How much would you have to be paid in order to give up a lifetime of sex? What is the dollar value of your life? What is your reputation worth? These are the kinds of questions economists are called in to answer in the courtroom and is known as foresic economics. It is an aspect of our field that some people would probably find "morbid" because it is like putting a price tag on something that many would consider priceless. An economist would probably suggest in a wrongful death suit that a 65-year-old woman's life would require lower compensation than a 20-year-old man's, ceteris paribus. If a doctor botched a surgery that left a woman unable to copulate with her husband for the remainder of her life, an economist would likely be called in to put a price on that.
If you are interested, here is a blog by forensic economist Ralph Frasca (I've met him once, he's a nice guy) and here is a list of example cases in Ohio.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment