The British American Rules: An experimental examination of pre-trial bargaining within the shadow of the law

A commonly held view is that the frequency and value of pre-trial settlements in civil disputes are greatly influenced by the cost allocation regime that is in place if the case goes to trial. There is a large and growing theoretical literature on this subject but almost no empirical evidence. This is due simply to the scarcity of relevant data owing to the confidentiality generally associated with such matters. However, the area is an ideal one to analyse experimentally. In this paper we consider the effect of the British and American rules for cost allocation using such an experimental methodology. We find that the two rules produce no difference in the frequency of pre-trial settlements but that the British rule produces higher settlements (pro-pursuer) if the probability of the pursuer winning is large.

Pre-trial settlement: Who's for two-way offers?

This paper reviews the use of cost shifting devices intended to encourage pre-trial settlement. Both the well-known instrument of judicial offers (tenders) and the more recently introduced pursuers' offers are discussed. Numerical examples are provided and experimental evidence is reviewed. Both sources create some doubts regarding the efficacy of such devices in encouraging settlement. There is a strategic aspect of negotiating that is encouraged by these rules. In essence, these arrangements impart a certain amount of power to one side or other. This influences the level of settlement (if any), but may also reduce the probability of reaching a settlement. Abandoning such arrangements, while somewhat contrary to conventional views may well be a positive step in encouraging pre-trial settlement.

SOLVING THE SOVEREIGN DEBT CONUNDRUM: NML CAPITAL V. ARGENTINA: A LAW AND ECONOMICS PERSPECTIVE

Sovereign bond contracts create unique legal problems for bondholders, issuers, and courts. Specifically, when a sovereign becomes insolvent, there is no international workout mechanism through which the sovereign\u27s debt can be efficiently restructured. Absent a mechanism similar to bankruptcy for sovereigns, some bondholders may attempt to resist restructuring in an effort to obtain a legal judgment for the full value of their initial investment. Until recently, the legal status and rights of these holdout creditors has been uncertain. However, a recent Second Circuit decision upheld creditors\u27 rights to hold out or resist a sovereign\u27s attempt to restructure its debt. Of course, this decision creates a host of other problems related to collective action and efficiency. International legal scholars remain uncertain whether such judgments are enforceable against a sovereign. The Supreme Court of the United States has accepted a petition for certiorari regarding enforceability issues and is considering a petition for the underlying question of holdout creditors\u27 rights. This paper highlights the complexities and complications that have brought sovereign debt to the forefront of international legal scholarship. Although scholars and politicians have proposed solutions to the sovereign debt dilemma, the paper argues that none of the proposed solutions provides an adequate remedy to the problem. Using an original economic model, the paper argues that an Argentinian default (repudiation) is the socially optimal response to the NML Capital decision and will lend the most stability to the sovereign debt market. However, as a repeat player in the international bond market, Argentina has an individual incentive to comply with the Second Circuit\u27s order and pay the holdout creditors. Finally, the paper considers how the Supreme Court may provide a more realistic avenue to alter the adverse incentives that the Second Circuit\u27s decision created

Perceptions of college/university students on high school science and stem courses

Over the years, the evolution of science along with technology, engineering, and mathematics has been noticeably evident while science education, on the other hand, has shown little development. The research study aimed to investigate future change initiative implementation in secondary science curricula. In addition, the purpose of the research was to learn and examine postsecondary students\u27 perceptions of how well secondary science education prepared them for the postsecondary level plus for schools to utilize the feedback received from students to further improve the quality of science education. The data for the study were collected through semi-structured interviews with 10 college/university students who had experience in both secondary and postsecondary science education. From data analysis, three themes were identified: Insufficient Knowledge, Need Science, Technology, Engineering, and Mathematics (STEM) Guidance, and Improvement in Syllabus and Teaching. The description of each determined theme included the research participants\u27 perceptions of secondary and postsecondary STEM, their interview responses, and the commonalities they shared. Overall, the findings indicated the need for science or STEM curriculum changes, STEM awareness plus guidance, and effective instructional strategies for the enhancement of student preparation for higher education

Immersive cyberspace system

An immersive cyberspace system is presented which provides visual, audible, and vibrational inputs to a subject remaining in neutral immersion, and also provides for subject control input. The immersive cyberspace system includes a relaxation chair and a neutral immersion display hood. The relaxation chair supports a subject positioned thereupon, and places the subject in position which merges a neutral body position, the position a body naturally assumes in zero gravity, with a savasana yoga position. The display hood, which covers the subject's head, is configured to produce light images and sounds. An image projection subsystem provides either external or internal image projection. The display hood includes a projection screen moveably attached to an opaque shroud. A motion base supports the relaxation chair and produces vibrational inputs over a range of about 0-30 Hz. The motion base also produces limited translation and rotational movements of the relaxation chair. These limited translational and rotational movements, when properly coordinated with visual stimuli, constitute motion cues which create sensations of pitch, yaw, and roll movements. Vibration transducers produce vibrational inputs from about 20 Hz to about 150 Hz. An external computer, coupled to various components of the immersive cyberspace system, executes a software program and creates the cyberspace environment. One or more neutral hand posture controllers may be coupled to the external computer system and used to control various aspects of the cyberspace environment, or to enter data during the cyberspace experience

