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Economic Foundations of Injury and Death Damages
This volume is a first-rate collection of classic articles covering all major aspects of calculating economic damages in injury and death cases. Selected by some of the foremost practitioners in the field, the 53 articles discuss the concepts, methodologies and reasoning used by forensic economists: they examine issues involving life and worklife expectancy, earnings and earnings capacity, fringe benefits, medical and personal care costs, taxes, discounting, personal consumption, household services, hedonic damages, and the relationship of forensic economics to ethics and the law.
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Critical Acclaim
Contributors
Contents
More Information
This volume is a first-rate collection of classic articles covering all major aspects of calculating economic damages in injury and death cases. Selected by some of the foremost practitioners in the field, the 53 articles discuss the concepts, methodologies and reasoning used by forensic economists: they examine issues involving life and worklife expectancy, earnings and earnings capacity, fringe benefits, medical and personal care costs, taxes, discounting, personal consumption, household services, hedonic damages, and the relationship of forensic economics to ethics and the law.
The editors have written an authoritative introduction to complement their collection.
The volume will be essential reading for practising forensic economists, lawyers and academics in the fields of forensic economics, labor economics and tort law.
The editors have written an authoritative introduction to complement their collection.
The volume will be essential reading for practising forensic economists, lawyers and academics in the fields of forensic economics, labor economics and tort law.
Critical Acclaim
‘Economic Foundations of Injury and Death Damages is a terrific collection of articles on the economics of damages payments in personal injury cases. The editors Roger Kaufman, James Rodgers, and Gerald Martin have assembled the key articles by topic and have reflected the diverse points of view. This volume brings to life many of the courtroom battles that these articles have generated. This wide ranging volume will be of enormous value to economists and practicing attorneys.’
– W. Kip Viscusi, Vanderbilt University, US
– W. Kip Viscusi, Vanderbilt University, US
Contributors
53 articles, dating from 1989 to 2005
Contributors include: T.B. Bowles, J. Ciecka, A. Feldman, R.R. Frasca, S. Horner, T.R. Ireland, W.C. Lewis, G. Skoog, F. Slesnick, R.R. Thornton
Contributors include: T.B. Bowles, J. Ciecka, A. Feldman, R.R. Frasca, S. Horner, T.R. Ireland, W.C. Lewis, G. Skoog, F. Slesnick, R.R. Thornton
Contents
Contents:
Acknowledgements
Introduction Roger T. Kaufman, James D. Rodgers and Gerald D. Martin
PART I FORENSIC ECONOMICS, LAW AND ETHICS
1. Thomas R. Ireland (1997), ‘The Interface between Law and Economics and Forensic Economics’
2. George A. Schieren (1998), ‘The Economic Framework of Personal Injury/Wrongful Death Damages’
3. Thomas O. Depperschmidt (1997), ‘The Impact of the Daubert Decision on Forensic Economists’
4. Francis J. Colella and Thomas R. Ireland (1998), ‘Neutrality and Advocacy: A Challenge for Forensic Economics’
5. The National Association of Forensic Economics (2005), Statement of Ethical Principles and Principles of Professional Practice
6. American Academy of Economic and Financial Experts (2000), Statement of Ethical Principles
7. American Rehabilitation Economics Association (1998), Code of Standards and Ethics
8. American Rehabilitation Economics Association, Statement of Adherence to Ethical Principles Annual Renewal Statement
PART II LIFE EXPECTANCY
9. Frank Slesnick and Robert Thornton (1994), ‘Life Expectancies for Persons with Medical Risks’
10. James Ciecka and Peter Ciecka (1996), ‘Life Expectancy and the Properties of Survival Data’
11. Kurt V. Krueger (1999), ‘Healthy Life Expectancy’
PART III WORK LIFE EXPECTANCY AND THE DURATION OF WORKING LIFE
12. Edward M. Foster and Gary R. Skoog (2005), ‘The Markov Assumption for Worklife Expectancy’
13. Gary R. Skoog and James E. Ciecka (2001), ‘The Markov (Increment-Decrement) Model of Labor Force Activity: New Results Beyond Work-Life Expectancies’
