
Contents
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Outline of This Chapter Outline of This Chapter
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Policy Evaluation: Government Policies and Business Hiring Decisions Policy Evaluation: Government Policies and Business Hiring Decisions
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Economic Damages Economic Damages
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Intellectual Property Intellectual Property
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GOVERNMENT POLICY AND HIRING DECISIONS GOVERNMENT POLICY AND HIRING DECISIONS
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An Admonition; An Opportunity An Admonition; An Opportunity
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The Problem of Persistent Unemployment The Problem of Persistent Unemployment
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Testing the Hypothesis with a Value Functional Model Testing the Hypothesis with a Value Functional Model
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Specifying the Model Specifying the Model
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Running the Model Running the Model
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Transition Probabilities Transition Probabilities
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Policy Intuition Policy Intuition
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Reward Matrix Reward Matrix
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Results Results
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Note on Limitations Note on Limitations
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COMMERCIAL DAMAGES COMMERCIAL DAMAGES
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Introduction Introduction
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Ancient Commercial Damages Doctrines Ancient Commercial Damages Doctrines
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Commercial Damages: Current Era Commercial Damages: Current Era
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Modern Commercial Damages Doctrines Modern Commercial Damages Doctrines
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“Making Whole” and Compensatory Damages “Making Whole” and Compensatory Damages
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English Common Law Tradition English Common Law Tradition
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The Principle of Making Whole The Principle of Making Whole
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Compensatory and Exemplary Damages Compensatory and Exemplary Damages
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LEGAL BASIS FOR CLAIMING ECONOMIC DAMAGES LEGAL BASIS FOR CLAIMING ECONOMIC DAMAGES
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Three Key Legal Criteria for Economic Damages Three Key Legal Criteria for Economic Damages
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Commercial Damages Methods: Operational Losses Commercial Damages Methods: Operational Losses
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Concept of Losses: Lost Profits or Diminished Value? Concept of Losses: Lost Profits or Diminished Value?
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Concept of Damages: Mitigation Concept of Damages: Mitigation
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COMMERCIAL DAMAGES: LOSS OF INTELLECTUAL PROPERTY COMMERCIAL DAMAGES: LOSS OF INTELLECTUAL PROPERTY
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Firms and Intellectual Property Firms and Intellectual Property
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Constitutional Basis for Intellectual Property Rights Constitutional Basis for Intellectual Property Rights
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Patents Patents
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Damages in Patent Cases Damages in Patent Cases
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Brands, Trademarks, Trade Secrets, and Other Intellectual Property Brands, Trademarks, Trade Secrets, and Other Intellectual Property
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METHODS OF ESTIMATING COMMERCIAL DAMAGES METHODS OF ESTIMATING COMMERCIAL DAMAGES
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Valuation Methods in General Valuation Methods in General
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Summary of Advice: Useful Commercial Damages Methods Summary of Advice: Useful Commercial Damages Methods
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Note on Causality, Historical, and Accounting Records Note on Causality, Historical, and Accounting Records
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Commercial Damages: Lost Opportunities to Begin Operations Commercial Damages: Lost Opportunities to Begin Operations
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The Traditional and Modern New Business Rule The Traditional and Modern New Business Rule
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Potential Methods Potential Methods
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Authorities on Commercial Damages Authorities on Commercial Damages
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18 Applications: Law and Economics
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Published:April 2013
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Abstract
This chapter demonstrates applications of the value functional or recursive approach to topics in law and economics, including the effects of government policy on business decisions, and the estimation of economic damages incurred due to breaches of contracts. The effect of uncertainty in future government policies on private sector hiring decisions is one topic for which the value functional method provides an insight that is lacking in the standard neoclassical model. The author presents a model in which managers maximize value, rather than maximize profit. In such a model, businesses may rationally reduce current hiring due to the risk of policies that would impose higher costs in the future. The value functional approach also provides powerful methods to estimate commercial damages in breaches of contract involving intellectual property, new businesses, the ability to open or expand operations, and other situations commonly arising in business.
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