In the wake of last year's deadly plane crash, the Reno Air Racing Association has brought in one of the country's top mediators to deal with victims' lawsuits. The mediator, Ken Feinberg, handled compensation funds for Sept. 11 victims, the BP oil spill, and the Virginia Tech shootings. So when it comes to paying victims and their families, how do you put a price tag on someone's life? How do you calculate for loss wages, plus pain and suffering? We talk to an expert about what goes into those calculations.
Thomas A. Climo, forensic economist