How Are Economic Damages Calculated in Arizona?
When pursuing a personal injury or wrongful death claim, one of the key components of compensation is economic damages. In Arizona, economic damages are calculated based on statistical data that estimates the financial losses a person or their family may experience due to an injury or death. Understanding how these damages are determined is crucial for anyone involved in such a case.
The Role of Life Expectancy in Calculating Damages
In Arizona, the calculation of economic damages often begins with an estimation of how long a person is statistically expected to live. This life expectancy plays a critical role in determining the potential earnings a person would have made over the course of their lifetime. For example, if someone is injured and becomes permanently disabled, or if a family member dies, the court will consider how many more years that person would have worked and earned an income.
Expert Testimony and Statistical Analysis
Experts such as economists or life care planners are often brought in to assist the jury in understanding these calculations. These professionals use statistical models to estimate the earnings the injured or deceased person would have made had they been able to continue working. This includes considering factors such as the person’s age, occupation, potential for promotions, and even retirement age.
For instance, if the injured person would have worked until the typical retirement age of 67, the expert will calculate the expected earnings up until that point. Even if the individual might have chosen to work longer due to personal enjoyment of their job, the calculation will generally be based on standard retirement age unless there is specific evidence suggesting otherwise.
The Legal Framework for Economic Damages
The method of calculating economic damages may seem straightforward, but it is governed by specific legal instructions provided to the jury. These instructions guide how the jury should consider the evidence presented by experts and apply it to the case. While the process relies on statistical data and expert analysis, it is ultimately up to the jury to decide the appropriate amount of economic damages based on the information provided.
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Calculating economic damages is a complex process that requires both legal expertise and the ability to work with various experts. At Bache & Lynch, we have extensive experience in handling these types of cases and ensuring that our clients receive the compensation they are entitled to. Our team is dedicated to presenting a clear and compelling case to the jury, backed by expert testimony and thorough analysis.
Contact Bache & Lynch today to discuss your case and learn more about how we can help you secure the economic damages you are entitled to. Schedule your free consultation now.