Using an Expert in Calculating DamagesForensic Economics & Scientific Evidence

Scott Gilbert1

1Economics DepartmentSouthern Illinois University Carbondale

IICLE R© Advanced Personal Injury Law, March 2013

Scott Gilbert Calculating Damages

Objectives

Explain the general circumstances in which lawyers useeconomics experts in their cases.

For personal injury cases, list circumstances in whicheconomics experts are useful.

Describe the working relationship between the lawyer andeconomics expert.

Distinguish between different economic approaches todetermining economic damages.

Decide whether an economic expert is right for your case.

Scott Gilbert Calculating Damages

Objectives

Explain the general circumstances in which lawyers useeconomics experts in their cases.

For personal injury cases, list circumstances in whicheconomics experts are useful.

Describe the working relationship between the lawyer andeconomics expert.

Distinguish between different economic approaches todetermining economic damages.

Decide whether an economic expert is right for your case.

Scott Gilbert Calculating Damages

Objectives

Explain the general circumstances in which lawyers useeconomics experts in their cases.

For personal injury cases, list circumstances in whicheconomics experts are useful.

Describe the working relationship between the lawyer andeconomics expert.

Distinguish between different economic approaches todetermining economic damages.

Decide whether an economic expert is right for your case.

Scott Gilbert Calculating Damages

Objectives

Explain the general circumstances in which lawyers useeconomics experts in their cases.

For personal injury cases, list circumstances in whicheconomics experts are useful.

Describe the working relationship between the lawyer andeconomics expert.

Distinguish between different economic approaches todetermining economic damages.

Decide whether an economic expert is right for your case.

Scott Gilbert Calculating Damages

Objectives

Explain the general circumstances in which lawyers useeconomics experts in their cases.

For personal injury cases, list circumstances in whicheconomics experts are useful.

Describe the working relationship between the lawyer andeconomics expert.

Distinguish between different economic approaches todetermining economic damages.

Decide whether an economic expert is right for your case.

Scott Gilbert Calculating Damages

About Me

Scott Gilbert

Background

Ph.D. in economics, University of California San Diego

Bachelors in economics, University of California Berkeley

Tenured associate professor at Southern Illinois University

Previously at Federal Reserve Bank of San Francisco

Court Experience

Expert witness - Gilbert Economics (gilberteconomics.com)

Cases: personal injury, wrongful death, contract law, divorce

Courts: federal and state, Illinois, Missouri, Kentucky,Mississippi

Scott Gilbert Calculating Damages

About Me

Scott Gilbert

Background

Ph.D. in economics, University of California San Diego

Bachelors in economics, University of California Berkeley

Tenured associate professor at Southern Illinois University

Previously at Federal Reserve Bank of San Francisco

Court Experience

Expert witness - Gilbert Economics (gilberteconomics.com)

Cases: personal injury, wrongful death, contract law, divorce

Courts: federal and state, Illinois, Missouri, Kentucky,Mississippi

Scott Gilbert Calculating Damages

About Me

Scott Gilbert

Background

Ph.D. in economics, University of California San Diego

Bachelors in economics, University of California Berkeley

Tenured associate professor at Southern Illinois University

Previously at Federal Reserve Bank of San Francisco

Court Experience

Expert witness - Gilbert Economics (gilberteconomics.com)

Cases: personal injury, wrongful death, contract law, divorce

Courts: federal and state, Illinois, Missouri, Kentucky,Mississippi

Scott Gilbert Calculating Damages

About Me

Scott Gilbert

Background

Ph.D. in economics, University of California San Diego

Bachelors in economics, University of California Berkeley

Tenured associate professor at Southern Illinois University

Previously at Federal Reserve Bank of San Francisco

Court Experience

Expert witness - Gilbert Economics (gilberteconomics.com)

Cases: personal injury, wrongful death, contract law, divorce

Courts: federal and state, Illinois, Missouri, Kentucky,Mississippi

Scott Gilbert Calculating Damages

About Me

Scott Gilbert

Background

Ph.D. in economics, University of California San Diego

Bachelors in economics, University of California Berkeley

Tenured associate professor at Southern Illinois University

Previously at Federal Reserve Bank of San Francisco

Court Experience

Expert witness - Gilbert Economics (gilberteconomics.com)

