benefit to business owners, managers, students, lawyers, and economists who deal with business liability and liability cases. Chapter 2 discusses economic losses that businesses might be liable for as well as other economic concepts. Three ways that economic loss can happen are described: prevention of goods production by businesses, prevention of the distribution of produced goods to consumers, and prevention of consumption of goods received by consumers. The general concepts of economic opportunity and economic loss are explained, and several different types and examples are given, such as competitive markets, employment and pensions, and intellectual property. Goods consumption is described along with utility - the usefulness of the product itself or of the consumption. Four utility principles are proposed and explained in terms of society's utility function. Social economic loss is any lowering of society's utility. Several market principles are discussed, which are useful in estimating business liability.

A business's purpose is to serve its customers, and that means taking risks sometimes. One of these risks is losing money in lawsuits, which could be filed by employees, customers, or anyone else who was negatively impacted by the business. Insurance offers protection against these liabilities to a degree; nevertheless, lawsuits will still hurt the business in some way. This text looks at economic damages and its role in insurance claims, lawsuits, and injunctions against businesses. Readers should be able to understand economic damages as an aspect of business liability, outline business risks posed by economic damages, describe key determinants of economic damages, and estimate economic damages and business loss. While this book gives a broad overview of the connection between business liability and economic damages, it could not possibly cover all the issues that can arise; however, it will be of benefit to business owners, managers, students, lawyers, and economists who deal with business liability and liability cases. This chapter explains compensation for economic loss and how to roughly calculate how much compensation a business may face. Transfers implied by compensation and the role of markets in achieving transfers are both important aspects to consider. The court's approach to loss compensation and its connection to market principles are discussed. The best possible compensation rule for the courts might ideally maximize social utility. Courts could also learn something about compensation from markets as an economic institution. The market approach to loss compensation is described, and examples are given. Various market principles are used extensively in order to develop formulas for market prices, which can then be used to determine compensation for economic loss.

A business's purpose is to serve its customers, and that means taking risks sometimes. One of these risks is losing money in lawsuits, which could be filed by employees, customers, or anyone else who was negatively impacted by the business. Insurance offers protection against these liabilities to a degree; nevertheless, lawsuits will still hurt the business in some way. This text looks at economic damages and its role in insurance claims, lawsuits, and injunctions against businesses. Readers should be able to understand economic damages as an aspect of business liability, outline business risks posed by economic damages, describe key determinants of economic damages, and estimate economic damages and business loss. While this book gives a broad overview of the connection between business liability and economic damages, it could not possibly cover all the issues that can arise; however, it will be of benefit to business owners, managers, students, lawyers, and economists who deal with business liability and liability cases. Chapter 4 explores when the evidence is unclear concerning whether or not claims of economic harm are valid. Evidence as seen by the insurer is discussed. Liability insurance is specifically described as well as insurance regulation. When it comes to the court, evidence may be seen differently. Courts have standards of evidence, which are a part of procedural law. These standards assess economic harm, just as insurance regulation does. Once a business is found liable for economic loss imposed on others, the dollar amount of economic loss must be determined by evidence. This chapter describes what that might look like with insurance and the courts, and it gives formulas and examples to further explore evidence and economic damages. Evidence may come in the form of statistics, which can be used to discover fault for some action. Taxes and economics expert witnesses may also play a role.

A business's purpose is to serve its customers, and that means taking risks sometimes. One of these risks is losing money in lawsuits, which could be filed by employees, customers, or anyone else who was negatively impacted by the business. Insurance offers protection against these liabilities to a degree; nevertheless, lawsuits will still hurt the business in some way. This text looks at economic damages and its role in insurance claims, lawsuits, and injunctions against businesses. Readers should be able to understand economic damages as an aspect of business liability, outline business risks posed by economic damages, describe key determinants of economic damages, and estimate economic damages and business loss. While this book gives a broad overview of the connection between business liability and economic damages, it could not possibly cover all the issues that can arise; however, it will be of benefit to business owners, managers, students, lawyers, and economists who deal with business liability and liability cases. Chapter 5 expands on the previous chapter and discusses cases where losses are suffered by workers or the families of someone who was wrongfully injured or killed. Business liability includes situations where a business causes someone to lose economic opportunity; one of these opportunity losses is the opportunity to work. In terms of personal injury cases, worklife expectancy needs to be taken into account. A formula for expected worklife is given as well as formulas to compare worklife expectancy with life expectancy and worklife expectancy with healthy life expectancy. The idea of worklife capacity is also discussed. Household services must be considered as well when calculating overall economic loss and damages. For example, if the injury prevents someone from being able to perform regular house or yard work, it may add to the damages for which the business is liable. In wrongful death cases, personal consumption is another factor.

A business's purpose is to serve its customers, and that means taking risks sometimes. One of these risks is losing money in lawsuits, which could be filed by employees, customers, or anyone else who was negatively impacted by the business. Insurance offers protection against these liabilities to a degree; nevertheless, lawsuits will still hurt the business in some way. This text looks at economic damages and its role in insurance claims, lawsuits, and injunctions against businesses. Readers should be able to understand economic damages as an aspect of business liability, outline business risks posed by economic damages, describe key determinants of economic damages, and estimate economic damages and business loss. While this book gives a broad overview of the connection between business liability and economic damages, it could not possibly cover all the issues that can arise; however, it will be of benefit to business owners, managers, students, lawyers, and economists who deal with business liability and liability cases. This chapter looks at antitrust law and focuses on a major theme of antitrust economics: ill-gotten profit. Benefits and challenges of a competitive marketplace are described. Supply and demand in the competitive marketplace is also explained with examples and formulas. Market equilibrium is when supply and demand meet - there is no excess or shortage of goods. Competition provides this equilibrium and the best deal to both buyers and sellers. Collusion and its negative effects are discussed with examples as well as cooperation among firms. Another topic explored is foreclosure; special conditions can mean that foreclosure is anticompetitive. Multimarket antitrust economics are also discussed, including vertical and horizontal linkages, cooperation, and anticompetitive multimarket conduct. Ultimately, businesses that harm competition may be liable for economic damages.

