Margaret P. Battin, Leslie P. Francis, Jay A. Jacobson, and Charles B. Smith
- Published in print:
- 2009
- Published Online:
- May 2009
- ISBN:
- 9780195335842
- eISBN:
- 9780199868926
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195335842.003.0018
- Subject:
- Philosophy, General
When pandemic constraints are imposed, some people will suffer losses, people who might not otherwise have done so. The economic losses of facilities that are used in pandemic emergencies have been ...
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When pandemic constraints are imposed, some people will suffer losses, people who might not otherwise have done so. The economic losses of facilities that are used in pandemic emergencies have been addressed by other chapters; this chapter considers losses faced by individuals who are required to stay at home to avoid disease transmission. It argues that the costs they bear result from social choices that are aimed to benefit everyone by reducing the risks of disease transmission. In such cases, reciprocity requires compensation to the extent possible, for losses such as wages, exacerbation of disease conditions, or exposure to the risks of disease from activities such as home care for ill family members who cannot be accommodated in overwhelmed health care facilities.Less
When pandemic constraints are imposed, some people will suffer losses, people who might not otherwise have done so. The economic losses of facilities that are used in pandemic emergencies have been addressed by other chapters; this chapter considers losses faced by individuals who are required to stay at home to avoid disease transmission. It argues that the costs they bear result from social choices that are aimed to benefit everyone by reducing the risks of disease transmission. In such cases, reciprocity requires compensation to the extent possible, for losses such as wages, exacerbation of disease conditions, or exposure to the risks of disease from activities such as home care for ill family members who cannot be accommodated in overwhelmed health care facilities.
Pablo de Greiff (ed.)
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199291922
- eISBN:
- 9780191603716
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199291926.001.0001
- Subject:
- Political Science, International Relations and Politics
This handbook provides a broad range of essential information about past experiences with massive reparations programs as well as normative guidance for future practice. It examines in detail ...
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This handbook provides a broad range of essential information about past experiences with massive reparations programs as well as normative guidance for future practice. It examines in detail reparations programs in different parts of the world, and includes thematic papers on topics that frequently come about in the design and implementation of reparations programs. It also reproduces key documents on reparations, including national legislation. In addition to providing factual information about a wide range of reparations programs, the book tackles issues that have not been sufficiently addressed, including the very notion of justice in reparations for the massive cases, the relationship between material compensation and other symbolic measures of reparations, and the complicated set of questions around how to provide reparations to victims of sexual violence.Less
This handbook provides a broad range of essential information about past experiences with massive reparations programs as well as normative guidance for future practice. It examines in detail reparations programs in different parts of the world, and includes thematic papers on topics that frequently come about in the design and implementation of reparations programs. It also reproduces key documents on reparations, including national legislation. In addition to providing factual information about a wide range of reparations programs, the book tackles issues that have not been sufficiently addressed, including the very notion of justice in reparations for the massive cases, the relationship between material compensation and other symbolic measures of reparations, and the complicated set of questions around how to provide reparations to victims of sexual violence.
Diana Cammack
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199291922
- eISBN:
- 9780191603716
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199291926.003.0007
- Subject:
- Political Science, International Relations and Politics
Malawi’s five methods of paying reparations — court awards, the government’s Disaster Preparedness, Relief and Rehabilitation program, civil service grants, special payments to the political elite, ...
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Malawi’s five methods of paying reparations — court awards, the government’s Disaster Preparedness, Relief and Rehabilitation program, civil service grants, special payments to the political elite, and the National Compensation Tribunal (NCT) — have not brought public closure to past rights abuses and the antipathy they engendered. NCT procedures, which included neither public truth-telling nor the identification of perpetrators, have not fostered democratic consolidation. Growing out of a political compromise during the transition, the NCT has received nearly 20,000 claims and paid interim awards to less than one-third. Eligible are Malawians of any age who, between July 6, 1964 and May 17, 1994, were born in detention or exile, were subjected to wrongful imprisonment, forced exile, personal injury, lost property or business, lost educational opportunities, and/or employment benefits. An autonomous body within the judiciary, the NCT has been consistently underfunded and has limited the bulk of its payments to symbolic “condolences”. While the public is generally ignorant of the NCT, claimants are frustrated by its procedures, its “trivialization” of their pain and suffering, its “favouritism” as well as its failure to offer them full compensation, information about future payments, or a “sincere apology”. The existence of the NCT has allowed politicians to counter periodic public demands for a truth commission by asserting that the NCT is addressing the past and nothing more is needed.Less
Malawi’s five methods of paying reparations — court awards, the government’s Disaster Preparedness, Relief and Rehabilitation program, civil service grants, special payments to the political elite, and the National Compensation Tribunal (NCT) — have not brought public closure to past rights abuses and the antipathy they engendered. NCT procedures, which included neither public truth-telling nor the identification of perpetrators, have not fostered democratic consolidation. Growing out of a political compromise during the transition, the NCT has received nearly 20,000 claims and paid interim awards to less than one-third. Eligible are Malawians of any age who, between July 6, 1964 and May 17, 1994, were born in detention or exile, were subjected to wrongful imprisonment, forced exile, personal injury, lost property or business, lost educational opportunities, and/or employment benefits. An autonomous body within the judiciary, the NCT has been consistently underfunded and has limited the bulk of its payments to symbolic “condolences”. While the public is generally ignorant of the NCT, claimants are frustrated by its procedures, its “trivialization” of their pain and suffering, its “favouritism” as well as its failure to offer them full compensation, information about future payments, or a “sincere apology”. The existence of the NCT has allowed politicians to counter periodic public demands for a truth commission by asserting that the NCT is addressing the past and nothing more is needed.
