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Lawrence M. Spizman

In: 21st Century Economics: A Reference Handbook

Chapter 72: Forensic Economics

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Forensic Economics
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 ...

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