Research Note: Assessing Household Service Losses with Joint Survival Probabilities
AbstractTraditional analyses of household service losses in personal injury and wrongful death litigation calculate the losses over the expected lifetime of the injured or deceased individual. In fact, the losses to the surviving family members are more accurately described by using joint survival probabilities of the injured or deceased person and their survivors, or a “joint life expectancy.” The use of joint probabilities will always serve to reduce expected household service losses and these reductions can be especially significant when the deceased is significantly younger than the surviving spouse or if the survivor has a relatively low remaining life expectancy.
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Bibliographic InfoPaper provided by College of the Holy Cross, Department of Economics in its series Working Papers with number 0611.
Length: 10 pages
Date of creation: Dec 2006
Date of revision:
Publication status: Published in Journal of Forensic Economics, Vol. 20:2, October 2008, 187-192.
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Web page: http://www.holycross.edu/departments/economics/website/
More information through EDIRC
forensic economics; household services;
Find related papers by JEL classification:
- K13 - Law and Economics - - Basic Areas of Law - - - Tort Law and Product Liability; Forensic Economics
- K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-12-09 (All new papers)
- NEP-HEA-2006-12-09 (Health Economics)
- NEP-LAW-2006-12-09 (Law & Economics)
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