DIRECT EXAMINATION OF ECONOMIST

I am scheduled to start a trial in a week involving a man who was injured while working. Our economist is scheduled to deliver a baby when the trial is going on  so I  needed to perpetuate her testimony. Here is the simple outline I prepared for her perpetuation deposition. We had discussed this before I used it so she knew the areas I wanted her to cover by these questions. This outline assumes the economist can explain fully the concepts.

DIRECT OF ECONOMIST 

WHY THIS PERSON IS A WITNESS

  1. You are being called as an expert witness in economics?
  2. Are you prepared to give us your economic appraisal regarding John Hauge?

PERPETUATION

  1. You are not going to be available at the time of trial? Why?

QUALIFICATIONS

  1. Marital & general background
  2. See CV:

(1)  Employment now & history – explain nature

(2)  Educational background

(3)  Professional societies

(4)  Have you qualified as an expert witness before – explain

(MARK  CV AS EXHIBIT)

HOW  ARRIVED AT YOUR CONCLUSIONS 

  1. You understand your conclusions must be based upon “reasonable probability”
  2. Will base all opinions on reasonable probability & if unable say so?

EARNING LOSS REPORT

  1. Have you written reports with your conclusions and information about them?
  2. What life expectancy did you consider for John? Why?
  3. How many years did you assume John would have worked if he had not been injured? Why?
  4. Did you calculate John Hauge’s earning loss as a result of his injuries?
  5. Do you have your report about that loss?
  6.               MARK REPORT AS EXHIBIT
  7. Does this report outline your conclusions and the information about his lost earnings?
  8. Is an accurate report?  (Offer at Trial)

FACTORS CONSIDERED

  1.  Explain how you arrived at that economic appraisal?
  2. If you have illustrations that will help explain please use them.
  3. Factors? [Process: inflation, interest, fringe benefits etc]

PRESENT CASH VALUE

  1.  What is present cash value?

“Present cash value” means the sum of money needed now which, if
Invested at a reasonable rate of return, would equal the amount of
Loss at the time in the future when the earnings would have been
Received or [the benefits would have been received.

The rate of interest to be applied in determining present cash value
Should be that rate which in your judgment is reasonable under all
The circumstances. In this regard, you should take into consideration
The prevailing rates of interest in the area that can reasonably be
Expected from safe investments that a person of ordinary prudence,
But without particular financial experience or skill, can make in this
Locality. In determining present cash value, you may also consider
Decreases in value of money that may be caused by future inflation.”
WPI 34.02

2.   Why should we consider present cash value?

COST OF CARE REPORT

  1. Did you calculate future cost of care for John Hauge?
  2. Do you have your report about that loss?
  3. MARK AS EXHIBIT
  4. Does this report outline your conclusions and the information about his lost earnings?
  5. Is an accurate report?  (Offer at Trial)
  6. Explain how you arrived at that economic appraisal?
  7. What factors you considered?

DEFENSE ECONOMIST

  1. Do your conclusions differ from the economist hired by the lawyers for Ash Grove Cement?
  2. What are the total amounts that differ?
  3. Did you read his criticism of your calculations? Explain
  4. What are they?
  5. Why do they differ?
  6. Is he right? Why not?

CONCLUSION

  1. You know there are two kinds of damages for the jury to consider: (1) economic and (2) non-economic
  2. Assume that non-economic damages are the earnings and bills whereas non-economic would be such things as pain, disability, loss of enjoyment of life. Do your figures include anything other than economic loss?
  3. Do they include anything for pain disability, loss of enjoyment of life?
  4. Do your calculations assume that if he lives the projected life expectancy, at the end of John’s life there would be no more money left that had been allowed for cost of care?
  5. Would your calculations have been different if Ash Grove Cement had asked you to make them.
  6. Do you think your conclusions are accurate and reasonable?

One Response to DIRECT EXAMINATION OF ECONOMIST

  1. Thank you for this helpful post Paul. I will be using it in the future as I do many of your outlines.

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