The Experience of Using AI in the Forensic Economics: A Scoping Review
DOI:
https://doi.org/10.57125/FEL.2024.09.25.16Keywords:
forensic economics, litigation, legal disputes, loss valuation, damage valuation, artificial intelligence, machine learning algorithmsAbstract
Forensic economics is a relatively new branch on the intersection of the economics and forensics at least. The separate use of the artificial intelligence in law, forensic, and economics is known, therefore, the aim of the scoping review was to identify the ways the AI is applied in the intersection of several disciplines, called the forensic economics. To achieve the aim, the scoping review was conducted according to PRISMA extension guidelines. Out of 1406 articles, we selected 35 of the most relevant researches. Since the main function of the forensic economics lays in valuation and estimation, the selected works covered different aspects of AI-assisted patterns recognition, valuation and estimation, prediction, and decision making that can be used in economic researches in business, medicine, insurance, real estate, and law, for business and real estate valuation, tax and credit risks prediction, mortality prediction, prices and compensation values prediction. Regarding the exact types of the AI, this scoping review revealed that the most widely used and efficient AIs are neural networks and regression algorithms. Although, none of the 35 selected articles clearly stated the application of the developed AIs for the forensic economics, they can potentially make a significant contribution into forensic economics for solvency of business-related disputes, personal damage related disputes, insurance disputes, and even marital disputes, and valuation of the related costs and losses. The results of this scoping review can provide benefits and new insights for the practitioners in the field of the forensic economics, since the very field is complex and operates with a great number of methods from the many other scientific areas, not only from the economics. Therefore, the results of the this scoping review can become a starting point in understanding the ways to implement the AI technologies in the practice of the forensic economics.
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