‘Lemon Laws’: an inquiry into consumer protections and remedies for buyers of new motor vehicles

1. Under the Terms of Reference for the Committee’s Inquiry, ‘lemons’ are defined as ‘new motor vehicles with numerous, severe defects that re-occur despite multiple repair attempts or where defects have caused a new motor vehicle to be out of service for a prolonged period of time’. Consumers are currently protected in relation to lemon purchases by the Australian Consumer Law (ACL) located in Schedule 2 of the Competition and Consumer Act 2010 (Cth) (CCA). The ACL applies as a law of Queensland pursuant to the Fair Trading Act 1989 (Qld). The voluntary recall and consumer guarantees law took effect on 1 January 2011. 2. In 2006, the Government of Victoria made a commitment to introduce a lemon law into the provisions of the then Fair Trading Act 1999 (Vic). The public consultation process on the proposal to introduce a lemon law for motor vehicle purchases in Victoria was conducted by Ms Janice Munt MP, with the assistance of Consumer Affairs Victoria (CAV). CAV released an Issues Paper to canvas with industry and the community options for the development and introduction of a motor vehicle lemon law.(Consumer Affairs Victoria, Introducing Victorian motor vehicle lemon laws, Issues Paper, (September, 2007). 3. A CAV report prepared by Janice Munt MP was released in July, 2008 (Consumer Affairs Victoria, Motor Cars: A report on the motor vehicle lemon law consultations (July 2008) (Victorian Lemon Law Report). However, the Victorian proposal was overtaken by events leading to the adoption of a uniform consumer protection law in all Australian jurisdictions, the ACL. 4. The structure of this submission is to consider first the three different bases upon which consumers can obtain relief for economic loss arising from defects in motor vehicles. The second part of the submission considers the difficulties encountered by consumers in litigating motor vehicle disputes in the courts and tribunals. The third part of the submission examines the approach taken in other jurisdictions to resolving motor vehicle disputes. The final part of the submission considers a number of possible reforms that could be made to the existing law and its enforcement to reduce consumer detriment arising from the purchase of ‘lemon’ motor vehicles. 5. There are three principal bases upon which a consumer can obtain redress for defects in new motor vehicles under the ACL. The first is where the manufacturer admits liability and initiates the voluntary recall procedure provided for in s 128 of the ACL. Under this basis the manufacturer generally repairs or replaces the part subject to the recall free of charge. The second basis is where the manufacturer or dealer denies liability and the consumer is initiates proceedings in the court or tribunal seeking a statutory remedy under the ACL, the nature of which will depend on whether the failure to comply with the consumer guarantee was major or not. The third basis upon which a consumer can obtain redress is pursuant to public enforcement by the ACCC. Each basis will be considered in this part. What all three bases have in common is the need to conduct an investigation to identify the nature of the defect and how it arose.

Miraculous Survival 1939-1982

Description of war years in France and Spain, including experiences in internment camps, life in hiding, etc.; emigration to USA.

Portrait of Max Boehm ( 1871-1944 ).

The model is seated, facing the viewer and looking straight at him. He is wearing a business suit and holding a cigar. The pose is relaxed abd the color tonalities warm, with the yellow background dominant. Heavy impasto is used for face and hands. Neg. 37599 Signed upper right, also dated

