Principles of Forensic Economics
Our analysis and reports are done following the statement of Ethics and Principles
of the National Association of Forensic Economics, which are the following:
1. Engagement Practitioners of forensic economics should decline
involvement in any litigation when they are asked to assume invalid representations of fact or alter their methodologies without
foundation or compelling analytical reason.
2. Compensation Practitioners of forensic economics
should not accept contingency fee arrangements, or fee amounts associated with the size of a court award or out-of-court settlement.
3.
Diligence Practitioners of forensic economics should employ generally
accepted and/or theoretically sound economic methodologies based on reliable economic data. Practitioners of forensic economics
should attempt to provide accurate, fair and reasonable expert opinions, recognizing that it is not the responsibility of
the practitioner to verify the accuracy or completeness of the case-specific information that has been provided.
4.
Disclosure Practitioners of forensic economics should stand ready to provide sufficient detail to allow replication
of all numerical calculations, with reasonable effort, by other competent forensic economics experts, and be prepared to provide
sufficient disclosure of sources of information and assumptions underpinning their opinions to make them understandable to
others.
5. Consistency While it is recognized that practitioners of forensic economics may be given
a different assignment when engaged on behalf of the plaintiff than when engaged on behalf of the defense, for any given assignment,
the basic assumptions, sources, and methods should not change regardless of the party who engages the expert to perform the
assignment. There should be no change in methodology for purposes of favoring any party's claim. This requirement of consistency
is not meant to preclude methodological changes as new knowledge evolves, nor is it meant to preclude performing requested
calculations based upon a hypothetical--as long as its hypothetical nature is clearly disclosed in the expert's report and
testimony.
6. Knowledge Practitioners of forensic economics
should strive to maintain a current knowledge base of their discipline.
7. Discourse Open, uninhibited
discussion is a desired educational feature of academic and professional forensic economic conferences. Therefore, to preserve
and protect the educational environment, practitioners of forensic economics will refrain from the citation of oral remarks
made in an educational environment, without permission from the speaker.
8. Responsibility Practitioners
of forensic economics are encouraged to make known the existence of, and their adherence to, these principles to those retaining
them to perform economic analyses and to other participants in litigation. In addition, it is appropriate for practitioners
of forensic economics to offer criticisms of breaches of these principles.
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