How To Use Risk Analysis To Calculate Settlement Value

Law360, New York (February 19, 2014, 12:35 PM EST) -- A recent Law360 Expert Analysis article by Judge Wayne D. Brazil examines the relationship between probability theory and the use of decision analysis as a tool in calculating settlement values of civil cases.[1] It was Judge Brazil’s conclusion that decision analysis should not be used since it leads to “misevaluating cases.” [2] That’s a strong condemnation of a well-established analytical tool, and it merits further examination.

Judge Brazil criticizes decision analysis and probability theory broadly, noting that in his view “the results of decision analysis can...
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