Kriegs-Tagebuch 1914-1917

World War I diary of the physician Nathan Wolf

Essays on Market Microstructure: Price Discovery and Informed Trading

Market microstructure is “the study of the trading mechanisms used for financial securities” (Hasbrouck (2007)). It seeks to understand the sources of value and reasons for trade, in a setting with different types of traders, and different private and public information sets. The actual mechanisms of trade are a continually changing object of study. These include continuous markets, auctions, limit order books, dealer markets, or combinations of these operating as a hybrid market. Microstructure also has to allow for the possibility of multiple prices. At any given time an investor may be faced with a multitude of different prices, depending on whether he or she is buying or selling, the quantity he or she wishes to trade, and the required speed for the trade. The price may also depend on the relationship that the trader has with potential counterparties. In this research, I touch upon all of the above issues. I do this by studying three specific areas, all of which have both practical and policy implications. First, I study the role of information in trading and pricing securities in markets with a heterogeneous population of traders, some of whom are informed and some not, and who trade for different private or public reasons. Second, I study the price discovery of stocks in a setting where they are simultaneously traded in more than one market. Third, I make a contribution to the ongoing discussion about market design, i.e. the question of which trading systems and ways of organizing trading are most efficient. A common characteristic throughout my thesis is the use of high frequency datasets, i.e. tick data. These datasets include all trades and quotes in a given security, rather than just the daily closing prices, as in traditional asset pricing literature. This thesis consists of four separate essays. In the first essay I study price discovery for European companies cross-listed in the United States. I also study explanatory variables for differences in price discovery. In my second essay I contribute to earlier research on two issues of broad interest in market microstructure: market transparency and informed trading. I examine the effects of a change to an anonymous market at the OMX Helsinki Stock Exchange. I broaden my focus slightly in the third essay, to include releases of macroeconomic data in the United States. I analyze the effect of these releases on European cross-listed stocks. The fourth and last essay examines the uses of standard methodologies of price discovery analysis in a novel way. Specifically, I study price discovery within one market, between local and foreign traders.

"Miksi lehmät pitää tappaa?" : Etnografinen tutkimus 2000-luvun alun huumemarkkinoista Helsingissä

The present study focuses on the drug market in Helsinki in the early 2000s, mainly on the dealing in and use of amphetamines, cannabis and the pharmaceutical Subutex. The drug market is usually analysed into upper, middle and lower level markets. These levels are very different in terms of their operating practices, although there may be some mingling. The present study is mainly concerned with drug dealers and users in the lower and middle level markets. Operations also differ depending on whether the dealing involves just one drug or several. Dealing in and using Subutex is a very different business from dealing and using home grown cannabis, for instance: both the customers and the dealers are mostly quite different. The study material was mostly collected through ethnographical field work, including observations and interviews. Interviews with officials and minutes of pre-trial investigations concerning aggravated drug crimes are also included. The study discusses the roles of dealers on the various levels of the drug market in Helsinki and traces activities at various levels. Ethnographical methods are employed to observe day-to-day drug dealing and use and leisure pursuits in private homes and in public premises. The study takes note of the risks inherent in drug dealing and estimates what kind of drug dealers can last the longest on the market without the authorities intervening. At the same time, the study discusses how small groups on the middle and lower levels of the drug market avoid control measures undertaken by the authorities and how the authorities address these groups. Moreover, the study discusses what the drug market is like in prison from the perspective of a drug dealer sent to prison, what their everyday lives are like after release, and how much money dealers on various levels of the drug market make. The study demonstrates that drug dealing in Helsinki, whether we consider the very top or the very bottom of the pyramid, is a far from rational pursuit. The undertakings are not very systematic; they are more a reaction to intoxicant addiction( s) and other problems caused by other dealers, the dealers own actions and the actions of the police. The everyday lives of drug dealers are often chaos only alleviated by drug use in the company of buyers or alone. If a drug dealer uses drugs himself/herself, things become even more complicated and a vicious circle develops. At the same time, everyday life is certainly exciting, and a drug dealer often has a highly eventful if brief life. Drug dealing is a very masculine pursuit, and there is a sort of macho code governing it, although this does not nearly always work as it should. This macho code, typically for illegal activities, involves the threat of violence as a control measure. Hence the untranslatable slang expression Kill the cows : the Finnish word for calf has the slang meaning snitch or police informant . No more cows, no more calves. But informing on others to the authorities is a fact of life in the drug-dealing world. Contributing factors to being reported to the authorities are the dealer s own mistakes and the actions of other dealers and the police. A determined drug dealer will not be deterred from drug dealing by a prison sentence. However, following time in prison only few dealers manage to gain an income from drug dealing commensurate with its risks.

