Forensic Economic Analysis

Traditionally, forensic economics has referred to economics’s application to the detection and quantification of harm from behavior that has become the subject of litigation.[1]

Forensic economics has emerged as a distinct subdiscipline of economics with its own professional identity.[2] Several factors drive the demand for economists in the litigation context. One is the increase in personal injury cases where economists are called to measure economic damages such as lost earnings.[3] The rise in personal injury litigation has had a multiplier effect on the demand for expert economic witnesses since economic experts are often retained not just by attorneys for the plaintiff but also by defense attorneys.[4]

Forensic economists associated with TD&P abide by the statement of ethics.

According to the Statement of Ethical Principles adopted by the National Association of Forensic Economics [(NAFE)] in 1992 (and later adopted by the American Academy of Economic and Financial Experts as well): “The forensic economist shall attempt to operate at all times from a position of neutrality with respect to his calculations and analysis. Whether he is engaged by the plaintiff or the defense, his approach, methodology, and conclusions should, in the end, be essentially the same.” [5]

In adherence to the principle of neutrality, TD&P Economists follows several rules:

• Economists prepare reports that clearly explain the assumptions and methodology used.
• Economists provide detailed breakdowns of the calculations involved in their work.
• Economists rely on economic literature and verifiable data sources to quantify damages.

Dr. Jerome Page, Ph.D., leads our Forensic Economic Analysis department. Almost 30 years of providing services as a forensic economist. Has developed reports and provided testimony for cases of both plaintiffs and defendants in matters related to estimating economic damages. Has determined economic damages and losses in cases involving personal injury and wrongful death actions; in cases involving losses in business damages and loss of profits; and in employment matters related to whistleblowing, wrongful determination, and discrimination. Has conducted valuations of life care plans. Has qualified as an expert witness in state and in federal courts and has given depositions and testified in trials in those courts. Has provided testimony in matters before state regulatory bodies in the area of insurance, electricity, and telecommunications. Read more on Dr. Paige

To learn more about Forensic Economic Analysis, contact TD&P Consulting, Inc. at info@tdphealth.com or call (877) 420-8680.

[1] Zitzewitz, Eric. “Forensic Economics.” Journal of Economic Literature, vol. 50, no. 3, 2012, pp. 731–769. JSTOR, www.jstor.org/stable/23270476. Accessed 18 Feb. 2020.

[2] Thornton, Robert, and John Ward. “The Economist in Tort Litigation.” The Journal of Economic Perspectives, vol. 13, no. 2, 1999, pp. 101–112. JSTOR, www.jstor.org/stable/2647120. Accessed 18 Feb. 2020.

[3] Id.

[4] Id.

[5] Id.