Samuel Issacharoff and Anna Morawiec Mansfield
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199291922
- eISBN:
- 9780191603716
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199291926.003.0009
- Subject:
- Political Science, International Relations and Politics
The September 11th Victims Compensation Fund can only hesitatingly find its place within a comprehensive study of reparation programs. While the origin of the Fund lies in the political exigencies ...
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The September 11th Victims Compensation Fund can only hesitatingly find its place within a comprehensive study of reparation programs. While the origin of the Fund lies in the political exigencies surrounding a perceived threat to the security of the United States, it more accurately reflects the desire by the U.S. Congress to ensure the viability of its nation’s air carriers. Unlike traditional reparations which are closely related to a process of social reintegration of the victim, fostering civic trust and social solidarity, the Fund was not established to bring justice to the victims of the terrorist attacks on September 11, 2001. Also, unlike traditional reparations, the Fund did not seek to serve as a mechanism of corrective or distributive justice as a result of an authoritarian domestic regime or internal conflict. It was initially created out of fear that recourse to the U.S. courts would threaten the precarious financial health of the airline industry. Implicitly, however, such pragmatism reflected a desire by lawmakers that the government be seen as doing all it could to ease the pain of those who suffered so greatly on September 11, 2001. Initial motivations for the program aside, there is no question that the compensation scheme has since taken on a life of its own. Ultimately, the Fund’s contribution to any reparations case-study lies in its cautionary tale about the creation of elaborate administrative schemes that try to individualize recoveries as the mechanisms through which to compensate victims.Less
The September 11th Victims Compensation Fund can only hesitatingly find its place within a comprehensive study of reparation programs. While the origin of the Fund lies in the political exigencies surrounding a perceived threat to the security of the United States, it more accurately reflects the desire by the U.S. Congress to ensure the viability of its nation’s air carriers. Unlike traditional reparations which are closely related to a process of social reintegration of the victim, fostering civic trust and social solidarity, the Fund was not established to bring justice to the victims of the terrorist attacks on September 11, 2001. Also, unlike traditional reparations, the Fund did not seek to serve as a mechanism of corrective or distributive justice as a result of an authoritarian domestic regime or internal conflict. It was initially created out of fear that recourse to the U.S. courts would threaten the precarious financial health of the airline industry. Implicitly, however, such pragmatism reflected a desire by lawmakers that the government be seen as doing all it could to ease the pain of those who suffered so greatly on September 11, 2001. Initial motivations for the program aside, there is no question that the compensation scheme has since taken on a life of its own. Ultimately, the Fund’s contribution to any reparations case-study lies in its cautionary tale about the creation of elaborate administrative schemes that try to individualize recoveries as the mechanisms through which to compensate victims.
Hans van Houtte, Hans Das, and Bart Delmartino
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199291922
- eISBN:
- 9780191603716
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199291926.003.0010
- Subject:
- Political Science, International Relations and Politics
In the aftermath of the 1990-1991 Gulf War, the UN Security Council determined that Iraq was liable under international law for any direct damage resulting from its unlawful invasion and occupation ...
