The Editors of the Journal of Forensic Economics are honored to announce that the 2014 recipients of the Ward–Piette Research Prize in Forensic Economics are Stephen M. Horner and Frank Slesnick for their 1999 paper titled “The Valuation of Earning Capacity Definition, Measurement and Evidence,” JFE 12(1):13–32.

This is the inaugural year for the Ward–Piette Research Prize in Forensic Economics. The Prize was established by the Journal of Forensic Economics in order to recognize JFE published research that has had a lasting impact on the forensic economics literature. The prize will be

Abstract

This issue of the Journal of Forensic Economics (JFE) begins the 25^th volume of that publication. As the first Editor of the JFE and the co-author of the first paper published in that journal, “Forensic Economics: A Perspective and an Agenda for Research” I have been asked to offer comments on the role that the JFE has had in the development of the field of Forensic Economics over the past 25 years. This paper examines the evolution of the journal in terms of the focus of papers published by field of investigation and presents the results of a survey of subscribers on their views on the quality of the JFE, its strengths and its shortcomings. Finally, a new agenda for the JFE is offered that will discuss the primary problems the journal will likely face in the next 25 years and the areas of research to be addressed.

Abstract

Wage growth forecasting is a necessary part of forensic economics. In this paper, we present a time series methodology to test whether wage and compensation growth in the United States varies by industry and occupation. If growth varies, then the common use of “all-worker” net discount or wage growth rates would not be accurate for every forensic economic case. Using the Employment Cost Index, we find that total compensation, wage, and benefit growth in some, but not all, industries and occupations has been significantly different from that of the wage growth of all workers. That finding may concern the forensic economist who needs to construct a variety of net discount or wage growth rates. As an alternative to constructing multiple forecasts, this paper provides estimated industry and occupational specific differentials from the growth in all workers' wages.

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A panel of age-specific transition probabilities is developed for the three-decade period 1980 to 2010. Analysis shows that both male and female transition probabilities have evolved over the 30-year span. The transition probabilities are used to calculate both period and cohort worklives. The results differ starkly for men and women. For men, worklives are most affected for those with little education. For women, obtaining a college degree has the most impact on worklives. The results suggest that using historical period worklives may have mis-estimated worklives for these two groups relative to cohort estimates.

Editors' Note

Announcing 2014 Recipients of the Ward–Piette Research Prize in Forensic Economics

The Journal of Forensic Economics: Revisiting Its Perspective and Agenda for Research

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Structural Growth in Labor Costs: Evidence from the Employment Cost Index

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Evolving Labor Market Transition Probabilities and Their Impact on Worklife Estimates

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Total Worklife Expectancy

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Using TIPS to Discount to Present Value

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A Comment on George DeMartino's “Professional Economic Ethics: The Posnerian and Naïve Perspectives”

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Editors’ Note

Personal Consumption and Single Persons: An Update

Life-Cycle Estimates of Earnings Growth by Education and Gender

Editors’ Note

A Closer Look at Race, Ethnicity, and Gender Neutral Models

Selecting An Appropriate Model To Forecast Lost Future Earnings

Broker Liability for Portfolio Losses: Cases From the Crash of '87

The Relationship Between Age, Earnings and the Net Discount Rate Revisited

The Net Discount Rate in a Model of Long-Run Growth Equilibrium

The Use of Control Charts in Determining the Effect of Personal Injury on Productivity