Forensic Economic Consulting

Since 1985

Economic damage is an inevitable consequence of personal injury, wrongful death or other areas of litigation, and sophisticated economic analysis is required to attach a dollar value to that damage. Since 1985, Dr. Lawrence Spizman, a forensic economist, has provided such analyses to the legal community. In addition to working for plaintiff or defendant as an expert witness, his analyses guide attorneys in the preparation of questions to introduce during direct or cross examination and critique and review the arguments of economists on the opposing side. Forensic economic analysis is particularly challenging when the victim is a child with no earning history. Such cases require the application of the Spizman-Kane ordered probit model, which outputs the probability that a child would have obtained a certain educational level and thereby permits an estimate of the child’s lost income.

About Us

Dr. Spizman is an experienced forensic economist and courtroom witness. Since 1985 Dr. Spizman has been providing economic consulting services throughout the nation for both defense and plaintiff. He was a Professor of Economics at the State University of New York at Oswego from 1977-2013 and has authored over 35 articles as well as has presented numerous research papers on Forensic Economics at professional conferences. Dr. Spizman’s ground-breaking Forensic Research was recognized when he was the recipient of the prestigious State University of New York Chancellor’s Award for Excellence in Scholarship and Creative Activities for the academic year 2010-2011 and the Ward Piette Research Prize in 2020. Dr. Spizman is one of the leading Forensic Economic Experts in the nation, dealing with issues of torts involving minor children. The model that he and a colleague developed and published is used to estimate the probabilities of alternative levels of educational attainment for a minor child. This model is widely used throughout the United States and Canada and is recognized as the seminal work in this area. Dr. Spizman is a member of both the American Academy of Economic and Financial Experts (AAEFE) and the National Association of Forensic Economics (NAFE). Dr. Spizman served as the 2005-2008 Vice President of NAFE, the country’s leading association of forensic economists.

Forensic Papers

  • “Update of Educational Attainment Model for a Minor Child: Round 17 of NLSY”.
  • “The Inverted Nudge: An Application of Behavioral Economic Concepts to Settlement Outcomes”. 
  • “Estimating Educational Attainment and Earning Capacity of a Minor Child”. 
  • “Bulletin 2254 Worklife Expectancy Tables and Tort Gender Inequality”.  
  • “Educational Attainment Model for a Minor Child: The Next Generation”’
  • Developing Statistical Based Earnings Estimates: Median versus Mean Earnings”.
  • “Assessing Economic Damage in Personal Injury and Wrongful Death Litigation: The State of New York”.
  • “The Effect of the Loss of a Parent on the Future Earnings of a Minor Child”.
  • Forensic Economics”, 21st Century Economics: A Reference Handbook, Volume Two.
  • “A Note on Utilizing the Geometric Mean: When, Why and How the Forensic Economist Should Employ the Geometric Mean”.
  • “Sample Selectivity Bias of the U.S. Chamber of Commerce Employee Benefits Study”.
  • “Geometric v. Arithmetic Mean, Which One Should the Forensic Economist Utilize?” .
  • “Final Comment: Unintended Consequences of New York State Structured Settlement Laws”.
  • Loss of Self-Employed Earning Capacity in Wrongful Death or Major Accident of the Self-Employed
  • Loss of Future Income in the Case of a Personal Injury to a Child: Parental Influence on a Child’s Future Earnings
  • One More Time: New York’s Structured Settlement Statutes, Rent-Seeking, and the Pro-Plaintiff Bias
  • The Economist’s Role in Equal Pay Act Litigation
  • An Update of the Educational Attainment Model for a Minor Child
  • The Unintended Consequences of Tort Reform: Rent Seeking in New York State’s Structured Settlements Statutes
  • Work-Life Expectancy for the Self-Employed
  • Earning Capacity of the Minor Plaintiff”.
  • Defending Against a Daubert Challenge: An Application in Projecting the Lost Earnings of a Minor Child
  • The Defense Economist’s Role in Litigation Settlement Negotiations

Forensic Presentations

“The Impact of Race on a Child’s Educational Attainment and Life-Time Earnings” Allied Social Science Annual Meeting, San Diego, California, January 4, 2020. 

“Update of Educational Attainment Model for a Minor Child: Does Race Matter?” Eastern Economic Association 45th Annual Conference, New York, New York, March 2, 2019. 

“Hyperbolic Discounting and the Defense Economist’s Impact on Settlement Outcomes: The Defense Economist’s Role in Litigation Settlement Negotiations” Allied Social Science Annual Meeting, Philadelphia, PA, January 6, 2018.

“Damages to a Child and the Fair Calculations Act” Western Economic Association International 92nd Annual Conference, with the National Association of Forensic Economics, San Diego, California, June 26, 2017.

“The Rule of 70 at Trial as a Reference Point” Allied Social Science Association Annual Meetings, with the National Association of Forensic Economics, January 4, 2015, Boston Mass.

“How to Use the Ordered Probit Model for Next Generation Educational Attainment for a Minor Child,”  Eastern Economic Association 40th Annual Conference, Boston Mass, March 8, 2014.

“Mean vs. Median Statistical Earnings: ACS vs. CPS,” Allied Social Science Association Annual Meetings, with the National Association of Forensic Economics, January 3, 2014, Philadelphia Pennsylvania.