Improvements to Data Collection in Commercial Fisheries Using Electronic Reporting Methods: Cost/Efficiency and Implications for Use in Ecosystem Management.

Data have been collected on fisheries catch and effort trends since the latter half of the 1800s. With current trends in declining stocks and stricter management regimes, data need to be collected and analyzed over shorter periods and at finer spatial resolution than in the past. New methods of electronic reporting may reduce the lag time in data collection and provide more accurate spatial resolution. In this study I evaluated the differences between fish dealer and vessel reporting systems for federal fisheries in the US New England and Mid-Atlantic areas. Using data on landing date, report date, gear used, port landed, number of hauls, number of fish sampled and species quotas from available catch and effort records I compared dealer and vessel electronically collected data against paper collected dealer and vessel data to determine if electronically collected data are timelier and more accurate. To determine if vessel or dealer electronic reporting is more useful for management, I determined differences in timeliness and accuracy between vessel and dealer electronic reports. I also compared the cost and efficiency of these new methods with less technology intensive reporting methods using available cost data and surveys of seafood dealers for cost information. Using this information I identified potentially unnecessary duplication of effort and identified applications in ecosystem-based fisheries management. This information can be used to guide the decisions of fisheries managers in the United States and other countries that are attempting to identify appropriate fisheries reporting methods for the management regimes under consideration. (PDF contains 370 pages)

Markets and microstructure

This document contains three papers examining the microstructure of financial interaction in development and market settings. I first examine the industrial organization of financial exchanges, specifically limit order markets. In this section, I perform a case study of Google stock surrounding a surprising earnings announcement in the 3rd quarter of 2009, uncovering parameters that describe information flows and liquidity provision. I then explore the disbursement process for community-driven development projects. This section is game theoretic in nature, using a novel three-player ultimatum structure. I finally develop econometric tools to simulate equilibrium and identify equilibrium models in limit order markets.

In chapter two, I estimate an equilibrium model using limit order data, finding parameters that describe information and liquidity preferences for trading. As a case study, I estimate the model for Google stock surrounding an unexpected good-news earnings announcement in the 3rd quarter of 2009. I find a substantial decrease in asymmetric information prior to the earnings announcement. I also simulate counterfactual dealer markets and find empirical evidence that limit order markets perform more efficiently than do their dealer market counterparts.

In chapter three, I examine Community-Driven Development. Community-Driven Development is considered a tool empowering communities to develop their own aid projects. While evidence has been mixed as to the effectiveness of CDD in achieving disbursement to intended beneficiaries, the literature maintains that local elites generally take control of most programs. I present a three player ultimatum game which describes a potential decentralized aid procurement process. Players successively split a dollar in aid money, and the final player--the targeted community member--decides between whistle blowing or not. Despite the elite capture present in my model, I find conditions under which money reaches targeted recipients. My results describe a perverse possibility in the decentralized aid process which could make detection of elite capture more difficult than previously considered. These processes may reconcile recent empirical work claiming effectiveness of the decentralized aid process with case studies which claim otherwise.

In chapter four, I develop in more depth the empirical and computational means to estimate model parameters in the case study in chapter two. I describe the liquidity supplier problem and equilibrium among those suppliers. I then outline the analytical forms for computing certainty-equivalent utilities for the informed trader. Following this, I describe a recursive algorithm which facilitates computing equilibrium in supply curves. Finally, I outline implementation of the Method of Simulated Moments in this context, focusing on Indirect Inference and formulating the pseudo model.

