1 definition found for this term.
Definitions are presented in the order source books were published (most recent first).
A measure of the personal idiosyncratic value that a person places on having possession of a particular chattel or realty. Consumer surplus is a measure of the price that an individual is prepared to pay, over and above the market value, for a particular commodity or service. There is a real fear that consumer surplus will be under-compensated when assessing damages for breach of contract or tort because it is based on idiosyncratic and subjective values and is therefore difficult to measure.