Issue Briefs

Some time has passed since we began writing in Issue Briefs about the distinction between charged amounts, or prices, and reasonable, fair market value. In the field of economics, these distinctions generally don’t pose a problem, because prices tend to gravitate to fair market value. In other words, if I own a coffee shop and…

In product liability matters it is often the case that some harm or cost is alleged to have been caused, either directly, because of production or consumption of the product, or indirectly, in the form of a “negative externality.” But it is often the case that, distinct from any litigation, health economists and health researchers…

In some product liability cases, in addition to alleged damages, plaintiffs might argue that sales of a product or service should be limited. While there may be cases where such an outcome could be considered “first best” or “socially optimal” from an economics perspective, there are many cases for which limiting sales may not result…

In the fields of medicine and public health, we often ask the question “What part of Problem X is caused by Factor Y.” Specifically, we want to know the “fraction” of a problem that is caused by each of the possible (or theoretical) causal factors. Or simply, who or what is to blame, and by…

In recent years there has been a resurgence in what are called “hedonic damages,” especially in cases involving personal injury and product liability. The concept of hedonic damages is based on the calculation of the total estimated value of a human life (i.e., as might normally be calculated in a wrongful death case), “weighted” in…

Most are familiar with the economics subfield referred to as “Law and Economics.” The subfield of Law and Economics is where economic concepts are applied to (and overlap with) issues of public policy, regulation, contracts, environmental policy, health and safety policy, and related fields in which the specifics of laws and statutes have implications for…

Cases involving personal injury and product liability increasingly feature the use of third-party litigation financing, wherein a medical funding or medical financing company (referred to interchangeably hereafter as “MFCs”) has undertaken responsibility to pay providers for services rendered (i.e., post-incident but not including alleged future care). Although the specific structure and form of MFC arrangements…