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In the aftermath of the 1990-1991 Gulf War, the UN Security Council determined that Iraq was liable under international law for any direct damage resulting from its unlawful invasion and occupation of Kuwait. The United Nations Compensation Commission (UNCC) was established to process the claims against Iraq. Since 1991, the UNCC has received approximately 2.6 million claims, which it has subdivided in six categories, depending on the status of the claimant, the type of loss, and the amount claimed. For certain claims, the UNCC has established fixed compensation standards, rather than assessing the exact amount of the loss. Other innovative features include mass claims resolution techniques and methodologies such as data matching, grouping, and sampling. The reparation process was funded through oil exports under the oil-for-food program. A share of originally 30% and later 25% of the proceeds was reserved for compensation. The oil-for-food program was terminated after the new war in Iraq in 2003, and the share of oil revenues dedicated to reparation was lowered to 5%. As of June 2005, the UNCC has decided nearly all claims.Less
In the aftermath of the 1990-1991 Gulf War, the UN Security Council determined that Iraq was liable under international law for any direct damage resulting from its unlawful invasion and occupation of Kuwait. The United Nations Compensation Commission (UNCC) was established to process the claims against Iraq. Since 1991, the UNCC has received approximately 2.6 million claims, which it has subdivided in six categories, depending on the status of the claimant, the type of loss, and the amount claimed. For certain claims, the UNCC has established fixed compensation standards, rather than assessing the exact amount of the loss. Other innovative features include mass claims resolution techniques and methodologies such as data matching, grouping, and sampling. The reparation process was funded through oil exports under the oil-for-food program. A share of originally 30% and later 25% of the proceeds was reserved for compensation. The oil-for-food program was terminated after the new war in Iraq in 2003, and the share of oil revenues dedicated to reparation was lowered to 5%. As of June 2005, the UNCC has decided nearly all claims.
Pablo de Greiff
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199291922
- eISBN:
- 9780191603716
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199291926.003.0013
- Subject:
- Political Science, International Relations and Politics
This paper seeks to articulate a conception of justice in reparations for victims of human rights violations when the aim is to repair a large number of cases, as opposed to individual, isolated ...
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This paper seeks to articulate a conception of justice in reparations for victims of human rights violations when the aim is to repair a large number of cases, as opposed to individual, isolated cases. It starts with an effort to establish some semantic clarity by trying to distinguish between two different contexts for the use of the term “reparations”. It discusses some of the problems with merely transplanting the ideal of compensation in proportion to harm from its natural home in the resolution of individual judicial cases, and using it as a standard of justice for massive reparations programs. Instead, it argues in favor of thinking about justice in the context of massive cases in terms of the achievement of three goals, namely, recognition, civic trust, and social solidarity — three goals that are intimately related to justice. Finally, it tries to shed light on the basic trade-offs that accompany some of the choices that have to be made in the process of constructing a comprehensive and coherent reparations program.Less
This paper seeks to articulate a conception of justice in reparations for victims of human rights violations when the aim is to repair a large number of cases, as opposed to individual, isolated cases. It starts with an effort to establish some semantic clarity by trying to distinguish between two different contexts for the use of the term “reparations”. It discusses some of the problems with merely transplanting the ideal of compensation in proportion to harm from its natural home in the resolution of individual judicial cases, and using it as a standard of justice for massive reparations programs. Instead, it argues in favor of thinking about justice in the context of massive cases in terms of the achievement of three goals, namely, recognition, civic trust, and social solidarity — three goals that are intimately related to justice. Finally, it tries to shed light on the basic trade-offs that accompany some of the choices that have to be made in the process of constructing a comprehensive and coherent reparations program.
Jaime E. Malamud‐Goti and Lucas Sebastián Grosman
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199291922
- eISBN:
- 9780191603716
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199291926.003.0016
- Subject:
- Political Science, International Relations and Politics
Compensation for human rights abuse can be approached from two different perspectives. The first is through principles of tort law, under which the compensation of harm for human rights abuse is no ...
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Compensation for human rights abuse can be approached from two different perspectives. The first is through principles of tort law, under which the compensation of harm for human rights abuse is no different from the compensation of other, ordinary harm. The second is based on principles of administrative compensation, where victims are defined in standardized terms in a statute that provides a relatively fixed, tabulated amount of compensation for all, which is typically smaller than judicial compensation. This paper analyzes the circumstances that justify a shift from the torts to the administrative approach to compensation, and how the two approaches should relate to each other. It addresses the issue of whether victims should have a right to choose between them in the disposition of their cases and, if so, under what conditions. Finally, it compares judicial to administrative compensation in relation to the goals a compensation program must pursue, and argues that even in those cases where administrative compensation offers the best option, it is advisable to leave room for the use of judicial compensation as well.Less
Compensation for human rights abuse can be approached from two different perspectives. The first is through principles of tort law, under which the compensation of harm for human rights abuse is no different from the compensation of other, ordinary harm. The second is based on principles of administrative compensation, where victims are defined in standardized terms in a statute that provides a relatively fixed, tabulated amount of compensation for all, which is typically smaller than judicial compensation. This paper analyzes the circumstances that justify a shift from the torts to the administrative approach to compensation, and how the two approaches should relate to each other. It addresses the issue of whether victims should have a right to choose between them in the disposition of their cases and, if so, under what conditions. Finally, it compares judicial to administrative compensation in relation to the goals a compensation program must pursue, and argues that even in those cases where administrative compensation offers the best option, it is advisable to leave room for the use of judicial compensation as well.
