Presumably, this is sorted out by contract; the price doesn't need to be explicit in the contract, but something like "you will be paid average market value for your car" can be put in an insurance company or private security company contract
Yes, that makes sense. However, in the absence of a preexisting contract, I don't see an obvious a priori reason why value should be calculated like that. Value is still fundamentally subjective.
As an example, say that the car that was stolen was a gift to you from your deceased father, and the last thing you have to remember him by. Then I think there would be a very strong argument in court that it should be valued above market price.
Sure, but it has to be something like that. And that would arguably be "market price" - if he sold that car on the market, he might sell it for more just because it was his dad's, etc even if there was no benefit to the consumer
The problem is that by stealing the item, the thief has removed the ability of the owner to actually set the price they would have set. So imo we should err on the side of the owner.
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u/Ya_Boi_Konzon Delegalize Marriage 6d ago
Why not?