Are lifecycle funds appropriate as default options in participant-directed retirement plans?

The appropriateness of default investment options in participant-directed retirement plans like 401(k) has been in sharp focus given that most participants fail to nominate an investment option to direct their contributions. In United States (US), prior to the Pension Protection Act (PPA) of 2006, plan fiduciaries often selected a money market fund as the default option. Whilst this ‘low risk and low return’ investment option was considered to be a ‘safe’ choice by many fiduciaries who were fearful of litigation risk, it was heavily criticized for resulting in inadequate wealth at retirement, particularly when retirees were living much longer and facing inflation risk (see, for example, Viceira, 2008; Skinner, 2009)...

Default judgment - whether irregular - whether court has residual discretion not to set aside default judgment irregularly entered

In CB Richard Ellis (C) Pty Ltd v Wingate Properties Pty Ltd [2005] QDC 399 McGill DCJ examined whether the court now has a discretion to set aside an irregularly entered default judgment.

Setting aside default judgment - whether applicant must file affidavit providing direct evidence of defence 'on the merits'

In Prus-Butwilowicz v Moxey [2002] QDC 166 the court examined the question whether an applicant for an order setting aside a default judgment was required to file an affidavit providing direct evidence of a defence 'on the merits' and whether the position had changed under the Uniform Civil Procedure Rules 1999 (Qld).

Review of penalties and additional damages : Trade Marks Act 1995

Effective enforcement of intellectual property (IP) rights has become a significant issue due to concerns about the effects of IP infringement, including trade mark counterfeiting. It is an important issue for the Australian Government as IP rights underpin a strong, modern economy. Criminal offences and civil remedies can be an important element of an enforcement regime. This review of penalties and additional damages in the Trade Marks Act 1995 (Cth) (Trade Marks Act) has been prompted by a recommendation made by the Advisory Council on Intellectual Property (ACIP), recent changes to the Copyright Act 1968 (Cth) (Copyright Act) and concerns raised by stakeholders. The purpose of this paper is to elicit comments on options which IP Australia is considering recommending to Government.

Assessing specific deterrence effects of increased speeding penalties using four measures of recidivism

Traffic law enforcement sanctions can impact on road user behaviour through general and specific deterrence mechanisms. The manner in which specific deterrence can influence recidivist behaviour can be conceptualised in different ways. While any reduction in speeding will have road safety benefits, the ways in which a ‘reduction’ is determined deserves greater methodological attention and has implications for countermeasure evaluation more generally. The primary aim of this research was to assess the specific deterrent impact of penalty increases for speeding offences in Queensland, Australia, in 2003 on two cohorts of drivers detected for speeding prior to and after the penalty changes were investigated. Since the literature is relatively silent on how to assess recidivism in the speeding context, the secondary research aim was to contribute to the literature regarding ways to conceptualise and measure specific deterrence in the speeding context. We propose a novel way of operationalising four measures which reflect different ways in which a specific deterrence effect could be conceptualised: (1) the proportion of offenders who re-offended in the follow up period; (2) the overall frequency of re-offending in the follow up period; (3) the length of delay to re-offence among those who re-offended; and (4) the average number of re-offences during the follow up period among those who re-offended. Consistent with expectations, results suggested an absolute deterrent effect of penalty changes, as evidenced by significant reductions in the proportion of drivers who re-offended and the overall frequency of re-offending, although effect sizes were small. Contrary to expectations, however, there was no evidence of a marginal specific deterrent effect among those who re-offended, with a significant reduction in the length of time to re-offence and no significant change in the average number of offences committed. Additional exploratory analyses investigating potential influences of the severity of the index offence, offence history, and method of detection revealed mixed results. Access to additional data from various sources suggested that the main findings were not influenced by changes in speed enforcement activity, public awareness of penalty changes, or driving exposure during the study period. Study limitations and recommendations for future research are discussed with a view to promoting more extensive evaluations of penalty changes and better understanding of how such changes may impact on motorists’ perceptions of enforcement and sanctions, as well as on recidivist behaviour.

Obvious error in approach to default costs assessment

The decision of Henry J in Ginn & Anor v Ginn; ex parte Absolute Law Lawyers & Attorneys [2015] QSC 49 provides clarification of the approach to be taken on a default costs assessment under r708 of the Uniform Civil Procedure Rules 1999

Credit Default Swaps and Insurance: Against the Potts Opinion

Little attention has been given to the possibility that CDS transactions might be construed as insurance contracts in English law. This article challenges the widespread “Potts opinion”, which states that CDSs are not insurance, because they do not require the protection buyer to sustain a loss or to have an insurable interest in the subject matter. CDSs often do provide protection against loss that the buyer is exposed to; loss indemnity is not a necessary characterisation of an insurance contract; insurable interest does not form part of the definition of insurance, but is an additional requirement of valid insurance; and what matters is the substance not the form of the contract. The situation in the US and Australia is also briefly considered.