14. Frank P. Corcione and Robert J. Thornton (1991), ‘Female Work Experience: Voluntary versus Involuntary Labor Force Activity’
15. James D. Rodgers (2001), ‘Exploring the Possibility of Worklife Expectancies for Specific Disabilities’
16. Dennis R. Capozza, Alice Nakamura and Gregory Bloss (1989), ‘Work History in Female Earnings Loss’
17. Frank P. Corcione and Robert J. Thornton (1998), ‘Forecasting Earnings Losses of the Disabled with the LPE Method’
PART IV PROJECTING LOST EARNINGS AND EARNING CAPACITY
18. Stephen M. Horner and Frank Slesnick (1999), ‘The Valuation of Earning Capacity Definition, Measurement and Evidence’
19. Robert J. Thornton, James D. Rodgers and Michael L. Brookshire (1997), ‘On the Interpretation of Age-Earnings Profiles’
20. Kurt Krueger (1999), ‘Average Change in Wages: The ECI Advantage’
21. Ralph J. Brown (1995), ‘Loss of Earning Capacity in the Case of a Farmer’
22. John Kane and Lawrence M. Spizman (2001), ‘An Update of the Educational Attainment Model for a Minor Child’
23. Thomas R. Ireland and John O. Ward (1995), ‘The Investment Approach to Parental Loss in the Death of a Child: A Guide to Understanding Alternative Versions’
PART V FRINGE BENEFITS
24. Ralph R. Frasca (1992), ‘The Inclusion of Fringe Benefits in Estimates of Earnings Loss: A Comparative Analysis’
25. James D. Rodgers (2002), ‘Valuing Losses of Pension Benefits’
PART VI ESTIMATING MEDICAL AND PERSONAL CARE COSTS IN ACCIDENT CASES
26. Frank Slesnick (1990), ‘Forecasting Medical Costs in Tort Cases: The Role of the Economist’
27. Roger Feldman and Karl A. Egge (1995), ‘Savings Offsets in Future Care Costs for the Severely Injured: New Thoughts on an Unsettled Issue’
28. David Strauss, Robert Shavelle, Christopher Pflaum and Christopher Bruce (2001), ‘Discounting the Cost of Future Care for Persons with Disabilities’
29. George A. Barrett and Michael L. Brookshire (2001), ‘The Forensic Economics of Medical Monitoring Protocols’
PART VII TAXATION
30. W. Cris Lewis and Tyler J. Bowles (1996), ‘Alternative Approaches to Tax Adjustments in Appraising Economic Loss’
31. W. Cris Lewis and Tyler J. Bowles (1999), ‘A Statistical Analysis of Federal Income Tax Rate Stability Over Time and Implications for Valuing Lifetime Earnings’
PART VIII DISCOUNTING
32. Allan M. Feldman (1990), ‘Discounting in Forensic Economics’
33. Gary R. Skoog and Gerald D. Martin (2005), ‘The Net Discount Rate: Logical Relations Among Present Value Variables’
34. Christopher C. Pflaum, Steven S. Duncan and Eric C. Frye (1997), ‘Historical Averages and The “Real Rate” of Interest’
35. Richard S. Weckstein (2001), ‘Real Discounting and Inflation in Indexed Treasury Securities’
36. Joseph H. Haslag, M. Nieswiadomy and D.J. Slottje (1991), ‘Are Net Discount Ratios Stationary?: The Implications for Present Value Calculations’
37. Bradley Braun, Junsoo Lee and Mark C. Strazicich (2004), ‘Historical Net Discount Rates and Future Economic Losses: Refuting the Common Practice’
38. Eric W. Christensen (1999), ‘Accounting for Age-Earnings Profiles in Net Discount Rates’
39. James E. Payne, Bradley T. Ewing and Michael J. Piette (2001), ‘Total Offset Method: Is it Appropriate? Evidence from ECI Data’
40. Robert R. Trout (1994), ‘Intra-Year Discounting Made Easy: A Comment’
41. Boyd L. Fjeldsted (1993), ‘The Significance of the Distinction Between a Life Annuity and an Annuity Certain for a Term Equal to Life Expectancy: A Note’
42. Tyler J. Bowles and W. Cris Lewis (1999), ‘Prejudgement Interest: Issues and Case Studies’
PART IX PERSONAL CONSUMPTION
43. Michael R. Ruble, Robert T. Patton and David M. Nelson (2002), ‘Patton-Nelson Personal Consumption Tables 2000-2001: Updated and Revised’
44. Martine T. Ajwa, Gerald D. Martin and Ted Vavoulis (2000), ‘Estimating Personal Consumption With and Without Savings in Wrongful Death Cases’
45. Roger T. Kaufman (2003), ‘Conceptual and Empirical Issues in Calculating Post-Retirement Consumption’
46. James Ciecka, Seth Epstein and Peter Ciecka (1995), ‘Some New Estimates of Self-Consumption Allowances Using Service Flows’
47. Christopher Bruce (1997), ‘Determination of Personal Consumption Expenditures in Fatal Accident Actions: A Note’
PART X HOUSEHOLD SERVICES
48. Ronald A. Dulaney, John H. Fitzgerald, Matthew S. Swenson and John H. Wicks (1992), ‘Market Valuation of Household Production’
