Forensic Economics is the application of economics to issues that arise in litigation. These include calculating damages in cases of personal injury, wrongful death, wrongful termination of employment, and loss of expected business profit as well as business valuation. Economists also calculate the equitable distribution of assets in marital dissolution cases, determine the present cost of life care plans in catastrophic injury cases, and evaluate economic losses in failure of fiduciary duty cases.

Forensic economists attempt to determine methods that are appropriate for evaluation in various contexts, giving appropriate consideration to the limitations of available data. Practicing forensic economists apply the various methods of evaluation, as appropriate to actual cases of dispute.

Economic reports often contribute to case settlement. When a case fails to settle, the practicing forensic economist has to be prepared to explain and defend his or her professional opinion in open court or at a mediation/arbitration hearing.

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