A toothless chihuahua? : the Australian Competition and Consumer Commission, neoliberalism and supermarket power in Australia

During the Senate Inquiry into 'milk price wars' in 2011, Senator Nick Xenophon accused the Australian Competition and Consumer Commission (ACCC) of being 'less effective than a toothless Chihuahua'. This follows the ACCC's lack of action regarding the reported abuse of market power of Australia's supermarket duopoly, where an extensive inquiry into the competitiveness of retail prices in 2008 found grocery retailing to be 'workably competitive' despite numerous claims to the contrary. How can farmers' submissions to the inquiry that cite market abuse be reconciled with the ACCC's finding that all is well in the food supply chain? Following an in-depth examination of 53 farmer submissions to the inquiry, we conclude that the findings of the ACCC are commensurate with the neoliberal economisation of the political sphere, where commercial entities 'legitimately' govern beyond their corporate boundaries, often using disciplinary measures that were once exclusive to governments. We argue that such clear structural inequalities between farmers and major corporations is reason to re-regulate markets and reinsert a stronger role for government to 'level the playing field'.

Information, risk and trust in the food chain : Ex-ante valuation of consumer willingness to pay for beef quality information using the contingent valuation method

The safety of food has become an increasingly interesting issue to consumers and the media. It has also become a source of concern, as the amount of information on the risks related to food safety continues to expand. Today, risk and safety are permanent elements within the concept of food quality. Safety, in particular, is the attribute that consumers find very difficult to assess. The literature in this study consists of three main themes: traceability; consumer behaviour related to both quality and safety issues and perception of risk; and valuation methods. The empirical scope of the study was restricted to beef, because the beef labelling system enables reliable tracing of the origin of beef, as well as attributes related to safety, environmental friendliness and animal welfare. The purpose of this study was to examine what kind of information flows are required to ensure quality and safety in the food chain for beef, and who should produce that information. Studying the willingness to pay of consumers makes it possible to determine whether the consumers consider the quantity of information available on the safety and quality of beef sufficient. One of the main findings of this study was that the majority of Finnish consumers (73%) regard increased quality information as beneficial. These benefits were assessed using the contingent valuation method. The results showed that those who were willing to pay for increased information on the quality and safety of beef would accept an average price increase of 24% per kilogram. The results showed that certain risk factors impact consumer willingness to pay. If the respondents considered genetic modification of food or foodborne zoonotic diseases as harmful or extremely harmful risk factors in food, they were more likely to be willing to pay for quality information. The results produced by the models thus confirmed the premise that certain food-related risks affect willingness to pay for beef quality information. The results also showed that safety-related quality cues are significant to the consumers. In the first place, the consumers would like to receive information on the control of zoonotic diseases that are contagious to humans. Similarly, other process-control related information ranked high among the top responses. Information on any potential genetic modification was also considered important, even though genetic modification was not regarded as a high risk factor.

Unrealized expectations of jumps in volatility: An explanation to the low and time-varying predictive power of implied volatility

The low predictive power of implied volatility in forecasting the subsequently realized volatility is a well-documented empirical puzzle. As suggested by e.g. Feinstein (1989), Jackwerth and Rubinstein (1996), and Bates (1997), we test whether unrealized expectations of jumps in volatility could explain this phenomenon. Our findings show that expectations of infrequently occurring jumps in volatility are indeed priced in implied volatility. This has two important consequences. First, implied volatility is actually expected to exceed realized volatility over long periods of time only to be greatly less than realized volatility during infrequently occurring periods of very high volatility. Second, the slope coefficient in the classic forecasting regression of realized volatility on implied volatility is very sensitive to the discrepancy between ex ante expected and ex post realized jump frequencies. If the in-sample frequency of positive volatility jumps is lower than ex ante assessed by the market, the classic regression test tends to reject the hypothesis of informational efficiency even if markets are informationally effective.