49. Thomas R. Ireland (1999), ‘Opportunity Cost vs. Replacement Cost in a Lost Service Analysis’
50. Frank D. Tinari (1998), ‘Household Services: Toward a More Comprehensive Measure’
PART XI HEDONIC DAMAGES
51. Stan V. Smith (1996), ‘Hedonic Damages in Personal Injury and Wrongful Death Litigation’
52. W. Kip Viscusi (1990), ‘The Value of Life: Has Voodoo Economics Come to the Courts?’
53. W. Kip Viscusi (2000), ‘Misuses and Proper Uses of Hedonic Values of Life in Legal Contexts’
Name Index
Acknowledgements
Introduction Roger T. Kaufman, James D. Rodgers and Gerald D. Martin
PART I FORENSIC ECONOMICS, LAW AND ETHICS
1. Thomas R. Ireland (1997), ‘The Interface between Law and Economics and Forensic Economics’
2. George A. Schieren (1998), ‘The Economic Framework of Personal Injury/Wrongful Death Damages’
3. Thomas O. Depperschmidt (1997), ‘The Impact of the Daubert Decision on Forensic Economists’
4. Francis J. Colella and Thomas R. Ireland (1998), ‘Neutrality and Advocacy: A Challenge for Forensic Economics’
5. The National Association of Forensic Economics (2005), Statement of Ethical Principles and Principles of Professional Practice
6. American Academy of Economic and Financial Experts (2000), Statement of Ethical Principles
7. American Rehabilitation Economics Association (1998), Code of Standards and Ethics
8. American Rehabilitation Economics Association, Statement of Adherence to Ethical Principles Annual Renewal Statement
PART II LIFE EXPECTANCY
9. Frank Slesnick and Robert Thornton (1994), ‘Life Expectancies for Persons with Medical Risks’
10. James Ciecka and Peter Ciecka (1996), ‘Life Expectancy and the Properties of Survival Data’
11. Kurt V. Krueger (1999), ‘Healthy Life Expectancy’
PART III WORK LIFE EXPECTANCY AND THE DURATION OF WORKING LIFE
12. Edward M. Foster and Gary R. Skoog (2005), ‘The Markov Assumption for Worklife Expectancy’
13. Gary R. Skoog and James E. Ciecka (2001), ‘The Markov (Increment-Decrement) Model of Labor Force Activity: New Results Beyond Work-Life Expectancies’
14. Frank P. Corcione and Robert J. Thornton (1991), ‘Female Work Experience: Voluntary versus Involuntary Labor Force Activity’
15. James D. Rodgers (2001), ‘Exploring the Possibility of Worklife Expectancies for Specific Disabilities’
16. Dennis R. Capozza, Alice Nakamura and Gregory Bloss (1989), ‘Work History in Female Earnings Loss’
17. Frank P. Corcione and Robert J. Thornton (1998), ‘Forecasting Earnings Losses of the Disabled with the LPE Method’
PART IV PROJECTING LOST EARNINGS AND EARNING CAPACITY
18. Stephen M. Horner and Frank Slesnick (1999), ‘The Valuation of Earning Capacity Definition, Measurement and Evidence’
19. Robert J. Thornton, James D. Rodgers and Michael L. Brookshire (1997), ‘On the Interpretation of Age-Earnings Profiles’
20. Kurt Krueger (1999), ‘Average Change in Wages: The ECI Advantage’
21. Ralph J. Brown (1995), ‘Loss of Earning Capacity in the Case of a Farmer’
22. John Kane and Lawrence M. Spizman (2001), ‘An Update of the Educational Attainment Model for a Minor Child’
23. Thomas R. Ireland and John O. Ward (1995), ‘The Investment Approach to Parental Loss in the Death of a Child: A Guide to Understanding Alternative Versions’
PART V FRINGE BENEFITS
24. Ralph R. Frasca (1992), ‘The Inclusion of Fringe Benefits in Estimates of Earnings Loss: A Comparative Analysis’
25. James D. Rodgers (2002), ‘Valuing Losses of Pension Benefits’
