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This collection of original papers had its origin in a series of annual meetings of the National Association of Forensic Economics (NAFE) held in Great Britain, Ireland…
This collection of original papers had its origin in a series of annual meetings of the National Association of Forensic Economics (NAFE) held in Great Britain, Ireland, Italy, and the United States from 2004 to 2008.1 NAFE sponsored these meetings to explore common research areas in the calculation of damages in personal injury and death litigation in Western Europe and the United States. NAFE was founded in 1986 and is the largest association of economists and other damages experts specializing in the calculation of economic damages in litigation in the United States and Canada. The Journal of Forensic Economics (JFE) is the journal of NAFE and has been the primary outlet of peer-reviewed research in forensic economics over the past 22 years. The field of forensic economics has generated a substantial literature on methodologies and empirical research in the calculation of damages in personal injury, death, employment, and commercial litigation; and the use of that literature in the United States and Canadian courts by economists, Certified Public Accounts (CPAs), and actuaries has become commonplace in the past two decades (Thornton & Ward, 1999).2
Gary R. Albrecht, Ph.D., North Carolina is an economist at Albrecht Economics located in Winston-Salem. He specializes in economic forecasting and forensic economics. He has been an Assistant and Adjunct Associate Professor at Wake Forest University, and he was the Director of Econometric Modeling at the University of Kansas. He is a past vice president of the National Association of Forensic Economics. His research has been published in the Journal of Forensic Economics, Journal of Legal Economics, Trial Briefs, and The Earnings Analyst, in addition to his authoring various economic research reports and book chapters. He holds a Ph.D. degree in Economics from Indiana University.
All of the above proposals are realities in Western Europe, and it is suggested that the adoption of such “reforms” would substantially reduce the transaction costs of…
All of the above proposals are realities in Western Europe, and it is suggested that the adoption of such “reforms” would substantially reduce the transaction costs of providing compensation to deserving plaintiffs, improve the efficiency of the tort system, and provide manufacturers and service providers with greater predictability and “fairness” in potential tort damages in the United States.
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Forensic economists are often asked to calculate economic damages in cases that are tried in the United States but involve the death or injury of a citizen or resident of…
Forensic economists are often asked to calculate economic damages in cases that are tried in the United States but involve the death or injury of a citizen or resident of a foreign country. Commonly called international cases, they can range from a single tourist who is killed or injured while visiting the United States to mass torts such as plane crashes or product liability claims. The single plaintiff cases are typically relegated to state courts, whereas the Federal District Courts are often deemed to have jurisdiction over the determination of liability and subsequent economic damages in mass torts. In these and other types of international cases, macroeconomic data compiled by various governmental or private sources within the United States are of very limited use to the forensic economist preparing economic loss estimates. The decedent or injured party's economic, demographic, and social environment will in all likelihood differ significantly from individuals living in the United States. Rather, they are impacted by the macroeconomic conditions of their country of domicile or residence.
In Chapter 10 in this volume, Comandé (2009) has proposed that American courts adapt “scheduling” for use by juries in awarding nonpecuniary damages in personal injury and…
In Chapter 10 in this volume, Comandé (2009) has proposed that American courts adapt “scheduling” for use by juries in awarding nonpecuniary damages in personal injury and wrongful death cases. Comandé suggests that American courts can develop schedules for awarding damages for nonpecuniary losses on the basis of the severity of the injury and the age of the injured party, based on data on prior awards by particular courts in specific jurisdictions. Comandé's proposal is shaped by the experiences of European jurisdictions that have developed scheduling for awarding nonpecuniary damages.
The United States and European countries have for a long time affirmed non-pecuniary loss as a proper title of damages. On both sides of the Atlantic in the preceding…
The United States and European countries have for a long time affirmed non-pecuniary loss as a proper title of damages. On both sides of the Atlantic in the preceding decades, we have witnessed an escalation in the monetary amounts awarded for the non-pecuniary component of damages in cases of personal injury.1 As a result of this escalation, the countries referred to have embarked on a shrill debate in trying to decipher a definition of their concrete notions of non-pecuniary damages2 and on their awarding methods.3
The approach to the determination of damages for loss of future earnings in Britain is by means of a simple formula in which an annual loss (the multiplicand) is…
The approach to the determination of damages for loss of future earnings in Britain is by means of a simple formula in which an annual loss (the multiplicand) is multiplied by a discounted work life expectancy (WLE – the multiplier) to produce a lump sum, the capitalised value of which is intended to provide an ‘assumed annuity’ equivalent to the annual loss. The discounted WLE is calculated with reference to actuarially determined figures which are published in the Ogden Tables. The Ogden Tables provide a set of statistical tables with explanatory notes for use in personal injury and fatal accident cases. These tables are collated by an inter-disciplinary working party comprising lawyers, accountants and actuaries, including the Government Actuary. Their purpose is to provide lawyers in England and Wales with the information that will enable them to undertake the calculation of a future pecuniary loss without recourse to evidence from financial experts. As such it is a requirement that the tables and procedures be readily comprehensible to lawyers.1