Comparative analysis of static and switching performance of 1.2 kV commercial SiC transistors for high power density applications

This paper presents a critical comparison of static and switching performance of commercially available 1.2 kV SiC BJTs, MOSFETs and JFETs with 1.2 kV Si IGBTs. The experiments conducted are mainly focussed on investigating the temperature dependence of device performance. As an emerging commercial device, special emphasis is placed on SiC BJTs. The experimental data indicate that the SiC BJTs have relatively smaller conduction, off-state and turn-off switching losses, in comparison to the other devices. Furthermore, SiC BJTs have demonstrated much higher static current gain values in comparison to their silicon counterparts, thereby minimising driver losses. Based on the results, the suitability of SiC devices for high power density applications has been discussed. © 2013 IEEE.

Bargaining Power Dynamics and the Negotiation of Commercial Rights and Obligations: A Case of Athlete Agreements

This qualitative case study explored how the structural power imbalance in high performance sport influenced the bargaining process and resulting commercial rights and obligations of a single Canadian national sport organization’s (NSO1) Athlete Agreement. Principles comprising the doctrine of unconscionability, specifically the identification of a power imbalance between contracting parties, and the exploration of how that power imbalance influenced the terms of the contract, provided a framework to analyze factors influencing the commercial contents of NSO1’s Athlete Agreement. The results of this analysis revealed that despite the overarching influence of the inherent structural power imbalance on all aspects of NSO1 and its membership, an athletes’ level of commercial appeal can reach such heights as to balance the bargaining positions of both parties and subsequently influence the commercial contents of the Athlete Agreement.

Consumer attitudes, knowledge, and behavior related to salt consumption in sentinel countries of the Americas

Objective. To describe individual attitudes, knowledge, and behavior regarding salt intake, its dietary sources, and current food-labeling practices related to salt and sodium in five sentinel countries of the Americas. Methods. A convenience sample of 1 992 adults (>= 18 years old) from Argentina, Canada, Chile, Costa Rica, and Ecuador (approximately 400 from each country) was obtained between September 2010 and February 2011. Data collection was conducted in shopping malls or major commercial areas using a questionnaire containing 33 questions. Descriptive estimates are presented for the total sample and stratified by country and sociodemographic characteristics of the studied population. Results. Almost 90% of participants associated excess intake of salt with the occurrence of adverse health conditions, more than 60% indicated they were trying to reduce their current intake of salt, and more than 30% believed reducing dietary salt to be of high importance. Only 26% of participants claimed to know the existence of a recommended maximum value of salt or sodium intake and 47% of them stated they knew the content of salt in food items. More than 80% of participants said that they would like food labeling to indicate high, medium, and low levels of salt or sodium and would like to see a clear warning label on packages of foods high in salt. Conclusions. Additional effort is required to increase consumers' knowledge about the existence of a maximum limit for intake and to improve their capacity to accurately monitor and reduce their personal salt consumption.

Methodology for Dynamic Stability and Robustness Analysis of Commercial-Power-Module-Based DC-Distributed Systems