Cases: personal injury, wrongful death, contract law, divorce

Courts: federal and state, Illinois, Missouri, Kentucky,Mississippi

Scott Gilbert Calculating Damages

About Me

Scott Gilbert

Background

Ph.D. in economics, University of California San Diego

Bachelors in economics, University of California Berkeley

Tenured associate professor at Southern Illinois University

Previously at Federal Reserve Bank of San Francisco

Court Experience

Expert witness - Gilbert Economics (gilberteconomics.com)

Cases: personal injury, wrongful death, contract law, divorce

Courts: federal and state, Illinois, Missouri, Kentucky,Mississippi

Scott Gilbert Calculating Damages

About Me

Scott Gilbert

Background

Ph.D. in economics, University of California San Diego

Bachelors in economics, University of California Berkeley

Tenured associate professor at Southern Illinois University

Previously at Federal Reserve Bank of San Francisco

Court Experience

Expert witness - Gilbert Economics (gilberteconomics.com)

Cases: personal injury, wrongful death, contract law, divorce

Courts: federal and state, Illinois, Missouri, Kentucky,Mississippi

Scott Gilbert Calculating Damages

High-Stakes Cases

Key Elements

economic damages: $$$

risk averse lawyers

Role of the Economist

discovery, forensic economics

reduce risk to lawyers

Scott Gilbert Calculating Damages

High-Stakes Cases

Key Elements

economic damages: $$$

risk averse lawyers

Role of the Economist

discovery, forensic economics

reduce risk to lawyers

Scott Gilbert Calculating Damages

High-Stakes Cases

Key Elements

economic damages: $$$

risk averse lawyers

Role of the Economist

discovery, forensic economics

reduce risk to lawyers

Scott Gilbert Calculating Damages

High-Stakes Cases

Key Elements

economic damages: $$$

risk averse lawyers

Role of the Economist

discovery, forensic economics

reduce risk to lawyers

Scott Gilbert Calculating Damages

The Big Personal Injury Case

Economic Loss Elements

medical costs

earnings loss

household productivity loss

Role of the Economist

estimate the present value of future losses

reduce risk about jury’s findings

Scott Gilbert Calculating Damages

The Big Personal Injury Case

Economic Loss Elements

medical costs

earnings loss

household productivity loss

Role of the Economist

estimate the present value of future losses

reduce risk about jury’s findings

Scott Gilbert Calculating Damages

The Big Personal Injury Case

Economic Loss Elements

medical costs

earnings loss

household productivity loss

Role of the Economist

estimate the present value of future losses

reduce risk about jury’s findings

Scott Gilbert Calculating Damages

The Big Personal Injury Case

Economic Loss Elements

medical costs

earnings loss

household productivity loss

Role of the Economist

estimate the present value of future losses

reduce risk about jury’s findings

Scott Gilbert Calculating Damages

The Big Personal Injury Case

Economic Loss Elements

medical costs

earnings loss

household productivity loss

Role of the Economist

estimate the present value of future losses

reduce risk about jury’s findings

Scott Gilbert Calculating Damages

You and the Forensic Economist

Working Together

fees

documents

discussion

report

testimony

Scott Gilbert Calculating Damages

You and the Forensic Economist

Working Together

fees

documents

discussion

report

testimony

Scott Gilbert Calculating Damages

You and the Forensic Economist

Working Together

fees

documents

discussion

report

testimony

Scott Gilbert Calculating Damages

You and the Forensic Economist

Working Together

fees

documents

discussion

report

testimony

Scott Gilbert Calculating Damages

You and the Forensic Economist

Working Together

fees

documents

discussion

report

testimony

Scott Gilbert Calculating Damages

What Your Economist is Thinking

Ideas

make-whole principle

observed versus ”but-for” wellbeing

present values: observed minus ”but-for”

discount rate

market values

Scott Gilbert Calculating Damages

What Your Economist is Thinking

Ideas

make-whole principle

observed versus ”but-for” wellbeing

present values: observed minus ”but-for”

discount rate

market values

Scott Gilbert Calculating Damages

What Your Economist is Thinking

Ideas

make-whole principle

observed versus ”but-for” wellbeing

present values: observed minus ”but-for”

discount rate

market values

Scott Gilbert Calculating Damages

What Your Economist is Thinking

Ideas

make-whole principle

observed versus ”but-for” wellbeing

present values: observed minus ”but-for”

discount rate

market values

Scott Gilbert Calculating Damages

What Your Economist is Thinking

Ideas

make-whole principle

observed versus ”but-for” wellbeing

present values: observed minus ”but-for”

discount rate

market values

Scott Gilbert Calculating Damages

Scientific Evidence

Standards, Rules, Precedent

Frye standard

Daubert standard

Federal Rules of Evidence (702)

