Forensic economics is the scientific discipline that applies economic theories and methods to matters within a legal framework. Forensic economics covers, but is not limited to:
(1) The calculation of pecuniary damages in personal and commercial litigation.
(2) The analysis of liability, such as the statistical analysis of discrimination, the analysis of market power in antitrust disputes, and fraud detection.
(3) Other matters subject to legal review, such as public policy analysis, and business, property, and asset valuation.
[Definition adopted by National Association of Forensic Economics Board of Directors, 7/21/2013]
A graduate degree in economics is the usual qualification of forensic economists. Other persons who provide economic damages related testimony include persons with graduate degrees in business/finance/accounting, financial analysis, and vocational rehabilitation specialists.
Recent Text Books
- Determining Economic Damages, by Gerald D. Martin, James Publishing, Inc., 1988-2011.
- Economic/Hedonic Damages, by Michael Brookshire and Stan V. Smith, Anderson Publishing 1990.
- Economic Foundations of Injury and Death Damages, Roger T. Kaufman, James D. Rodgers, and Gerald D. Martin Editors, Edward Elgar Publishing Company, 2006.
- Measuring Loss in Catastrophic Injury Cases, Kevin Marshall and Thomas R. Ireland and John O. Ward Editors, Lawyers and Judges Publishing Company, 2006.
- NAFE, National Association of Forensic Economics
- AREA, American Rehabilitation Economics Association
- AAEFE, American Academy of Economic and Financial Experts
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