Statement of Professional Principles and Practices
We require our associates to pledge as a condition of their assignment, adherence to the following principles and practices which are modeled from those of the National Association of Forensic Economists (NAFE) of which Dr. Penbera is a member:
- We decline involvement in any litigation or consulting assignment, and reserve the right to suspend or terminate any engagement, when we are asked to assume invalid representations of fact or to alter our methodologies without foundation or compelling analytical reason.
- We cannot accept a contingency or conditional arrangement with regard to payment of our fees including when such fees are associated with the outcome of a case or assignment, or are associated with the size of a court award or out-of-court settlement. Our Engagement Terms and Hourly Fees provides details of indemnification, responsibility for payment of fees, and fee schedule.
- We employ generally accepted and/or theoretically sound economic methodologies based on reliable economic data. We attempt to provide accurate, fair and reasonable expert opinions. It is not our responsibility, or general or customary practice for forensic economists, to verify the accuracy or completeness of the specific information that has been provided by the client or client’s representative(s).
- We stand ready to provide sufficient detail to allow replication of all numerical calculations, with reasonable effort, by other competent forensic economic experts, and to provide sufficient disclosure of sources of information and assumptions underpinning our opinions to make them understandable to others. We reserve the right to offer up estimates, extensions of published studies, and new data in order to make existing information more current, or to offer arguments and analysis regarding the reasonable interpretation of such information.
- We will not alter our basic assumptions, sources, and methods to favor any party’s claim. This consistency is not meant to preclude methodological changes as new knowledge evolves, nor is it meant to preclude performing requested calculations based upon a hypothetical as long as its hypothetical nature is clearly disclosed in our report and testimony. Generally, we will prefer the use of reliable, actual data and information over a hypothetical. It is not uncommon for forensic economists to offer up several scenarios and/or alternatives or a range of outcomes based upon varying assumptions.
- We strive to maintain current knowledge in our field. This may require us to pursue collateral sources of data and/or consultations with others within our field or in other fields.
- We reserve the right to offer criticisms of those who breach these principles.
- We view materials developed (such as plans, reports, tables, charts and narratives) as training materials and templates for future assignments, as well as for use in research, professional publication, and presentation purposes. If such materials are provided as templates for other assignments, the recipient will be required to execute a Non-Disclosure Agreement and every effort will be made to limit circulation and reproduction of such materials.