Adjustments to Award Amounts in Forensic Economics
Paper Session
Saturday, Jan. 7, 2017 1:00 PM – 3:00 PM
Sheraton Grand Chicago, Wrigleyville
- Chair: Constantine M. Boukidis, VWM Analytics, LLC
Adjustments for Adverse Tax Consequences of Lump Sum Awards in Employment Cases
Abstract
Adjustments for Adverse Tax Consequences of Lump Sum Awards in Employment CasesConsumer Damages in Product Misrepresentation Cases: Examples from Beer, Cars, and Burritos
Abstract
Sellers of goods to consumers in the United States have numerous statutory and common-law obligations to accurately represent key characteristics of their products. However, they operate in an environment of rampant commercialism, recurring hyperbole, and near omnipresent “puffery” regarding the alleged superiority of these same products. At some point, deliberate misrepresentation becomes a cause for damages to consumers, which can be claimed under both state and federal laws. Cases such as these raise recurring issues of interest to forensic economists, such as: What is misrepresentation, and what is “mere puffery”? How is a consumer damaged by consuming a usable product that fails to meet just one of numerous claimed product attributes?; How are damages calculated for a class of consumers, and how are those proved by expert testimony? Examples of actual cases involving misrepresentation of German and Japanese beer, Mexican food, and crashworthiness and performance of American, Japanese, and German cars will be presented. Cases to be discussed include Becks and Kirin (in beer) and General Motors (in cars); as well as the ongoing issues involving Volkswagen diesel-engine vehicles and “non-GMO” claims for Mexican food.Discussant(s)
Michele Angerstein-Gaines
, Economic Consulting
Stephen Horner
, Economic Consulting
Steven Shapiro
, New York Institute of Technology
JEL Classifications
- D4 - Market Structure, Pricing, and Design
- K1 - Basic Areas of Law