Arsine Khayoyan
October 17, 2023
Since its establishment in 1975, the Medical Injury Compensation Reform Act (MICRA) has been a cornerstone of California’s legal landscape, particularly in the realm of medical malpractice litigation. At the heart of this legislation was a contentious $250,000 cap on non-economic damages, including pain and suffering. However, in 2022, California’s legal landscape witnessed a significant […]
Arsine Khayoyan
September 11, 2023
In the realm of forensic economics, calculating damages is a nuanced and intricate task. Forensic economists play a pivotal role in quantifying the economic impact of various factors in legal cases. Two primary methodologies employed in this field are the Nominal Rates Method and the Net Discount Rate Method. While both the Nominal Rates Method […]
Arsine Khayoyan
April 5, 2023
Medical inflation and the Consumer Price Index (CPI) have a long-standing relationship that has been of great concern for policymakers, healthcare providers, and consumers alike. Medical inflation refers to the increase in the cost of medical services and products over time, while the CPI is a measure of the average change in prices over time […]
K2 Economics
January 26, 2021
A fair-share of attorneys have told us that they went to law school to avoid doing math. While calculus and linear algebra are not important in securing a winning verdict, a basic understanding of interest rates and present value is crucial for all attorneys to understand. Courts require all future economic damages be discounted to […]
K2 Economics
January 16, 2021
In litigation, attorneys may demand economic damages, non-economic damages, and punitive damages. Economic damages include monetary losses from income and benefits, as well as medical expenses, property loss and so on. These are all areas where it is useful to designate an economist as an expert witness. Non-economic damages such as pain & suffering, loss […]
K2 Economics
July 17, 2020
We have all heard Benjamin Franklin’s famous saying: “Time is Money”. However, when it comes to calculating economic damages, usually people tend to think of only income and benefits as having value. The time one spends providing services for their household can often be overlooked, specifically in injuries that result in death. Each member of a household […]
K2 Economics
September 25, 2018
When dealing with a personal injury or medical malpractice matter that results in a wrongful death, it is important to remove the personal consumption of the Decedent when calculating damages. Indivisible expenses are not to be included as part of the Decedent’s personal consumption at all. When calculating personal consumption, it is important to take […]
K2 Economics
August 15, 2018
When a Plaintiff can no longer work due to an injury, the loss of future earnings will span from the date of the incident all the way through their pre-incident retirement date. When most people think of retirement, age 65 is usually what pops into mind. To qualify for full Social Security Retirement Benefits, individuals […]
K2 Economics
March 17, 2016
Today, technological advances are made seemingly daily and institutions large and small from governments and Fortune 500 Companies to mom and pop shops are becoming increasingly reliant on technology and in turn increasingly vulnerable. The biggest appeal of technology is that it can make business far more efficient and reduce costs. However, as economists, we […]
K2 Economics
February 22, 2016
In many cases, pain and suffering, which is considered non-economic damages, is a significant portion of the total damages. For example, the case of Russell Sheaffer vs. NuCO2* was one where the Plaintiff suffered personal injuries as a result of a motor vehicle incident. In June of 2015, the Plaintiff was awarded over $17 million in damages. […]