Business Liability and Economic Damages is a five-chapter book published by Business Expert Press in 2016 and written by Scott D. Gilbert, associate professor of economics at Southern Illinois University, Carbondale. This book considers potential liability in business and provides insight into estimating the damages associated with liability. The author reviews the roles of insurance, the legal system, and the economist in evaluating liability and compensation for loss. He also provides basic mathematical formulas involved in determining economic loss, illustrating concepts with examples where relevant. Each chapter begins with learning objectives and ends with a short list of exercises to reinforce key concepts. In Chapter 1, Business Liability (17 pages), the author begins by defining the scope of liability possible in the social contract between business and society. He explains that the range of potential liability in a social contract is wide and shows how to analyze potential liability in a six-part model of relationships: customers, employees, owners, the public, government, and others. He explains the role that insurance plays in the social contract and the relationship of insurance to business. He also explores how the legal system provides a framework for liability considerations. He reviews the main types of harm, torts and breach of contract, as well as the system for resolving liability claims, and illustrates simple business liability through an example of unpaid rent.

Business Liability and Economic Damages is a five-chapter book published by Business Expert Press in 2016 and written by Scott D. Gilbert, associate professor of economics at Southern Illinois University, Carbondale. This book considers potential liability in business and provides insight into estimating the damages associated with liability. The author reviews the roles of insurance, the legal system, and the economist in evaluating liability and compensation for loss. He also provides basic mathematical formulas involved in determining economic loss, illustrating concepts with examples where relevant. Each chapter begins with learning objectives and ends with a short list of exercises to reinforce key concepts. Chapter 2, Economic Loss (21 pages), characterizes the kinds of loss possible in business liability. The author defines loss as the prevention or limitation of economic opportunity and lists ten categories of opportunity, including competitive markets, employment and pensions, and intellectual property. He explains the relationship between economic opportunities and the consumption of goods, and the concept of utility of goods, showing how business liability reduces the utility of goods. He demonstrates how to model loss using the economic concepts of utility and consumption, and provides insight to the underlying principles of the mathematical formula. He explores the six properties of markets and how these impact the evaluation of economic loss. He also reviews how economic loss is handled in the legal system.

Business Liability and Economic Damages is a five-chapter book published by Business Expert Press in 2016 and written by Scott D. Gilbert, associate professor of economics at Southern Illinois University, Carbondale. This book considers potential liability in business and provides insight into estimating the damages associated with liability. The author reviews the roles of insurance, the legal system, and the economist in evaluating liability and compensation for loss. He also provides basic mathematical formulas involved in determining economic loss, illustrating concepts with examples where relevant. Each chapter begins with learning objectives and ends with a short list of exercises to reinforce key concepts. In Chapter 3, Compensation for Loss (35 pages), the author considers different perspectives on the transfer of economic opportunity from one party to another. First, he looks at the principles behind how a court awards an appropriate compensation amount. Second, he looks at how markets impact compensation estimates and reviews basic pricing formulas. He explains how to estimate compensation due to the wrongful loss of earnings streams and explains the asset pricing formula. He provides examples of other useful mathematical formulas, including how to treat uncertainty. He also reviews loss related to the option to pursue economic opportunity, both as real options and financial options, and uses examples to illustrate the relevant formulas. The chapter includes an appendix on risk-averse asset pricing with additional explanation of the follow-up formulas to the law of one price.

Business Liability and Economic Damages is a five-chapter book published by Business Expert Press in 2016 and written by Scott D. Gilbert, associate professor of economics at Southern Illinois University, Carbondale. This book considers potential liability in business and provides insight into estimating the damages associated with liability. The author reviews the roles of insurance, the legal system, and the economist in evaluating liability and compensation for loss. He also provides basic mathematical formulas involved in determining economic loss, illustrating concepts with examples where relevant. Each chapter begins with learning objectives and ends with a short list of exercises to reinforce key concepts. Chapter 4, Evidence of Loss (34 pages), provides insight into how evidence affects a liability claim. The author explores the insurance company's perspective and need for reliable evidence. He also looks at the court's perspective and standards of evidence, which create the framework used by society to assess economic harm. He considers how the court uses evidence to determine the monetary value of loss and the impact of different criteria on that value. He explains how an economist can add value in a court trial and reviews how the court treats statistical data. He examines the issues inherent in estimating utility of consumption in cases where the utility includes pleasure or enjoyment of life. The chapter includes an appendix about the role an economist can play in determining business liability in personal injury trials.

Business Liability and Economic Damages is a five-chapter book published by Business Expert Press in 2016 and written by Scott D. Gilbert, associate professor of economics at Southern Illinois University, Carbondale. This book considers potential liability in business and provides insight into estimating the damages associated with liability. The author reviews the roles of insurance, the legal system, and the economist in evaluating liability and compensation for loss. He also provides basic mathematical formulas involved in determining economic loss, illustrating concepts with examples where relevant. Each chapter begins with learning objectives and ends with a short list of exercises to reinforce key concepts. In Chapter 5, Loss to Workers and Families (23 pages), the author expands on specific factors that impact economic damages when a business liability claim involves wrongful injury or death. He reviews the calculation of work life expectancy in determining economic loss. He also reviews the role of household services and how they factor into economic loss. He considers economic loss that includes life care for long-term physical disability and how this value is determined.