Y, the amount of financial
damages, should therefore only include the value of the destroyed
or damaged capital,rather than the cost of replacement.9 INC is the
monetary amount obtained in a full year of human effort.We use
income per capita as an indicator of the cost of human effort,but
discount this measure by 75%(d) in our benchmark calculations to
account for the observation that much of our time is spent not in
work-related activities.Thus, DAM (Y INC )dYINC ( , )(1) 1 = − ⁎ − .
Given the assumptions detailed above,our benchmark index is
calculated as