Amor bandido: estudo de trajetórias de vida de jovens mulheres na Favela da Candelária - Complexo da Mangueira

Este trabalho visa compreender os elementos materiais e simbólicos que atravessam a trajetória de vida e fundamentam o interesse de jovens mulheres residentes na localidade da Candelária no Complexo da Mangueira no Rio de Janeiro em manter uma relação amorosa com traficantes de drogas. Objetiva - se com o estudo em questão: investigar a trajetória de vida das jovens que têm envolvimento amoroso com jovens rapazes que optaram por trabalhar no tráfico de drogas, buscando conhecer os motivos que as levam a estes relacionamentos; aprofundar o conhecimento sobre a realidade familiar, comunitária e social das jovens, enquanto fatores importantes para se compreender a opção de relacionamento amoroso com os rapazes do tráfico; Investigar se a partir do início das práticas e relações amorosas com jovens do tráfico são produzidos pontos de inflexão significativos nas trajetórias de vida das jovens estudadas, bem como o sentido e a direção desta inflexão (maior ou menor vulnerabilidade social). A análise e compreensão dos dados foram construídas a partir dos pressupostos teóricos e metodológicos da Produção dos Sentidos dentro do paradigma construcionista que situa o estudo a partir da análise das práticas discursivas. Os resultados obtidos revelam que os relacionamentos se formalizam pela presença do traficante e minimamente mais duas mulheres: a Fiel + A Outra e tantas outras qualificadas como O Lanchinho da Madrugada. As motivações para a efetivação dos citados relacionamentos passam por várias determinações: sedução, fama, status, aquisição de bens materiais entre outros elementos marcam os mesmos. Estas passam a experimentar novas formas de sociabilidade: a força policial, territórios ocupados por outras facções criminosas são elementos que contribuem para maior grau de vulnerabilidade social.

Colaboración entre fabricante y distribuidor para la reducción del desperdicio alimentario en la cadena de suministro: situación actual y perspectivas

RESUMEN TFG CASTELLANO Este estudio trata de analizar el desperdicio alimentario que se da actualmente en cada una de las fases de la cadena de suministro alimentario. Inicialmente, se exponen los factores y hechos que han influido en los hábitos de consumo así como en la conciencia de los consumidores finales alterando así la producción y distribución de alimentos en general. Más tarde, se analiza la situación actual de los tres sectores sobre los que se lleva a cabo el estudio, que son el sector de la agricultura, concretamente el hortofrutícola, el sector ganadero y el sector pesquero. Posteriormente, se lleva a cabo un análisis para saber exactamente dónde, cómo y cuánta cantidad de alimento se desperdicia en cada uno de estos tres sectores. Por último, se expondrán diferentes conclusiones y propuestas con el fin de poner remedio a los diferentes problemas analizados anteriormente.

"A firma é forte": trabalho, crime e consumo nas redes de sociabilidade da "violência urbana"

Esta tese argumenta que aquilo que Alba Zaluar chamou de ética do provedor, quer dizer, a prática em torno da qual o trabalhador pobre urbano e favelado construía a sua identidade em relação à do bandido, sofreu uma metamorfose, cujo resultado foi a emergência de uma ordem de interação sui generis inscrita nas redes de sociabilidade da violência urbana. A ética do provedor metamorfoseou-se em uma lealdade instrumental e isso deu origem a uma espécie de vínculo social armado e impulsionado internamente como uma forma de convívio capaz de forçar as relações de rotina em dois movimentos concomitantes, de aproximação e de separação de quem vive e circula nessas redes de sociabilidade da violência urbana. O estudo da forma de convívio é feito a partir da construção de uma coleção de relatos baseada em entrevistas com um grupo heterogêneo de tipos sociais por exemplo, trabalhador favelado, ex-traficante, familiar de bandido, policial militar, policial civil, militar das Forças Armadas, jornalista, fotógrafo, professor da rede pública, pesquisador, militante de Direitos Humanos, advogado etc. , e, também, da observação flutuante em três favelas, uma delas com tráfico de drogas a varejo armado e ostensivo e as outras duas com Unidades de Polícia Pacificadora (UPPs). Assim, a coleção de relatos e a observação flutuante são articuladas num recorte transversal e não linear orientado para a abordagem dessa ordem de interação emergida por contiguidade entre a ordem social convencional e a violenta, visando capturar a dimensão intersubjetiva e empírica da forma de convívio que junta e separa, simultaneamente, as pessoas que vivem sob ameaça da violência física, do assédio moral e da corrupção do dinheiro, fatores altamente coercitivos e que produzem os deslizamentos de sentido entre as categorias crime, trabalho e consumo.

