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Stan Smith (economist)
Stan V. Smith is an American economist who is credited with coining the term and creating the arguments that launched the hedonic damages theory into the mainstream of legal economics in the 1985 court case ''Sherrod v. Berry''.〔Barrett, Paul M. Price of Pleasure - New Legal Theorists Attach a Dollar Value To the Joys of Living. (1988, Dec.12). The Wall Street Journal, p. A1.〕 Now president of a Chicago economic litigation support firm, Smith Economics Group, Ltd.〔http://www.SmithEconomics.com〕 he provides expert testimony in court cases nationwide on all issues of economic damages, from commercial damages (antitrust, patent and business valuation, breach of contract, etc.) to personal injury damages, including cases where it can be argued the quality of someone's life has been diminished or lost.
==Life==
Born in 1946 in Wisconsin, Smith received his master's degree in economics in 1972 from the University of Chicago's Graduate School of Business. Smith received his Ph.D. in economics from the University of Chicago in 1997. After receiving his master's degree, Smith held a position as a Staff Economist at the Federal Reserve Board of Governors until 1974. At this point, Smith went on to work for companies such as JPMorgan Chase Bank, The December Group, and the Ibbotson Group before heading back to academia to teach as an adjunct professor at DePaul University from 1990 to 1994. With Michael Brookshire, Smith co-authored the first textbook in the field of Forensic Economics published by Anderson, Cincinnati, in 1990: ''Economic/Hedonic Damages'', and created and taught the first course in the nation in Forensic Economics at DePaul University. He was a member of the Board of Editors of the ''Journal of Forensic Economics'' for over a decade and served a term as a Vice-President of the National Association of Forensic Economics.
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