El propósito de esta tesis es presentar una metodología para realizar análisis de la dinámica en pequeña señal y el comportamiento de sistemas de alimentación distribuidos de corriente continua (CC), formados por módulos comerciales. Para ello se hace uso de un método sencillo que indica los márgenes de estabilidad menos conservadores posibles mediante un solo número. Este índice es calculado en cada una de las interfaces que componen el sistema y puede usarse para obtener un índice global que indica la estabilidad del sistema global. De esta manera se posibilita la comparación de sistemas de alimentación distribuidos en términos de robustez. La interconexión de convertidores CC-CC entre ellos y con los filtros EMI necesarios puede originar interacciones no deseadas que dan lugar a la degradación del comportamiento de los convertidores, haciendo el sistema más propenso a inestabilidades. Esta diferencia en el comportamiento se debe a interacciones entre las impedancias de los diversos elementos del sistema. En la mayoría de los casos, los sistemas de alimentación distribuida están formados por módulos comerciales cuya estructura interna es desconocida. Por ello los análisis presentados en esta tesis se basan en medidas de la respuesta en frecuencia del convertidor que pueden realizarse desde los terminales de entrada y salida del mismo. Utilizando las medidas de las impedancias de entrada y salida de los elementos del sistema, se puede construir una función de sensibilidad que proporciona los márgenes de estabilidad de las diferentes interfaces. En esta tesis se utiliza el concepto del valor máximo de la función de sensibilidad (MPC por sus siglas en inglés) para indicar los márgenes de estabilidad como un único número. Una vez que la estabilidad de todas las interfaces del sistema se han evaluado individualmente, los índices obtenidos pueden combinarse para obtener un único número con el que comparar la estabilidad de diferentes sistemas. Igualmente se han analizado las posibles interacciones en la entrada y la salida de los convertidores CC-CC, obteniéndose expresiones analíticas con las que describir en detalle los acoplamientos generados en el sistema. Los estudios analíticos realizados se han validado experimentalmente a lo largo de la tesis. El análisis presentado en esta tesis se culmina con la obtención de un índice que condensa los márgenes de estabilidad menos conservativos. También se demuestra que la robustez del sistema está asegurada si las impedancias utilizadas en la función de sensibilidad se obtienen justamente en la entrada o la salida del subsistema que está siendo analizado. Por otra parte, la tesis presenta un conjunto de parámetros internos asimilados a impedancias, junto con sus expresiones analíticas, que permiten una explicación detallada de las interacciones en el sistema. Dichas expresiones analíticas pueden obtenerse bien mediante las funciones de transferencia analíticas si se conoce la estructura interna, o utilizando medidas en frecuencia o identificación de las mismas a través de la respuesta temporal del convertidor. De acuerdo a las metodologías presentadas en esta tesis se puede predecir la estabilidad y el comportamiento de sistemas compuestos básicamente por convertidores CC-CC y filtros, cuya estructura interna es desconocida. La predicción se basa en un índice que condensa la información de los márgenes de estabilidad y que permite la obtención de un indicador de la estabilidad global de todo el sistema, permitiendo la comparación de la estabilidad de diferentes arquitecturas de sistemas de alimentación distribuidos. ABSTRACT The purpose of this thesis is to present dynamic small-signal stability and performance analysis methodology for dc-distributed systems consisting of commercial power modules. Furthermore, the objective is to introduce simple method to state the least conservative margins for robust stability as a single number. In addition, an index characterizing the overall system stability is obtained, based on which different dc-distributed systems can be compared in terms of robustness. The interconnected systems are prone to impedance-based interactions which might lead to transient-performance degradation or even instability. These systems typically are constructed using commercial converters with unknown internal structure. Therefore, the analysis presented throughout this thesis is based on frequency responses measurable from the input and output terminals. The stability margins are stated utilizing a concept of maximum peak criteria, derived from the behavior of impedance-based sensitivity function that provides a single number to state robust stability. Using this concept, the stability information at every system interface is combined to a meaningful number to state the average robustness of the system. In addition, theoretical formulas are extracted to assess source and load side interactions in order to describe detailed couplings within the system. The presented theoretical analysis methodologies are experimentally validated throughout the thesis. In this thesis, according to the presented analysis, the least conservative stability margins are provided as a single number guaranteeing robustness. It is also shown that within the interconnected system the robust stability is ensured only if the impedance-based minor-loop gain is determined at the very input or output of each subsystem. Moreover, a complete set of impedance-type internal parameters as well as the formulas according to which the interaction sensitivity can be fully explained and analyzed, is provided. The given formulation can be utilized equally either based on measured frequency responses, time-domain identified internal parameters or extracted analytic transfer functions. Based on the analysis methodologies presented in this thesis, the stability and performance of interconnected systems consisting of converters with unknown internal structure, can be predicted. Moreover, the provided concept to assess the least conservative stability margins enables to obtain an index to state the overall robust stability of distributed power architecture and thus to compare different systems in terms of stability.