Jonathan Wolff and Avner De-Shalit
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780199278268
- eISBN:
- 9780191707902
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199278268.003.0002
- Subject:
- Political Science, Political Theory
This chapter discusses the nature of disadvantage. It opens with an analysis of the pluralism of disadvantage, and rejects the ‘monist’ view. If instead of building a theory of equality on imaginary ...
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This chapter discusses the nature of disadvantage. It opens with an analysis of the pluralism of disadvantage, and rejects the ‘monist’ view. If instead of building a theory of equality on imaginary examples, theorists start by examining real life cases, it will become clear that not all disadvantages are reducible to each other, and therefore disadvantage is plural in its nature. But this pluralism implies that there will be a problem of indexing: deciding which disadvantages are more important or urgent. The capability approach, developed by Amartya Sen and others, serves as the starting point for the theory advanced here. According to this theory, in order to understand how well or badly someone's life is going, we need to attend to what they can ‘do and be’; their ‘capability to function’.Less
This chapter discusses the nature of disadvantage. It opens with an analysis of the pluralism of disadvantage, and rejects the ‘monist’ view. If instead of building a theory of equality on imaginary examples, theorists start by examining real life cases, it will become clear that not all disadvantages are reducible to each other, and therefore disadvantage is plural in its nature. But this pluralism implies that there will be a problem of indexing: deciding which disadvantages are more important or urgent. The capability approach, developed by Amartya Sen and others, serves as the starting point for the theory advanced here. According to this theory, in order to understand how well or badly someone's life is going, we need to attend to what they can ‘do and be’; their ‘capability to function’.
Dawn Oliver (ed.)
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199568666
- eISBN:
- 9780191721595
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199568666.001.0001
- Subject:
- Law, Public International Law
A British colony of fifty inhabitants in the Pacific Ocean, Pitcairn Island was settled by the Bounty mutineers and nineteen Polynesians in 1790. In 2004, six Pitcairn men were convicted of numerous ...
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A British colony of fifty inhabitants in the Pacific Ocean, Pitcairn Island was settled by the Bounty mutineers and nineteen Polynesians in 1790. In 2004, six Pitcairn men were convicted of numerous offenses against girls and young women, committed over a thirty year period, in what appears to have been a culture of sexual abuse on the island. This case has raised many questions: what right did the British government have to initiate these prosecutions? Was it fair to prosecute the defendants, given that no laws had been published on the island? Indeed, what, if any, law was there on this island? This collection of essays explores the many important issues raised by the case and by the situation of a small, isolated community of this kind. It starts by looking at the background to the prosecutions, considering the dilemma that faced the British government when the abuse was uncovered, and discussing the ways in which the judges dealt with the case, as well as exploring the history of the settlement and how colonial law affects it. This background paves the way for an exploration of the philosophical, jurisprudential and ethical issues raised by the prosecutions: was it legitimate for the UK to intervene, given the absence of any common community between the UK and the Island? Was the positivist ‘law on paper’ approach adopted by the British government and the courts appropriate, especially given the lack of promulgation of the laws under which the men were prosecuted? Would alternative responses such as payment of compensation to the female victims and provision of community support have been preferable? And should universal human rights claims justify the prosecutions, overriding any allegations of cultural relativism on the part of the UK?Less
A British colony of fifty inhabitants in the Pacific Ocean, Pitcairn Island was settled by the Bounty mutineers and nineteen Polynesians in 1790. In 2004, six Pitcairn men were convicted of numerous offenses against girls and young women, committed over a thirty year period, in what appears to have been a culture of sexual abuse on the island. This case has raised many questions: what right did the British government have to initiate these prosecutions? Was it fair to prosecute the defendants, given that no laws had been published on the island? Indeed, what, if any, law was there on this island? This collection of essays explores the many important issues raised by the case and by the situation of a small, isolated community of this kind. It starts by looking at the background to the prosecutions, considering the dilemma that faced the British government when the abuse was uncovered, and discussing the ways in which the judges dealt with the case, as well as exploring the history of the settlement and how colonial law affects it. This background paves the way for an exploration of the philosophical, jurisprudential and ethical issues raised by the prosecutions: was it legitimate for the UK to intervene, given the absence of any common community between the UK and the Island? Was the positivist ‘law on paper’ approach adopted by the British government and the courts appropriate, especially given the lack of promulgation of the laws under which the men were prosecuted? Would alternative responses such as payment of compensation to the female victims and provision of community support have been preferable? And should universal human rights claims justify the prosecutions, overriding any allegations of cultural relativism on the part of the UK?
Arad Reisberg
- Published in print:
- 2007
- Published Online:
- January 2009
- ISBN:
- 9780199204892
- eISBN:
- 9780191709487
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199204892.003.0003
- Subject:
- Law, Company and Commercial Law
This chapter aims to analyse the theoretical rationales behind derivative actions, and to ask how they relate to our understanding of the social value and roles of the derivative action as a ...
