Chapter 72: Forensic Economics

Lawrence M. Spizman

Forensic economics The National Association of Forensic Economics (NAFE) defines forensic economics as “the scientific discipline that applies economic theories and methods to the issue of pecuniary damages as specified by case law and legislative codes” (National Association of Forensic Economics, n.d.-a). During the litigation process, economists determine the value of economic damages, testify, and critique the opposing experts' economic analysis. The purpose of this chapter is to provide a general overview of the economic issues in a typical personal injury and wrongful death litigation tort, which is a private or civil wrong. The chapter also discusses the ethical issues involved when using different methodologies to estimate damages. Economic damages typically are presented to the trier of fact (which can be a jury or judge) as the last phase of a trial. The importance of this should not be underestimated. Before there can be any award for economic damages, the ...

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