The National Association Of Forensic Economics

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Introduction In the United Kingdom, the closest relative can make wrongful death claims for compensation when a loved one has suffered a fatal accident due to the negligence of another. According to Matthias Kelly 's distribution and development, the common law of the UK the objective of any award of damages in personal injuries litigation is to achieve as nearly as possible full compensation for the Claimant in respect of the injury sustained In the UK, prior to 1999, economic damages in such litigation were typically assessed by individual judges using "rule of thumb" multipliers. There are three relevant types of tables, the Ogden Tables, named after Sir Michael Ogden, Victim’s Compensation Fund (VCF) and the Economic Loss Table…show more content…
0.1.1 Definition of a forensic economics Forensic economics is the methodical development that assigns economic methods and theories to be utilised within a legal framework. The field of forensic economics has originate literatures on empirical research and methodologies for estimating losses and damages in death, employment, personal injury and commercial litigation. Forensic economics covers a few perspectives below with no limitation: • The analysis of market power in antitrust disputes and fraud detection, meaning to deliberate deception to secure unfair or unlawful gain. • The analysis of liability, such as the statistical analysis of discrimination. • The calculation of pecuniary damages in commercial and personal litigation. • Other matters subject to legal review. For example, business, asset and property valuation and public policy analysis. 0.2 Economic damages and Tort reform Referring to a published paper by David Bernstein, “ By all reasonable measures, the American tort system is a disaster. It resembles a wealth-redistribution lottery more than an efficient system designed to compensate those injured by the wrongful actions of others. Modern product liability litigation is particularly problematic. As has been well documented elsewhere product liability lawsuits have made a few plaintiffs’ attorneys and their clients rich” (1996). A researcher, Stephen Presser (2002), he has argued that
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