Businesses exist to provide goods and services to customers and in so doing they take risks. Among these risks is the chance of losing money in lawsuits filed by customers, employees, and others negatively impacted by the business. Insurance provides some protection against these liabilities, but lawsuits still take their toll. This book covers the subject of economic damages and its role in insurance claims and lawsuits against businesses. After reading and understanding this book, the reader will be able to identify economic damages as a component of business liability, describe the business risk posed by economic damages, explain the key determinants of economic damages, and estimate economic damages and business loss in a variety of cases.

Author Biography

Scott Gilbert, PhD, is an economist who is currently an associate professor of economics at Southern Illinois University Carbondale, and has been director of graduate and undergraduate economic studies there. He teaches courses in economic and business statistics, econometrics, macroeconomics, microeconomics, financial economics, and monetary economics. He is a research economist and statistician whose research has been published in excellent academic journals, including the Journal of the American Statistical Association, the Journal of Multivariate Analysis, the Journal of Futures Markets, and Economics Letters. He received his PhD in economics from the University of California, San Diego, and his bachelor's degree in economics from the University of California, Berkeley. He also provides consulting and expert witness services in insurance and court cases involving economic damages