Investigation of concentration of economic power. Hearings before the Temporary National Economic Committee, Congress of the United States, Seventy-fifth Congress, third session[--Seventy-sixth Congress, third session] pursuant to Public resolution no. 113 (Seventy-fifth Congress) authorizing and directing a select committee to make a full and complete study and investigation with respect to the concentration of economic power in, and financial control over, production of goods and services ...

1939.--pt.30. Technology and concentration of economic power. Apr.8-12, 15-19, 22-26, 1940.--31. Investments, profits, and rates of return for selected industries.

Governing Big Data: The Political Economy of Power, Knowledge and Consumer Finance in the Digital Age

This dissertation offers a critical international political economy (IPE) analysis of the ways in which consumer information has been governed throughout the formal history of consumer finance (1840 – present). Drawing primarily on the United States, this project problematizes the notion of consumer financial big data as a ‘new era’ by tracing its roots historically from late nineteenth century through to the present. Using a qualitative case study approach, this project applies a unique theoretical framework to three instances of governance in consumer credit big data. Throughout, the historically specific means used to govern consumer credit data are rooted in dominant ideas, institutions and material factors.

Disclosure under the prescribed insurance contracts regime : Section 35 of the Insurance Contracts Act 1984 and consumer protection revisited

Section 35 of the Insurance Contracts Act 1984 requires insurers offering insurance policies in six prescribed areas "to clearly inform" prospective insureds of any departure their policies may constitute from the standard covers established by the Act and its accompanying Regulations. This prescribed insurance contracts regime was designed to remedy comprehension problems generated by the length and complexity of insurance documents and to alleviate misunderstanding over the terms and conditions of individual policies. This article examines the rationale underpinning s 35 and the prescribed insurance contracts regime and looks at the operation of the legislation with particular reference to home contents insurance in Australia. It is argued that the means whereby disclosure of derogation from standard cover may be effected largely negates the thrust of the prescribed insurance contract reform. Recommendations to address these operational deficiencies are made.

Joint consumer submission to the review of the code of banking practice

This submission has been prepared on behalf of Australian consumer advocates by Nicola Howell, Faculty of Law, Queensland University of Technology (‘the researcher’), under a consultancy arrangement with the Australian Securities and Investments Commission (ASIC). The researcher has been engaged by ASIC to consult with consumer advocates across Australia in order to prepare a detailed consumer submission to the Review of the Code of Banking Practice and the Review Issues Paper.

Willingness to buy GM food products : the role of uncertainty orientation, consumer risk perceptions and information search in consumers from Australia

Genetically modified (GM) food products are the source of much controversy and in the context of consumer behaviour, the way in which consumers perceive such food products is of paramount importance both theoretically and practically. Despite this, relatively little research has focused on GM food products from a consumer perspective, and as such, this study seeks to better understand what effects consumer willingness to buy GM food products in Australian consumers.

The inherent equitable jurisdiction and the plenary power of the Supreme Court of New South Wales to order the winding up of companies

Not all companies in Australia are amenable to a winding up order pursuant to the Corporations Act 2001 (Cth). The Supreme Court of New South Wales has previously dealt with such winding up applications by apparently focusing on the inherent jurisdiction of the court to consider whether the court has jurisdiction to firstly consider the winding up application. This article proposes an original alternative paradigm: the plenary power provided to the court by s 23 of the Supreme Court Act 1970 (NSW) can be utilised to initially attract the jurisdiction of the court and subsequently the inherent jurisdiction specifically utilising the equitable “just and equitable” ground is available to the court to consider and make such a winding up order if appropriate. Variation of such a paradigm may also be available to the court when considering the inherent jurisdiction in relation to corporation matters more generally.