Damages quantification presents questions of causation and construction that extend beyond just “doing the math,” and assessments can err by being overly mechanical. In a recent chapter appearing in Global Arbitration Review (GAR) Know-how Commercial Arbitration 2022, Brattle Principal Richard Caldwell and Associate Bennet Berger discuss how an accurate quantification approach should combine elements of both art – meaning thoughtful engagement with the facts and legal claims in question – and science.
The authors explore the art of designing coherent, reliable ‘but-for’ worlds and how this complements the rigorous and well-established valuation methods used for quantification. They present two case examples illustrating the importance of combining art and science in damages assessment, and also consider the need to conduct plausibility and robustness checks in damages estimates.
The chapter, “The Art and Science of But-For Analysis,” is available below.View Article