 “An Application of the Next Generation Educational Attainment Model for a Minor Child” American Academy of Economic and Financial Experts, March 21, 2013, Las Vegas, Nevada.

“Educational Attainment Model for a Minor Child: The Next Generation” Allied Social Science Associations, with the National Association of Forensic Economics, January 5, 2013, San Diego California.

“Assessing Damages in Injury and Death Cases” Onondaga Bar Association Continuing Legal Education, April 27, 2012.

“How to Use the Ordered Probit Model of the Spizman/Kane Model: 24th Annual Meeting The American Academy of Economic and Financial Experts, April 19, 2012 Las Vegas, Nevada.

“Educational Attainment Model for a Minor Child: The Next Generation” Eastern Economics Association 38th Annual Conference, March 9, 2012, Boston Mass.

“Forensic Economics in the Classroom: an Active Learning Approach”,Eastern Economic Association 37th Annual Conference, February 26, 2011, New York City, New York.

“To Use or Not to Use Bulletin 2254 Work Life Expectancy Tables in New York State – That is the Question”, Eastern Economic Association 36th Annual Conference, February 26, 2010, Philadelphia, Pennsylvania.

“Forensic Economics: Your Guide to Damages in New York State.” Onondaga Bar Association, Continuing Legal Education. June 22, 2009. Syracuse, New York.

“Assessing Economic Damages in Personal Injury and Wrongful Death Litigation: The State of New York” Eastern Economic Association 35th Annual Conference, February 27, 2009, New York, New York.

“Utilizing The Geometric Mean: When, Why and How the Forensic Economist Should Employ the Geometric Mean” Allied Social Science Associations, with the National Association of Forensic Economics, January 4, 2008, New Orleans, LA.

“To Use or Not to Use the US Chamber of Commerce Employee Benefits Study?” Eastern Economic Association 33rd Annual Conference, February 23, 2007, New York, New York.

“The Effect of the Death of a Parent on the Future Earnings of a Minor Child (Using the National Longitudinal Survey of Youth Data)” Eastern Economic Association 33rd Annual Conference, February 23, 2007, New York, New York.

“The Effect of the Death of a Parent on the Future Earnings of a Minor Child”Allied Social Science Associations, with the National Association of Forensic Economics, January 8, 2005, Philadelphia PA.

“The Effect of the Loss of a Parent on the Future Earnings of a Minor Child” Eastern Economic Association 30th Annual Meetings, February 20, 2004, Washington D.C.

“Loss of Earning Capacity in Wrongful Death of the Self-Employed”, Eastern Economic Association 28th Annual Meetings, March 16, 2002, Boston Mass.

“An Update of the Educational Attainment Model for a Minor Child” Eastern Economic Association 27th Annual Meetings, February 24, 2001, New York City.

“The Unintended Consequences of Tort Reform: Rent Seeking in New York State’s Structured Settlements Statutes” Eastern Economic Associations Annual Meetings, March 25, 2000, Washington D.C.

“Determinants of Student Retention of Microeconomic Principles Concepts”, Co-authored, Eastern Economic Associations Annual Meeting, March 13, 1999, Boston Mass.

“Proving or Defending Economic Damages” Personal Injury and Insurance Law Seminar, Lorman Education Services, Syracuse, New York, June 11, 1998.

“Daubert: From Physical Science to Social Science, a Small Step or a Large Leap, ” Allied Social Science Associations, with the National Association of Forensic Economics, January 4, 1998, Chicago, IL.

“Work-life Expectancy for the Self-Employed, ” Eastern Economic Associations Annual Meeting, April 5, 1997, Washington D.C.

“The Impact of Educational Inputs on Elementary and Secondary School outcomes, ” Eastern Economic Associations Annual Meeting, April 6, 1997, Washington D.C.

“Judge Made Law – The Ursini Rule – Bad Economics, ” Eastern Economic Association, 1995 Annual Meeting, March 18, New York City.

“Should Defense Attorneys Use a Forensic Economist? ” Allied Social Science Associations with the National Association of Forensic Economists, January 7, 1995, Washington DC.

“Loss of Future Income in the Case of Personal Injury of A Child: Can We Really Estimate a Child’s Future Earnings?” Allied Social Science Association with the National Association of Forensic Economists, January 5, 1993, Anaheim California.

 “Loss of Future Income in the Case of Wrongful Death or Personal Injury of a Child: Parental Influence on a Child=s Future Earnings,” Allied Social Science Association, with National Association of Forensic Economists, Dec. 29, 1990, Washington, DC.

“Self-Employment and Self-Selection; A Switching Equations Model with Endogenous Switching,” Eastern Economics Association Meeting, 14th Annual Convention, March, 1988, Boston, Mass.

Numerous Continuing Legal Education presentations.

Services

Plaintiff and Defense Services

Estimating Personal Injury Damages
Estimating Wrongful Death Damages
Determining the Educational Attainment of a Minor Child
Computing Lost Earnings of a Minor Child
Determining the Loss of Household Services
Wrongful Termination from Employment
Valuing Life Care Plans
Measuring Losses of Small Business Owners
Critique the Damage Estimates by Opposing Experts
Preparation of Cross Examination Questions of Opposing Damage Experts

Contact Us

If you would like to discuss a specific case, or you have any questions about damage assessment needs feel free to contact me.

11 Whitetail Circle
Oswego, New York 13126
Phone:
315.343.7631
Email:
larry.spizman@oswego.edu