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This chapter aims to analyse the theoretical rationales behind derivative actions, and to ask how they relate to our understanding of the social value and roles of the derivative action as a corporate governance tool. An initial analysis of the merits and demerits of the derivative action is presented in Section 2.2. Section 2.3 analyses the roles derivative actions may assume in enforcing corporate accountability. The question addressed is whether their purpose is primarily to deter misconduct or simply to compensate the company for the wrongdoing. As part of this, the possible benefits and limitations of these rationales will be explored. Finally, Section 2.4 examines the public image, or expressive value, of the derivative action. The purpose is to determine if some of the features inherent in the derivative action procedure enhance or detract from the understanding of derivative action as a positive social force.Less
This chapter aims to analyse the theoretical rationales behind derivative actions, and to ask how they relate to our understanding of the social value and roles of the derivative action as a corporate governance tool. An initial analysis of the merits and demerits of the derivative action is presented in Section 2.2. Section 2.3 analyses the roles derivative actions may assume in enforcing corporate accountability. The question addressed is whether their purpose is primarily to deter misconduct or simply to compensate the company for the wrongdoing. As part of this, the possible benefits and limitations of these rationales will be explored. Finally, Section 2.4 examines the public image, or expressive value, of the derivative action. The purpose is to determine if some of the features inherent in the derivative action procedure enhance or detract from the understanding of derivative action as a positive social force.
Sydney Finkelstein, Donald C. Hambrick, and Albert A. Cannella
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780195162073
- eISBN:
- 9780199867332
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195162073.003.0011
- Subject:
- Business and Management, Strategy
The consequences of executive pay are complex and particularly rich in a theoretical and practical sense. This chapter examines one of the most fundamental questions in this regard: Does executive ...
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The consequences of executive pay are complex and particularly rich in a theoretical and practical sense. This chapter examines one of the most fundamental questions in this regard: Does executive pay affect firm performance? The evidence is decidedly mixed, but raises key questions about pay as a motivator, and the different ways in which executive pay can influence strategic and organizational choices as well as firm performance. This chapter also considers the burgeoning literature on behavioral agency theory, which leads naturally to a comparison of the effects of different types of compensation, especially stock options. A significant part of this chapter is dedicated to an analysis of the determinants and consequences of pay differentials among top management teams, another area of great theoretical interest. Studying pay differentials (or pay dispersion), as well as the pattern of compensation in place among the CEO and other top managers, yields fascinating insights that have important consequences for teamwork, perceived fairness of pay, strategic decision making, and firm performance.Less
The consequences of executive pay are complex and particularly rich in a theoretical and practical sense. This chapter examines one of the most fundamental questions in this regard: Does executive pay affect firm performance? The evidence is decidedly mixed, but raises key questions about pay as a motivator, and the different ways in which executive pay can influence strategic and organizational choices as well as firm performance. This chapter also considers the burgeoning literature on behavioral agency theory, which leads naturally to a comparison of the effects of different types of compensation, especially stock options. A significant part of this chapter is dedicated to an analysis of the determinants and consequences of pay differentials among top management teams, another area of great theoretical interest. Studying pay differentials (or pay dispersion), as well as the pattern of compensation in place among the CEO and other top managers, yields fascinating insights that have important consequences for teamwork, perceived fairness of pay, strategic decision making, and firm performance.
Robert D. Cooter and Ariel Porat
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691151595
- eISBN:
- 9781400850396
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691151595.001.0001
- Subject:
- Law, Comparative Law
Lawyers, judges, and scholars have long debated whether incentives in tort, contract, and restitution law effectively promote the welfare of society. If these incentives were ideal, tort law would ...
