Skip to main content Accessibility help
×
Hostname: page-component-848d4c4894-2pzkn Total loading time: 0 Render date: 2024-05-09T00:11:29.220Z Has data issue: false hasContentIssue false

D

Published online by Cambridge University Press:  04 August 2017

Francesco Parisi
Affiliation:
University of Minnesota
Get access

Summary

Damage compensation: see indifference criterion of perfect compensation.

Damages: see compensatory damages.

Danger in numbers: see safety in numbers versus danger in numbers.

Deadweight loss: this identifies the loss of economic surplus that occurs when the market equilibrium is not Pareto-optimal. The deadweight loss can entail a loss of both consumer surplus and producer surplus. In other words, it can occur when some consumers are willing to pay higher than the marginal cost of producing the good and would benefit from the consumption of the good. It can also occur when firms have a marginal cost lower than the quoted price on the market and would benefit from selling additional units of the good. A deadweight loss may arise from conditions such as monopoly pricing (in which case the deadweight loss is measured by Harberger’s triangle), oligopoly pricing, price discrimination, government intervention in the form of taxes, subsidies, binding price ceilings or floors, and externalities. See also Harberger’s triangle, producer surplus, consumer surplus, and fundamental theorems of welfare.

Type
Chapter
Information
The Language of Law and Economics
A Dictionary
, pp. 75 - 94
Publisher: Cambridge University Press
Print publication year: 2013

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

  • D
  • Francesco Parisi, University of Minnesota
  • Book: The Language of Law and Economics
  • Online publication: 04 August 2017
  • Chapter DOI: https://doi.org/10.1017/CBO9781139034043.006
Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

  • D
  • Francesco Parisi, University of Minnesota
  • Book: The Language of Law and Economics
  • Online publication: 04 August 2017
  • Chapter DOI: https://doi.org/10.1017/CBO9781139034043.006
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • D
  • Francesco Parisi, University of Minnesota
  • Book: The Language of Law and Economics
  • Online publication: 04 August 2017
  • Chapter DOI: https://doi.org/10.1017/CBO9781139034043.006
Available formats
×