Regional Fisheries Advisory Committee 15th February, 1988

This is the report from the Regional Fisheries Advisory Committee meeting, which was held on the 15th February, 1988. The report contains information on fishing licence duties, The National Rivers Authority, coarse fish close season, River Caldew fish passes, hatchery developments, salmon dealer licensing and Solway haaf nets. The Fisheries Advisory Committee was part of the Regional Water Authorities, in this case the North West Water Authority. This preceded the Environment Agency which came into existence in 1996.

Biscayne Bay commercial pink shrimp, Farfantepenaeus duorarum, fisheries, 1986-2005

The Biscayne Bay bait (1986–2005) and food (1989–2005) fisheries for pink shrimp were examined using dealer-reported individual vessel-trip landings data, separated by waterbody code to represent only catches from Biscayne Bay. Annual landings varied little during the 1980’s and early 1990’s, and landings of the bait shrimp fishery exceeded those of the food shrimp fishery. The number of trips and landings in both fisheries increased from the late 1990’s through 2002 and food shrimp landings exceeded landings of bait shrimp; landings in both fisheries decreased sharply in 2003. Landings in both fisheries increased in 2004 and 2005, but the increase in food shrimp landings was stronger. Annual catch per trip was much lower in the bait fishery than the food fishery. Each fishery exploited shrimp of a different size. The bait fishery targeted shrimp less than 19 mm carapace length (CL), whereas the food fishery caught shrimp greater than 19 mm CL. We compared monthly bait shrimp catch per unit of effort (CPUE) from the fishery to an estimate of shrimp density from a fishery-independent sampling effort over a 3-yr period and found a strong statistical relationship with the density estimate lagged by 3 mo. The relationship supported the use of bait shrimp fishery CPUE as an index of abundance in upcoming assessments of the effect of a massive water-management-based ecosystem restoration project on pink shrimp in Biscayne Bay. Project implementation will affect freshwater inflows to the bay and salinity patterns. An abundance index with a lengthy pre-implementation history that can be carried into the operational phase of the restoration project will be invaluable in assessing project effects and protecting an important fishery resource of Biscayne Bay. The bait shrimp fishery can provide a continuing index of shrimp abundance from late 1986 forward.

Hugh Blaker: Doing his Bit for the Moderns

Meyrick, Robert, 'Hugh Blaker: Doing his Bit for the Moderns', Journal of the History of Collections (2004) 16(2):173-189 RAE2008

Transparency Proposals for European Sovereign Bond Markets

The debate over the possible extension of transparency regulation in Europe to include sovereign bonds has opened up a number of other issues in need of serious consideration. One such issue is the appropriateness of the entire infrastructure supporting the trading of European sovereign bonds. In recent years sovereign issuers have supported the development of an electronic inter-dealer market but have remained unconcerned with the opacity of dealer-to-customer trading. The degree of segmentation in this market is high relative to what exists in nearly all other financial markets. This paper explores why European sovereign bond markets have developed in such a segmented way and considers how this structure could be altered to improve transparency without adversely affecting liquidity, efficiency or the benefits enjoyed by primary dealers and issuers. It is suggested that the structure of the market could be improved greatly if the largest and most active investors were permitted access to the inter-dealer electronic trading platforms. This would solve a number of market imperfections and increase the proportion of market activity that is conducted in a transparent way. The paper argues that sovereign issuers in Europe have the means to provide incentives that would influence dealers to support reduced segmentation. Some practical examples of how this could be achieved are provided and the potential benefits are outlined.