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Lawyers, judges, and scholars have long debated whether incentives in tort, contract, and restitution law effectively promote the welfare of society. If these incentives were ideal, tort law would reduce the cost and frequency of accidents, contract law would lubricate transactions, and restitution law would encourage people to benefit others. Unfortunately, the incentives in these laws lead to too many injuries, too little contractual cooperation, and too few unrequested benefits. This book explains how law might better serve the social good. In tort law, the book proposes that all foreseeable risks should be included when setting standards of care and awarding damages. Failure to do so causes accidents that better legal incentives would avoid. In contract law, the book shows that making a promise often causes the person who receives it to change behavior and undermine the cooperation between the parties. It recommends several solutions, including a novel contract called “anti-insurance.” In restitution law, people who convey unrequested benefits to others are seldom entitled to compensation. Restitution law should compensate them more than it currently does, so that they will provide more unrequested benefits. In these three areas of law, the book demonstrates that better law can promote the well-being of people by providing better incentives for the private regulation of conduct.Less
Lawyers, judges, and scholars have long debated whether incentives in tort, contract, and restitution law effectively promote the welfare of society. If these incentives were ideal, tort law would reduce the cost and frequency of accidents, contract law would lubricate transactions, and restitution law would encourage people to benefit others. Unfortunately, the incentives in these laws lead to too many injuries, too little contractual cooperation, and too few unrequested benefits. This book explains how law might better serve the social good. In tort law, the book proposes that all foreseeable risks should be included when setting standards of care and awarding damages. Failure to do so causes accidents that better legal incentives would avoid. In contract law, the book shows that making a promise often causes the person who receives it to change behavior and undermine the cooperation between the parties. It recommends several solutions, including a novel contract called “anti-insurance.” In restitution law, people who convey unrequested benefits to others are seldom entitled to compensation. Restitution law should compensate them more than it currently does, so that they will provide more unrequested benefits. In these three areas of law, the book demonstrates that better law can promote the well-being of people by providing better incentives for the private regulation of conduct.
John D. Martin, J. William Petty, and James S. Wallace
- Published in print:
- 2009
- Published Online:
- September 2009
- ISBN:
- 9780195340389
- eISBN:
- 9780199867257
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195340389.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics, Financial Economics
The current financial crisis has caused many of us to question the motives and actions that drive the business world. Even the basic notion that firms should be run so as to maximize shareholder ...
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The current financial crisis has caused many of us to question the motives and actions that drive the business world. Even the basic notion that firms should be run so as to maximize shareholder value has come under increasing scrutiny. Simply put, the failures of some of our nation's most venerable financial institutions have called into question the very premise of value-based management (VBM). Moreover, by being paid out at a time when rank-and-file employees, suppliers, and other corporate stakeholders are suffering, excessive CEO compensation has produced public outrage. This book provides an up-to-date look at value-based management and finds that the underlying concept is as sound today as ever. One finding, however, is that, as initially practiced, VBM was often short sighted and thus needs to evolve if it is to continue to flourish. In particular, this book promotes a marriage of traditional VBM with the growing trend toward corporate social responsibility (CSR), a combination termed value(s)-based management. The case is made that CSR is much more than a feel-good concept; rather, it can make good business sense if practiced in a strategic manner. Ultimately, the book concludes that evidence supports the finding that, by embracing a program of corporate social responsibility, a firm can make the pie bigger, thus providing a win-win situation in which both the shareholders and other stakeholders benefit.Less
The current financial crisis has caused many of us to question the motives and actions that drive the business world. Even the basic notion that firms should be run so as to maximize shareholder value has come under increasing scrutiny. Simply put, the failures of some of our nation's most venerable financial institutions have called into question the very premise of value-based management (VBM). Moreover, by being paid out at a time when rank-and-file employees, suppliers, and other corporate stakeholders are suffering, excessive CEO compensation has produced public outrage. This book provides an up-to-date look at value-based management and finds that the underlying concept is as sound today as ever. One finding, however, is that, as initially practiced, VBM was often short sighted and thus needs to evolve if it is to continue to flourish. In particular, this book promotes a marriage of traditional VBM with the growing trend toward corporate social responsibility (CSR), a combination termed value(s)-based management. The case is made that CSR is much more than a feel-good concept; rather, it can make good business sense if practiced in a strategic manner. Ultimately, the book concludes that evidence supports the finding that, by embracing a program of corporate social responsibility, a firm can make the pie bigger, thus providing a win-win situation in which both the shareholders and other stakeholders benefit.
Sharan Jagpal and Shireen Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.001.0001
- Subject:
- Business and Management, Marketing
This book shows how to fuse marketing, finance, and other disciplines to improve performance for the corporation or organization. Specifically, it shows decision makers at different levels in the ...
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This book shows how to fuse marketing, finance, and other disciplines to improve performance for the corporation or organization. Specifically, it shows decision makers at different levels in the organization and in different functional areas (e.g., marketing, finance, new product development, and human resources management) how to overcome the problems resulting from function- and discipline-based “silos.” The book has several novel features. All concepts are presented in a simple and easily accessible question-and-answer format. The book provides an in-depth analysis of a broad spectrum of important managerial topics (e.g., how to allocate advertising funds between Internet and conventional advertising, how to evaluate brand equity for mergers and acquisitions, and how to coordinate product design, marketing strategy, and production). In addition, because of its fusion-based methodology, the book provides decision makers with new tools to address familiar managerial problems (e.g., resource allocation and the design of managerial contracts in multiproduct or multidivisional firms). Throughout the book, the focus is on providing managers with actionable theories and metrics that are rigorous yet practical, and that allow the firm or organization to fuse — not merely interface — different functional areas.Less
This book shows how to fuse marketing, finance, and other disciplines to improve performance for the corporation or organization. Specifically, it shows decision makers at different levels in the organization and in different functional areas (e.g., marketing, finance, new product development, and human resources management) how to overcome the problems resulting from function- and discipline-based “silos.” The book has several novel features. All concepts are presented in a simple and easily accessible question-and-answer format. The book provides an in-depth analysis of a broad spectrum of important managerial topics (e.g., how to allocate advertising funds between Internet and conventional advertising, how to evaluate brand equity for mergers and acquisitions, and how to coordinate product design, marketing strategy, and production). In addition, because of its fusion-based methodology, the book provides decision makers with new tools to address familiar managerial problems (e.g., resource allocation and the design of managerial contracts in multiproduct or multidivisional firms). Throughout the book, the focus is on providing managers with actionable theories and metrics that are rigorous yet practical, and that allow the firm or organization to fuse — not merely interface — different functional areas.
