This edited collection addresses the major issues encountered in the calculation of economic damages to individuals in civil litigation. In federal and state courts in the United States, as well as in other nations, when one party sues another, the suing party is required not only to prove that the harm was, indeed, caused by the other party, but also to claim and demonstrate that a specified dollar value represents just compensation for the harm. Forensic economists are often called upon to evaluate, measure, and opine on the degree of economic loss that is alleged to have occurred. Aimed at both practitioners and theorists, the original articles and essays in the edited collection are written by nationally recognized and widely published forensic experts. Its strength is in showcasing theories, methods, and measurements as they differ in a variety of cases, and in its review of the forensic economics literature developed over the past thirty years. Readers will find informative discussions of topics such as establishing earnings capacity for both adults and infants, worklife probability, personal consumption deductions, taxation as treated in federal and state courts, valuing fringe benefits, discounting theory and practice, the effects of the Affordable Care Act, the valuation of personal services, wrongful discharge, hedonics, effective communication by the expert witness, and ethical issues. The volume also covers surveys of the views of practicing forensic economists, the connection between law and forensic economics, alternatives to litigation in the form of VCF-like schedules, and key differences among nations in measuring economic damages.

This book presents a series of chapters by several leading economists on how to perform economic analysis in support of litigation matters. For many years, academic economists consulted in litigation matters, but most did not discuss it as it was regarded as not 'pure economic research'. As more national economics consulting firms were established, specializing in litigation, and primarily made up of academic economists, the stigma (if ever there was one) disappeared. More than likely, young applied economists will not think twice now about working for a consulting firm, or even a consulting firm which specializes in litigation. This book examines exactly what forensic economists actually do.All the contributors have endeavored to stress the importance of using the economist toolbox properly, all with sterling results. As young economists contemplate a litigation consulting (or any private sector) career versus an academic one, it is hoped that this book will demonstrate that it is possible to achieve excellence in both fields simultaneously.

There is no book on the market that currently deals with the multifarious dimensions of law and economics to prepare students for the legal issues in law and economics, at home and abroad. It is unique because it incorporates all the main aspects of economics that are essential for the practice of law. It includes microeconomics, macroeconomics, econometrics, finance, professional ethics, and international economics. The book has been written for all those who are interested in mastering the economic and financial theories that provide advantages in the analysis and practice of law and economics.