Exploring the meaning of disproportionate costs for the practical implementation of the Water Framework Directive

The Water Framework Directive (WFD) is perhaps the most ambitious piece of environmental legislation in the history of the European Union. The Directive consolidates existing water-related legislation and has the stated objective of delivering good status (GS) for Europe’s surface waters and groundwaters. But meeting GS is cost dependent, and in some water bodies pollution abatements costs may be high or judged as disproportionate. The exact definition and assessment of disproportionate costs is central for the justification of time-frame derogations and/or lowering the environmental objectives (standards) for compliance at a water body. Official guidance is somewhat discretionary about the interpretation of disproportionate costs. Building on basic cost-benefit theory, this paper attempts to clarify the meaning of disproportionate cost to non-economists, and to convey a consistent interpretation that should underlie the development of a practical derogation decision making across all member statesDerogations, Cost-Effectiveness Analysis (CEA), Cost Benefit Analysis (CBA), Marginal Abatement Costs (MAC), Marginal Social Costs (MSC), Resource /Energy Economics and Policy,

A study of the structural rearrangements accompanying room temperature recovery of high purity aluminum

X-ray methods (Laue back reflection and transmission) and etch pit studies were used in order to follow structural changes in the deformed metallic lattice during room temperature recovery. The accumulative evidence indicates that the deformed lattice undergoes subboundary movements and regrouping of fragments within a few days after stressing. On the basis of a superficial investigation, it was found that fast neutron bombardment increases the rate of room temperature recovery. Through the use of a new etchant, a finer substructure was revealed within the Lacombe subgrain. Glide strain values were determined for the series investigated, and a new approach was attempted in the study of substructures using the Laue transmission method on a specially prepared single crystal specimen of foil thickness. A way of disclosing the internal detail within the etch pits was found through inking --Abstract, page ii

Materiales para la construcción de la responsabilidad civil de los terceros de confianza:perspectiva desde la responsabilidad civil de auditores y de las agencias de rating y la teoría de las flood gates

[Abstract:] This paper stresses the idea that those who gave advice on financial investments, financial products acquisitions, credit granting, etc. is could be considered liable under the Spanish tort law when damage is caused as a result of the reliance of customers on their professional judgement. The legal rules that govern this kind of civil liability as well as the necessity of limiting it according to the flood gates theory are also exposed. Particularly, the paper deals with the Spanish case-law regarding civil liability of auditors and rating agencies, which is currently ruled by Regulation (UE) 462/2013.][Resumen:]El estudio parte de la premisa de conformidad con la cual es posible la imputación de responsabilidad civil extracontractual como consecuencia de daños ocasionados a terceros que adoptaron determinadas decisiones (v.gr., inversiones, mantenimiento de inversiones o de participaciones en sociedades, concesión de créditos etc.,) amparándose en la confianza legítima generada por informaciones relevantes comunicadas por determinados profesionales (en particular,auditores y agencias de calificación crediticia). Se expone el régimen jurídico de este ámbito de la responsabilidad civil y la necesidad de de establecer determinados límites con arreglo a la teoría de las «flood gates». En particular, se expone la jurisprudencia de la Sala de lo Civil del TS en materia de responsabilidad civil de auditores de cuentas, así como el régimen de responsabilidad civil de las agencias de calificación crediticia que resulta de las previsiones del Reglamento (UE) 462/2013, de 21 de mayo y los criterios asumidos por la jurisprudencia en este ámbito

Improving the Accuracy of UK Regulatory Cost Estimates

UK Government departments are required to undertake a Regulatory Impact Assessment (RIA) when introducing any policy change that places a burden on businesses, charities, the voluntary sector or individuals. Part of this assessment involves the appraisal of the costs (and benefits) associated with complying with all the available options, as well as the wider economic costs. Recent evidence has suggested that the compliance costs, when assessed ex post, tend to be lower than the ex ante assessment made beforehand (see e.g. Harrington et al 1999). Accurate cost estimates are important as errors can lead to under or over regulation. This, in turn, can result in growth and innovation being hindered or, in the case of under regulation, growth being achieved at the expense of the natural resource base (including human health and well being). In order to shed more light on the validity of RIA cost estimates and identify ways of improving their accuracy, Defra decided to commission a study comparing the ex ante and ex post costs of complying with regulatory changes. A total of eight case studies were carried out for this study, covering a range of recent environmental, agricultural and food-related regulations in the UK. Preliminary findings of this study indicate that while ex ante costs are often overestimated, there can also be significant underestimates. Reasons for errors in cost estimation are discussed and strategies for improving their accuracy suggested.Public Economics,