The Flostation - an Immersive Cyberspace System

A flostation is a computer-controlled apparatus that, along with one or more computer(s) and other computer-controlled equipment, is part of an immersive cyberspace system. The system is said to be immersive in two senses of the word: (1) It supports the body in a modified form neutral posture experienced in zero gravity and (2) it is equipped with computer-controlled display equipment that helps to give the occupant of the chair a feeling of immersion in an environment that the system is designed to simulate. Neutral immersion was conceived during the Gemini program as a means of training astronauts for working in a zerogravity environment. Current derivatives include neutral-buoyancy tanks and the KC-135 airplane, each of which mimics the effects of zero gravity. While these have performed well in simulating the shorter-duration flights typical of the space program to date, a training device that can take astronauts to the next level will be needed for simulating longer-duration flights such as that of the International Space Station. The flostation is expected to satisfy this need. The flostation could also be adapted and replicated for use in commercial ventures ranging from home entertainment to medical treatment. The use of neutral immersion in the flostation enables the occupant to recline in an optimal posture of rest and meditation. This posture, combines savasana (known to practitioners of yoga) and a modified form of the neutral posture assumed by astronauts in outer space. As the occupant relaxes, awareness of the physical body is reduced. The neutral body posture, which can be maintained for hours without discomfort, is extended to the eyes, ears, and hands. The occupant can be surrounded with a full-field-of-view visual display and nearphone sound, and can be stimulated with full-body vibration and motion cueing. Once fully immersed, the occupant can use neutral hand controllers (that is, hand-posture sensors) to control various aspects of the simulated environment

Distributed stabilization control of rigid formations with prescribed orientation

Most rigid formation controllers reported in the literature aim to only stabilize a rigid formation shape, while the formation orientation is not controlled. This paper studies the problem of controlling rigid formations with prescribed orientations in both 2-D and 3-D spaces. The proposed controllers involve the commonly-used gradient descent control for shape stabilization, and an additional term to control the directions of certain relative position vectors associated with certain chosen agents. In this control framework, we show the minimal number of agents which should have knowledge of a global coordinate system (2 agents for a 2-D rigid formation and 3 agents for a 3-D rigid formation), while all other agents do not require any global coordinate knowledge or any coordinate frame alignment to implement the proposed control. The exponential convergence to the desired rigid shape and formation orientation is also proved. Typical simulation examples are shown to support the analysis and performance of the proposed formation controllers.Comment: This paper was submitted to Automatica for publication. Compared to the submitted version, this arXiv version contains complete proofs, examples and remarks (some of them are removed in the submitted version due to space limit.

Sonochemical Degradation of Perfluorooctane Sulfonate (PFOS) and Perfluorooctanoate (PFOA) in Landfill Groundwater: Environmental Matrix Effects

Perfluorinated chemicals such as perfluorooctane sulfonate (PFOS) and perfluorooctanoic acid (PFOA) are environmentally persistent and recalcitrant to most conventional chemical and microbial treatment technologies. In this paper, we show that sonolysis is able to decompose PFOS and PFOA present in groundwater beneath a landfill. However, the pseudo first-order rate constant for the sonochemical degradation in the landfill groundwater is reduced by 61 and 56% relative to MilliQ water for PFOS and PFOA, respectively, primarily due to the presence of other organic constituents. In this study, we evaluate the effect of various organic compounds on the sonochemical decomposition rates of PFOS and PFOA. Organic components in environmental matrices may reduce the sonochemical degradation rates of PFOS and PFOA by competitive adsorption onto the bubble−water interface or by lowering the average interfacial temperatures during transient bubble collapse events. The effect of individual organic compounds depends on the Langmuir adsorption constant, the Henry’s law constant, the specific heat capacity, and the overall endothermic heat of dissociation. Volatile organic compounds (VOCs) are identified as the primary cause of the sonochemical rate reduction for PFOS and PFOA in landfill groundwater, whereas the effect of dissolved natural organic matter (DOM) is not significant. Finally, a combined process of ozonation and sonolysis is shown to substantially recover the rate loss for PFOS and PFOA in landfill groundwater

HOW SOY LABELING INFLUENCES PREFERENCE AND TASTE

Using a “Phantom Ingredient” taste test, this article demonstrates how the use of soy labels and health claims on a package negatively biased taste perceptions and attitudes toward a food erroneously thought to contain soy. Consumers who ate products which mentioned soy on the package described the taste more grainy, less flavorful, and as having a strong aftertaste compared to those who ate the product but saw no soy label. Yet, while putting “soy” on a package negatively influenced taste-conscious consumers, when combined with a health claim, it improved attitudes among consumers who are health-conscious, natural food lovers, or dieters. Our results and discussion provide better direction for researchers who work with ingredient labeling as well as for marketers who work with soybean products.Food Consumption/Nutrition/Food Safety,

Between a Rock and a Hard Place. THe Poor Law Commission's Migration scheme, 1835-37

Between January 1835 and June 1837 over 500 families, comprised of more than 5,000 individuals, moved from the agricultural counties of southern and eastern England to the manufacturing districts of the north. Their migration was carried out under the auspices of the Poor Law Commission's home migration scheme (one of the first attempts at social engineering by a modem British government agency), but approximately the same numbers followed them independently. The research described investigates the aspirations of several of the principal stakeholders and compares them with the outcomes of the scheme, to establish whether it was a success. A few families failed and returned home fairly quickly, but over seventy percent of those that migrated considered themselves better off than their kin in the south and chose to remain in the manufacturing districts. Indeed, acting primarily on their advice, an equal number of their kith and kin had followed them independently. For these families the scheme may be considered a success. One of the two migration agents seems to have derived no benefit from his association with the scheme other than the immediate financial rewards. The other benefitted by his promotion to assistant poor law commissioner in the short term; in the longer term contacts that he undoubtedly made while serving in Ireland in that capacity provided clients for his business when he returned to England. Comparison of the poor-rates in the migrants' home parishes before and after the scheme shows that the rates of the scheme parishes decreased, but to no greater extent than parishes where the scheme did not operate thus the decreases were due to factors other than the scheme and parishes did not benefit from it. The migrants were generally well received by the indigenous population in the north, the few cases where there was local dissent over their arrival appear to have arisen as a result of poor industrial relations between the employers and the local workforce