Ashley Jackson
- Published in print:
- 1999
- Published Online:
- October 2011
- ISBN:
- 9780198207641
- eISBN:
- 9780191677762
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198207641.003.0012
- Subject:
- History, World Modern History
Generally, those who participated in the British army have articulated how they are proud to have been part of the efforts during the Second World War, and these men have rarely complained that they ...
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Generally, those who participated in the British army have articulated how they are proud to have been part of the efforts during the Second World War, and these men have rarely complained that they were merely ‘used’. However, some of these veterans have expressed grievances, as they feel that their efforts and accomplishments had remained unrecognized by society, since their points of comparison are the modern-day reports of Botswana soldiers returning home from various missions with the United Nations. As such, this chapter includes the sentiments of these war veterans regarding how they barely receive any monetary compensation for their efforts, and that the earlier celebrations of their victories have come to an end.Less
Generally, those who participated in the British army have articulated how they are proud to have been part of the efforts during the Second World War, and these men have rarely complained that they were merely ‘used’. However, some of these veterans have expressed grievances, as they feel that their efforts and accomplishments had remained unrecognized by society, since their points of comparison are the modern-day reports of Botswana soldiers returning home from various missions with the United Nations. As such, this chapter includes the sentiments of these war veterans regarding how they barely receive any monetary compensation for their efforts, and that the earlier celebrations of their victories have come to an end.
Bert Cannella, Sydney Finkelstein, and Donald C. Hambrick
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780195162073
- eISBN:
- 9780199867332
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195162073.001.0001
- Subject:
- Business and Management, Strategy
This book integrates and assesses the vast and rapidly growing literature on strategic leadership, which is the study of top executives and their effects on organizations. The basic premise is that, ...
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This book integrates and assesses the vast and rapidly growing literature on strategic leadership, which is the study of top executives and their effects on organizations. The basic premise is that, in order to understand why organizations do the things they do, or perform the way they do, we need to comprehend deeply the people at the top—their experiences, abilities, values, social connections, aspirations, and other human features. The actions—or inactions—of a relatively small number of key people at the apex of an organization can dramatically affect organizational outcomes. The scope of strategic leadership includes individual executives, especially chief executive officers (CEOs), groups of executives (top management teams, or TMTs), and governing bodies (particularly boards of directors). Accordingly, the book addresses an array of topics regarding CEOs (e.g., values, personality, motives, demography, succession, and compensation); TMTs (including composition, processes, and dynamics); and boards of directors (why boards look and behave the way they do, and the consequences of board profiles and behaviors). The book synthesizes what is known about strategic leadership and indicates new research directions.Less
This book integrates and assesses the vast and rapidly growing literature on strategic leadership, which is the study of top executives and their effects on organizations. The basic premise is that, in order to understand why organizations do the things they do, or perform the way they do, we need to comprehend deeply the people at the top—their experiences, abilities, values, social connections, aspirations, and other human features. The actions—or inactions—of a relatively small number of key people at the apex of an organization can dramatically affect organizational outcomes. The scope of strategic leadership includes individual executives, especially chief executive officers (CEOs), groups of executives (top management teams, or TMTs), and governing bodies (particularly boards of directors). Accordingly, the book addresses an array of topics regarding CEOs (e.g., values, personality, motives, demography, succession, and compensation); TMTs (including composition, processes, and dynamics); and boards of directors (why boards look and behave the way they do, and the consequences of board profiles and behaviors). The book synthesizes what is known about strategic leadership and indicates new research directions.
Robert D. Cooter and Ariel Porat
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691151595
- eISBN:
- 9781400850396
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691151595.003.0008
- Subject:
- Law, Comparative Law
This chapter proposes a novel contract, dubbed “anti-insurance,” that perfectly solves the paradox of compensation. Breach of contract by the promisor poses a risk of loss to the promisee. With ...