Jones & Laughlin Steel Corp. v. Pfeifer, 103 S. Ct 2541 (1983)

Reference Manual on Scientific Evidence

Scott Gilbert Calculating Damages

Scientific Evidence

Standards, Rules, Precedent

Frye standard

Daubert standard

Federal Rules of Evidence (702)

Jones & Laughlin Steel Corp. v. Pfeifer, 103 S. Ct 2541 (1983)

Reference Manual on Scientific Evidence

Scott Gilbert Calculating Damages

Scientific Evidence

Standards, Rules, Precedent

Frye standard

Daubert standard

Federal Rules of Evidence (702)

Jones & Laughlin Steel Corp. v. Pfeifer, 103 S. Ct 2541 (1983)

Reference Manual on Scientific Evidence

Scott Gilbert Calculating Damages

Scientific Evidence

Standards, Rules, Precedent

Frye standard

Daubert standard

Federal Rules of Evidence (702)

Jones & Laughlin Steel Corp. v. Pfeifer, 103 S. Ct 2541 (1983)

Reference Manual on Scientific Evidence

Scott Gilbert Calculating Damages

Scientific Evidence

Standards, Rules, Precedent

Frye standard

Daubert standard

Federal Rules of Evidence (702)

Jones & Laughlin Steel Corp. v. Pfeifer, 103 S. Ct 2541 (1983)

Reference Manual on Scientific Evidence

Scott Gilbert Calculating Damages

Is an Economics Expert Right for your Case?

Checklist

Do I have a “high-stakes” case?

Do I face significant risk, in terms of jury award of economicdamages?

Do I know how to find a good economics expert?

Can I afford several $1, 000s for such an expert?

Can I work effectively with an economics expert?

If yes to all of the above, then hire an econ. expert.

Scott Gilbert Calculating Damages

Is an Economics Expert Right for your Case?

Checklist

Do I have a “high-stakes” case?

Do I face significant risk, in terms of jury award of economicdamages?

Do I know how to find a good economics expert?

Can I afford several $1, 000s for such an expert?

Can I work effectively with an economics expert?

If yes to all of the above, then hire an econ. expert.

Scott Gilbert Calculating Damages

Is an Economics Expert Right for your Case?

Checklist

Do I have a “high-stakes” case?

Do I face significant risk, in terms of jury award of economicdamages?

Do I know how to find a good economics expert?

Can I afford several $1, 000s for such an expert?

Can I work effectively with an economics expert?

If yes to all of the above, then hire an econ. expert.

Scott Gilbert Calculating Damages

Is an Economics Expert Right for your Case?

Checklist

Do I have a “high-stakes” case?

Do I face significant risk, in terms of jury award of economicdamages?

Do I know how to find a good economics expert?

Can I afford several $1, 000s for such an expert?

Can I work effectively with an economics expert?

If yes to all of the above, then hire an econ. expert.

Scott Gilbert Calculating Damages

Is an Economics Expert Right for your Case?

Checklist

Do I have a “high-stakes” case?

Do I face significant risk, in terms of jury award of economicdamages?

Do I know how to find a good economics expert?

Can I afford several $1, 000s for such an expert?

Can I work effectively with an economics expert?

If yes to all of the above, then hire an econ. expert.

Scott Gilbert Calculating Damages

Is an Economics Expert Right for your Case?

Checklist

Do I have a “high-stakes” case?

Do I face significant risk, in terms of jury award of economicdamages?

Do I know how to find a good economics expert?

Can I afford several $1, 000s for such an expert?

Can I work effectively with an economics expert?

If yes to all of the above, then hire an econ. expert.

Scott Gilbert Calculating Damages

Questions

?

Scott Gilbert Calculating Damages