The University of Buckingham Press Journals
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The Uses of Power: Mr Justice Denning and the Pensions Appeal Tribunals
Get PDFThe Uses of Power: Mr Justice Denning and the Pensions Appeal Tribunal
INCORPORATION OF CHARTERPARTY ARBITRATION CLAUSES INTO BILLS OF LADING: RECENT DEVELOPMENTS
Get PDFThis article looks at two recent court decisions and one recent arbitral award which help to clarify the position of English Law with regard to incorporation of charterparty arbitration clauses into bills of lading. It starts by giving a brief overview of past decisions of the English Courts on this issue. It proceeds to consider recent developments and to draw conclusions therefrom. Most bills of lading contain jurisdiction clauses providing that parties are to resolve any disputes arising in connection with the contract of carriage contained in the bill through litigation in the courts. Where a bill of lading is issued under a charterparty, however, and where it expressly incorporates the charterparty’s arbitration clause into its terms, the parties to the contract of carriage contained in the bill of lading, including any transferees of the bill, may be obliged to refer their disputes to arbitration. Wilson notes that “[a] strict contra proferentem approach has been adopted towards [attempts to incorporate charterparty arbitration clauses into bills of lading] since, while arbitration clauses are common in charterparties, hey are rarely found in bills of lading.” Three conditions must be met in order for a charterparty arbitration clause to be successfully incorporated into the bill of lading. First of all, “the operative words of incorporation must be found in the bill of lading itself”. Secondly such words must be suitable to describe the charterparty clause that is being incorporated. Finally, the incorporated clause must be consistent with the terms of the bill of lading, and in the event of conflict, the provisions of the bill of lading will prevail
Annulment Funding Co Ltd v Cowey and another [2010] EWCA 711 First Plus Financial Group v Hewett [2010] EWCA Civ 312
Get PDFRECENT PROBLEMS IN UNDUE INFLUENCEAfter the flood of litigation at the end of the 20th Century, it was hoped that the House of Lords decisions in O’Brien and Etridge would put an end to the uncertainties facing those wishing to take security over a family home. But as seen in the recent Court of Appeal decisions in Annulment Funding Co Ltd v Cowey and another [2010] EWCA 711 (“Cowey”) and First Plus Financial Group v Hewett [2010] EWCA Civ 312 (“Hewett”), there still remain some interesting questions and potential problems for the unwary lender
R Ex P Raissi v Secretary of State for the Home Department, Court of Appeal, (Civil Division) [2008] All ER (D) 215 (Feb)
Get PDFGUILTY BY ASSOCIATION?The case of Lotfi Raissi, an Algerian pilot, who was denied compensation under the ex gratia scheme has been reported by many national newspapers. It is likely that we have not heard the last of it, as it is possible for the Secretary of State to appeal against the decision of the Court of Appeal to the House of Lords. The case1 concerned a judicial review appeal application by Mr Raissi. On September 21st 2001, he was arrested in his home following a letter dated September 17th 2001, from the United States Embassy in London addressed to the Metropolitan Police asking them for information about him. The FBI believed that Raissi may have been involved in the September 11th 2001 atrocities. There was also a further request, from the United States Embassy to the United Kingdom government on September 27th 2001, to arrest Raissi for extradition purposes. It was alleged that he had given false information to the Federal Aviation Administration (FAA) when he wanted to renew his licence
Reforming the Formal Requirements for the Execution of a Will
Get PDFReforming the Formal Requirements for the Execution of a Wil
HANSON’S AUTOMATED MARKET MAKER
Get PDFFrom Hanson’s “market scoring rule,” we derive all the necessary formulae to implement a corresponding automated market maker for a prediction market. The market maker has many desirable qualities and always stands ready to trade, thus providing liquidity to markets. The formulae cover all transactions for buying and selling market contracts. In addition, we address practical concerns like how to correctly treat rounding errors and how to prevent errors that allow traders to cheat the market, and provide a practical numerical example. We have used Hanson's automated market maker to run many markets at Microsoft
EFFICIENCY IN BETTING MARKETS: EVIDENCE FROM ENGLISH FOOTBALL
Get PDFWe analyze the efficiency of English football betting markets between 2002 and 2006. We find evidence of a positive favourite-longshot bias for both home odds and away odds. Draw odds are instead characterized by a negative longshot bias. We also identify a draw bias in the sense that betting at draw odds yields a higher return than betting at home or away odds. Finally, we investigate betting strategies that exploit the variance of odds between bookmakers
PREDICTION MARKETS AS A MEDICAL FORECASTING TOOL: DEMAND FOR HOSPITAL SERVICES
No full textBackgroundThis paper presents the outcome of a study conducted at the Royal Devon and Exeter Hospital in which a prediction market was established in order to forecast demand for services. To the researcher’s knowledge, it does not appear that prediction markets have been previously utilized in a healthcare environment.PurposesThe purpose of this study is to provide evidence for the effective use of prediction markets in a healthcare environment.Methodology and ApproachThe study was conducted over a period of one week, and involved sixty-five participants. Each was asked to provide an estimate for demand for services at the Royal Devon and Exeter Hospital. Characteristics gathered for each participant included level of education, occupation, directorate, number of years worked for the hospital, and number of years worked for the National Health Service. FindingsThe study confirms the effectiveness of prediction markets to forecast future events as overall hospital demand was forecasted with an error of only 0.3%. The prediction market was less successful in predicting demand for services for each department, which the researcher attributes to the small sample size and lack of diversity of participants. Additionally, only a very small percentage of the characteristics captured registered a statistically significant correlation with the accuracy of the estimate. Further studies should focus on different characteristics and/or use a larger sample size to either confirm or refute the existence of such characteristics. Practical Implications The findings of this work could potentially be used as an innovative way to augment the forecasting function for a wide range of healthcare facilities. With the preliminary success of this study to forecast demand, further research in the field is warranted