Stan's Articles

Stan Smith's articles have appeared in numerous legal and economic publications. Click here to find downloadable PDF versions of these articles.

Introduction to Hedonic Damages

Excerpt from Chapter 9: Hedonic Damages
Economic/Hedonic Damages: The Practice Book for Plaintiff and Defense Attorneys by Michael L. Brookshire and Stan V. Smith
Intangible damages resulting from the loss of life have resisted objective quantification in the past.
Intangible damages from profound injury, and the loss of society and companionship have likewise been difficult to quantify.

General Approaches to Estimating Fringe Benefits

Excerpt from Chapter 4: Fringe Benefits
Economic/Hedonic Damages: The Practice Book for Plaintiff and Defense Attorneys by Michael L. Brookshire and Stan V. Smith
General Approaches to Estimating Fringe Benefits
Most commonly, the estimation of fringe benefit loss is based upon the market theory of loss.

Why Include Fringe Benefits in Loss Estimates?

Excerpt from Chapter 4: Fringe Benefits
Economic/Hedonic Damages: The Practice Book for Plaintiff and Defense Attorneys by Michael L. Brookshire and Stan V. Smith
Several theoretical bases exist for including employer contributions to fringe benefits in estimates of the earning capacity, and therefore of the lost earning capacity, of individuals rendered incapable of work.

An Introduction to Fringe Benefits

Excerpt from Chapter 4: Fringe Benefits
Economic/Hedonic Damages: The Practice Book for Plaintiff and Defense Attorneys by Michael L. Brookshire and Stan V. Smith
The definition of fringe benefits is a residual definition.

Work-Life Expectancy

Excerpt from Chapter 3: The Basics of Estimating Wage or Salary Loss
Economic/Hedonic Damages: The Practice Book for Plaintiff and Defense Attorneys
by Michael L. Brookshire and Stan V. Smith
The $856,115 loss estimate in Table 7 is still not the appropriate loss estimate in most circumstances.

The Teeter-Totter Method

Alternative Approaches in Selecting Wage Growth Rates Versus Discount Rates
Excerpt from Chapter 3: The Basics of Estimating Wage or Salary Loss
Economic/Hedonic Damages: The Practice Book for Plaintiff and Defense Attorneys
by Michael L. Brookshire and Stan V. Smith
A key assumption in lost earning capacity estimates concerns the relationship between wage growth rates and interest (discount) rates.

Is a Written Report Desirable?

Excerpt from Chapter 2: Issues Preliminary to a Written Analysis of Economic Loss
Economic/Hedonic Damages: The Practice Book for Plaintiff and Defense Attorneys
by Michael L. Brookshire and Stan V. Smith
An economic expert can estimate damages without providing a formal written report. On the plaintiff’s side, a thorough written report is normally requested. The plaintiff is the party with the invited burdens and desires a written report either for settlement or as the basis of testimony.

The Costs of Using Experts on Damages

Excerpt from Chapter 2: Issues Preliminary to a Written Analysis of Economic Loss
Economic/Hedonic Damages: The Practice Book for Plaintiff and Defense Attorneys
by Michael L. Brookshire and Stan V. Smith
Fees charged by economic experts, for both written analyses of lost earning capacity and for testimony, vary widely by region of the country and, often, by the experience level of the expert.

Is an Expert on Economic Damages Necessary?

Economic/Hedonic Damages: The Practice Book for Plaintiff and Defense Attorneys
by Michael L. Brookshire and Stan V. Smith
A logical first question is whether a search for an economic expert should even be undertaken. Normally, it is the plaintiff attorney who—representing the party with the burden of producing evidence and burden of proof—first addresses this multi-dimensional question.

Stan V. Smith, Ph.D.

University of Chicago-trained Economist and Financial Consultant

Dr. Smith and his team provide high quality strategies to educate a jury in economic valuation & analysis for fair awards.

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