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This chapter proposes a novel contract, dubbed “anti-insurance,” that perfectly solves the paradox of compensation. Breach of contract by the promisor poses a risk of loss to the promisee. With anti-insurance, promisor's liability for breach is 100 percent and promisee's compensation is 0 percent, as required for efficient incentives. The chapter first illustrates how anti-insurance works with a numerical example and considers some factors affecting its scope. It then presents examples of anti-insurance for losses and gains before comparing anti-insurance with other legal devices that give incentives to the promisee without eroding the promisor's incentives; these include mitigation of damages, foreseeability of damages, comparative fault, and liquidated damages. It concludes by explaining why anti-insurance is not available in the market.Less
This chapter proposes a novel contract, dubbed “anti-insurance,” that perfectly solves the paradox of compensation. Breach of contract by the promisor poses a risk of loss to the promisee. With anti-insurance, promisor's liability for breach is 100 percent and promisee's compensation is 0 percent, as required for efficient incentives. The chapter first illustrates how anti-insurance works with a numerical example and considers some factors affecting its scope. It then presents examples of anti-insurance for losses and gains before comparing anti-insurance with other legal devices that give incentives to the promisee without eroding the promisor's incentives; these include mitigation of damages, foreseeability of damages, comparative fault, and liquidated damages. It concludes by explaining why anti-insurance is not available in the market.
Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0015
- Subject:
- Business and Management, Marketing
This chapter shows how the firm should determine compensation for its managers. It distinguishes between ownership structures (i.e., whether the firm is privately or publicly held), the length of the ...
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This chapter shows how the firm should determine compensation for its managers. It distinguishes between ownership structures (i.e., whether the firm is privately or publicly held), the length of the planning horizons for the owners and managers of the firm, whether the firm is multidivisional or not, whether the firm sells one or multiple products, and how Wall Street's expectations affect decision making by managers. In particular, it shows how marketing-finance fusion allows senior management and the finance department to determine managerial compensation plans in the multiproduct or multidivisional firm.Less
This chapter shows how the firm should determine compensation for its managers. It distinguishes between ownership structures (i.e., whether the firm is privately or publicly held), the length of the planning horizons for the owners and managers of the firm, whether the firm is multidivisional or not, whether the firm sells one or multiple products, and how Wall Street's expectations affect decision making by managers. In particular, it shows how marketing-finance fusion allows senior management and the finance department to determine managerial compensation plans in the multiproduct or multidivisional firm.
Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0016
- Subject:
- Business and Management, Marketing
This chapter shows how the firm should design sales force compensation plans to maximize its performance. It distinguishes whether or not the firm can observe the salesperson's effort. It shows how ...
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This chapter shows how the firm should design sales force compensation plans to maximize its performance. It distinguishes whether or not the firm can observe the salesperson's effort. It shows how marketing-finance fusion allows the firm to design compensation plans based on such factors as the firm's cost structure, cost and demand uncertainty, consumer satisfaction, the firm's cost of capital, and whether or not the firm delegates price-setting or sales call policy to the salesperson. It shows how the sales force compensation plan should allow for multiperiod effects and the impact of Internet advertising. In particular, it distinguishes different scenarios (e.g., whether Internet advertising and conventional advertising are substitutes or complements).Less
This chapter shows how the firm should design sales force compensation plans to maximize its performance. It distinguishes whether or not the firm can observe the salesperson's effort. It shows how marketing-finance fusion allows the firm to design compensation plans based on such factors as the firm's cost structure, cost and demand uncertainty, consumer satisfaction, the firm's cost of capital, and whether or not the firm delegates price-setting or sales call policy to the salesperson. It shows how the sales force compensation plan should allow for multiperiod effects and the impact of Internet advertising. In particular, it distinguishes different scenarios (e.g., whether Internet advertising and conventional advertising are substitutes or complements).
Sharan Jagpal
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195371055
- eISBN:
- 9780199870745
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195371055.003.0017
- Subject:
- Business and Management, Marketing
This chapter shows how the multiproduct/multiagent firm should design compensation plans for its sales force. It distinguishes between the differential effects of experience (productivity), ...
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This chapter shows how the multiproduct/multiagent firm should design compensation plans for its sales force. It distinguishes between the differential effects of experience (productivity), heterogeneous risk attitudes among salespersons, and the firm's market segmentation policies. In addition, it shows how marketing-finance fusion allows multiproduct and multiagent firms to measure changes in sales force productivity using an objective metric (not sales revenue).Less
This chapter shows how the multiproduct/multiagent firm should design compensation plans for its sales force. It distinguishes between the differential effects of experience (productivity), heterogeneous risk attitudes among salespersons, and the firm's market segmentation policies. In addition, it shows how marketing-finance fusion allows multiproduct and multiagent firms to measure changes in sales force productivity using an objective metric (not sales revenue).