PART VI ESTIMATING MEDICAL AND PERSONAL CARE COSTS IN ACCIDENT CASES
26. Frank Slesnick (1990), ‘Forecasting Medical Costs in Tort Cases: The Role of the Economist’
27. Roger Feldman and Karl A. Egge (1995), ‘Savings Offsets in Future Care Costs for the Severely Injured: New Thoughts on an Unsettled Issue’
28. David Strauss, Robert Shavelle, Christopher Pflaum and Christopher Bruce (2001), ‘Discounting the Cost of Future Care for Persons with Disabilities’
29. George A. Barrett and Michael L. Brookshire (2001), ‘The Forensic Economics of Medical Monitoring Protocols’
PART VII TAXATION
30. W. Cris Lewis and Tyler J. Bowles (1996), ‘Alternative Approaches to Tax Adjustments in Appraising Economic Loss’
31. W. Cris Lewis and Tyler J. Bowles (1999), ‘A Statistical Analysis of Federal Income Tax Rate Stability Over Time and Implications for Valuing Lifetime Earnings’
PART VIII DISCOUNTING
32. Allan M. Feldman (1990), ‘Discounting in Forensic Economics’
33. Gary R. Skoog and Gerald D. Martin (2005), ‘The Net Discount Rate: Logical Relations Among Present Value Variables’
34. Christopher C. Pflaum, Steven S. Duncan and Eric C. Frye (1997), ‘Historical Averages and The “Real Rate” of Interest’
35. Richard S. Weckstein (2001), ‘Real Discounting and Inflation in Indexed Treasury Securities’
36. Joseph H. Haslag, M. Nieswiadomy and D.J. Slottje (1991), ‘Are Net Discount Ratios Stationary?: The Implications for Present Value Calculations’
37. Bradley Braun, Junsoo Lee and Mark C. Strazicich (2004), ‘Historical Net Discount Rates and Future Economic Losses: Refuting the Common Practice’
38. Eric W. Christensen (1999), ‘Accounting for Age-Earnings Profiles in Net Discount Rates’
39. James E. Payne, Bradley T. Ewing and Michael J. Piette (2001), ‘Total Offset Method: Is it Appropriate? Evidence from ECI Data’
40. Robert R. Trout (1994), ‘Intra-Year Discounting Made Easy: A Comment’
41. Boyd L. Fjeldsted (1993), ‘The Significance of the Distinction Between a Life Annuity and an Annuity Certain for a Term Equal to Life Expectancy: A Note’
42. Tyler J. Bowles and W. Cris Lewis (1999), ‘Prejudgement Interest: Issues and Case Studies’
PART IX PERSONAL CONSUMPTION
43. Michael R. Ruble, Robert T. Patton and David M. Nelson (2002), ‘Patton-Nelson Personal Consumption Tables 2000-2001: Updated and Revised’
44. Martine T. Ajwa, Gerald D. Martin and Ted Vavoulis (2000), ‘Estimating Personal Consumption With and Without Savings in Wrongful Death Cases’
45. Roger T. Kaufman (2003), ‘Conceptual and Empirical Issues in Calculating Post-Retirement Consumption’
46. James Ciecka, Seth Epstein and Peter Ciecka (1995), ‘Some New Estimates of Self-Consumption Allowances Using Service Flows’
47. Christopher Bruce (1997), ‘Determination of Personal Consumption Expenditures in Fatal Accident Actions: A Note’
PART X HOUSEHOLD SERVICES
48. Ronald A. Dulaney, John H. Fitzgerald, Matthew S. Swenson and John H. Wicks (1992), ‘Market Valuation of Household Production’
49. Thomas R. Ireland (1999), ‘Opportunity Cost vs. Replacement Cost in a Lost Service Analysis’
50. Frank D. Tinari (1998), ‘Household Services: Toward a More Comprehensive Measure’
PART XI HEDONIC DAMAGES
51. Stan V. Smith (1996), ‘Hedonic Damages in Personal Injury and Wrongful Death Litigation’
52. W. Kip Viscusi (1990), ‘The Value of Life: Has Voodoo Economics Come to the Courts?’
53. W. Kip Viscusi (2000), ‘Misuses and Proper Uses of Hedonic Values of Life in Legal Contexts’
Name Index