Fiscal imbalances, inflation and sovereign default dynamics

Resumen: La cuestión central que este artículo busca responder es como la política monetaria puede afectar el comportamiento de equilibrio de primas por riesgo soberano y cesación de pagos. El artículo se basa en el modelo de “una-tasa-interés”. La deuda pública se hace riesgosa a causa de una política fiscal activa, como en Uribe (2006), reflejando la habilidad limitada de la autoridad fiscal para controlar el superávit primario. El problema de insolvencia es debido a una oleada de mala suerte (shocks negativos que afectan el superávit primario). Pero en contraste a los resultados de Uribe, a medida que aumenta el costo de la deuda soberana (que resulta de un excedente primario débil), la cesación de pagos se anticipa y es reflejada por una creciente prima de riesgo en el país y una probabilidad de cesación de pagos. La cesación de pagos se define como un incumplimiento de un acuerdo contractual y por ende la decisión es tomada por la autoridad fiscal. Mientras tanto, objetivos conflictivos entre la autoridad monetaria y fiscal juegan un rol importante en llevar a la autoridad fiscal a la cesación de pagos sobre sus pasivos. La característica de la política del gobierno necesaria para restaurar el equilibrio después de la cesación de pagos también es analizada.

Insula and striatum mediate the default bias.

Humans are creatures of routine and habit. When faced with situations in which a default option is available, people show a consistent tendency to stick with the default. Why this occurs is unclear. To elucidate its neural basis, we used a novel gambling task in conjunction with functional magnetic resonance imaging. Behavioral results revealed that participants were more likely to choose the default card and felt enhanced emotional responses to outcomes after making the decision to switch. We show that increased tendency to switch away from the default during the decision phase was associated with decreased activity in the anterior insula; activation in this same area in reaction to "switching away from the default and losing" was positively related with experienced frustration. In contrast, decisions to choose the default engaged the ventral striatum, the same reward area as seen in winning. Our findings highlight aversive processes in the insula as underlying the default bias and suggest that choosing the default may be rewarding in itself.

A logic for default reasoning

The need to make default assumptions is frequently encountered in reasoning about incompletely specified worlds. Inferences sanctioned by default are best viewed as beliefs which may well be modified or rejected by subsequent observations. It is this property which leads to the non-monotonicity of any logic of defaults. In this paper we propose a logic for default reasoning. We then specialize our treatment to a very large class of commonly occuring defaults. For this class we develop a complete proof theory and show how to interface it with a top down resolution theorem prover. Finally, we provide criteria under which the revision of derived beliefs must be effected.

Movimento vertical do herbicida hexazinone em latossolo vermelho distrófico do córrego Espraiado, Ribeirão Preto, SP, cultivado com cana-de-açúcar - simulações considerando dados local e default.

Este trabalho utilizou técnica de simulação computacional para analisar a movimentação vertical do herbicida hexazinone, considerando dados médios default de literatura e dados calculados para suas meia-vida no solo (t½) e coeficiente de adsorção ao carbono orgânico do solo (Koc) em Latossolo Vermelho Distrófico (LVd) do Córrego do Espraiado, Ribeirão Preto-SP. Informações sobre o solo avaliado, climáticas e os dados da cultura de cana-deaçúcar foram utilizadas no simulador CMLS-94. O cenário base de simulação considerou um período de um ano e quatro meses, apresentando data de corte da cultura no mês de agosto e a aplicação de hexazinone, um mês após o corte, na dose de 0,40 kg ha-1, a qual é encontrada em produto comercial utilizado no local. As seguintes profundidades e quantidades finais foram obtidas ao final do período simulado: a) cenário com dado ?default?: 1,89 m e 0,12 kg ha-1; b) cenário com dado local calculado: 2,78 m e 0,18 kg ha-1. Observou-se uma maior movimentação do produto para o cenário simulado com dados locais, principalmente a partir do 63o dia após a aplicação do produto, embora as concentrações tenham se mantido próximas, em ambos cenários. As profundidades alcançadas não comprometem o lençol em sua zona saturada (40m).

Default ARTMAP

The default ARTMAP algorithm and its parameter values specified here define a ready-to-use general-purpose neural network system for supervised learning and recognition.

Default ARTMAP 2

Default ARTMAP combines winner-take-all category node activation during training , distributed activation during testing, and a set of default parameter values that define a ready-to-use, general-purpose neural network system for supervised learning and recognition. Winner-take-all ARTMAP learning is designed so that each input would make a correct prediction if re-presented immediately after its training presentation, passing the "next-input test." Distributed activation has been shown to improve test set prediction on many examples, but an input that made a correct winner-take-all prediction during training could make a different prediction with distributed activation. Default ARTMAP 2 introduces a distributed next-input test during training. On a number of benchmarks, this additional feature of the default system increases accuracy without significantly decreasing code compression. This paper includes a self-contained default ARTMAP 2 algorithm for implementation.

Novel all-optical on-off-keyed to alternate-mark-inversion converter

We numerically investigate a novel 40 Gbps OOK to AMI all-optical modulation format converter employing an SOA-based Mach-Zehnder interferometer.  We demonstrate operation with a 27-1 PRBS and explain the phase modulation's relationship with patterning.