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Effective Processes and Enforcement Agents Public Disclosure Authorized
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Effective Processes and Enforcement Agents andEnforcement Processes Effective Court Auctions Dr. Heike Gramckow Dr. 18/2012 About the Justice and Development Working Paper Series The Justice and Development Working Paper Series serves as a platform for new and innovative thinking on justice and development that features work from World Bank and external authors. It is a product of the World Bank’s Justice Reform Practice Group, which generates knowledge and provides advice and assistance to Bank staff and Bank client countries on building improving state and non-state justice system institutions and mechanisms. Justice and Development disseminates the findings of works in progress to facilitate a more rapid exchange of ideas about development issues and justice reform. Editorial Policy The Justice and Development Working Paper Series publishes original research papers on law, justice and development. Publication proposals may be made by Bank staff and external contributors. Manuscripts must be in English and no longer than 25-30 pages. They can be submitted at any time. All submitted papers will be acknowledged and carefully reviewed by the editorial committee. Criteria for selection include rigorous scholarship and topics about innovative approaches to law, justice and development generally, particularly topics related to institutional reform of justice sector agencies justice in development, including community legal empowerment and access to justice programming criminal justice reform and administration justice systems in conflict-affected and fragile areas monitoring and evaluation of justice systems and projects. Inquiries: Telephone: +1 202 458 2950 Justice Reform Practice Group Email: [email protected] The Legal Vice Presidency Website: www.worldbank.org/lji The World Bank 1818 H Street NW Washington DC 20433, USA Disclaimer: This work is a product of the staff of The World Bank with external contributions. -
Case Analysis of Auction Market in Brisbane Housing System
COVER SHEET This is the author version of article published as: Susilawati, Connie and Lin, Vickey Chiu-Chin (2006) Case analysis of auction market in Brisbane housing system. In Proceedings Pacific Rim Real Estate Conference 2006, Auckland. Copyright 2006 The Authors Accessed from http://eprints.qut.edu.au CASES ANALYSIS OF AUCTION MARKET IN BRISBANE HOUSING SYSTEM Susilawati, Connie 1 Lin, Vickey Chiu-Chin 2 1 Queensland University of Technology, Brisbane, Australia 2 National Chengchi University, Taipei, Taiwan, R.O.C. Abstract Only recently, the average Australian residential property market was experiencing negative growth caused by the decrease of average housing prices in the major capital cities, in particular, Sydney and Melbourne. However, other cities were registering positive growth. In a decade, the average house price in Brisbane has increased by more than 150 per cent. In 1994, the highest average house price in Brisbane was around $310,000 but in 2004 it reached $780,000. The high appreciation expectation has also influenced the choice of housing transaction method. In a boom market, auction in Sydney and Melbourne contribute a certain level of residential property market share. In Sydney, there was 50 per cent of all real estate sold by auction marketing. During the same boom period, the Brisbane auction market only had 20 to 30 per cent market share. This initial study aims to explore Brisbane housing auction market and the risk/benefit analysis to stakeholders in the auction mechanism. This study analyses the results from in-depth interview of representative of stakeholders and recent sales data (mid August to early October 2005). -
Efforts by Gijs Pol to Get Flowers Sold Online)
Business Week, April 23, 2001 i3729 p4EU2 A FLOWER CRUSADE THAT'S GOING NOWHERE. (efforts by Gijs Pol to get flowers sold online) Full Text: COPYRIGHT 2001 The McGraw-Hill Companies, Inc. It's 7 a.m. on a Friday morning, and cart after cart of roses, tulips, geraniums, and dozens of other varieties of flowers are being wheeled into a large room. Dozens of buyers sit behind rows of desks, judging the blooms, banging away at calculators, and pressing purchase buttons. By the end of the morning, they will have bought some 19 million flowers and filled fleets of trucks and airplanes ready to race off around the world. This is the Aalsmeer Flower Auction, located in a suburb south of Amsterdam. It's the world's largest and most famous flower market. Gijs Pol watches the auction unfold, scenting opportunity. Pol is a Dutch software entrepreneur who wants to wield the Web to streamline flower distribution. Under the present auction system, middlemen and markups triple the price of a blossom before it reaches the final customer. And yet, five years after Pol started his crusade, few flowers are sold online. The problem: Incumbents don't want to jeopardize their entrenched interests by dealing with an upstart prattling on about the Internet. "I've learned to preach evolution, not revolution," says a chastened Pol. The foot-dragging is a problem Net-savvy entrepreneurs across Europe are learning about the hard way. European online marketplaces--Web sites that allow companies in an industry to buy and trade goods and services--are encountering many of the same obstacles as their U.S. -
Experiments in Market Design This (Still-Missing-A-Few-Parts, Put Readable Through P61) Draft: August 1, 2010
Experiments in Market Design This (still-missing-a-few-parts, put readable through p61) draft: August 1, 2010 Design: Noun: the arrangement of elements or details Verb: to create or construct 1. Introduction The phrase “market design” has come to include the design not only of marketplaces but also of other economic environments, institutions and allocation rules. And it includes not only the design of new institutions ("design" as a verb) but also renewed attention to how the design of economic institutions ("design" as a noun) influences their performance. It is both one of the oldest and one of the newest areas of experimental economics. It is one of the oldest because every economic experiment involves the design of an economic environment, and many experiments compare the effects of different designs. And it is one of the newest because only since the 1990’s have economists become regularly involved in the detailed design of marketplaces and other economic institutions in ways that have led from the initial conception all the way to the adoption and implementation of practical new designs (and to the beginnings of a new scientific literature of market design). This new usefulness of market design has brought new uses for experiments. To see that market design has always played a role in experimental economics, note that when Chamberlain (1948) sought to investigate competitive equilibrium, he designed not only the kind of marketplace (pairwise negotiation) that he wished to investigate; he also developed the technique that has since been widely used to induce particular supply and demand conditions, by giving each buyer and seller the prices and quantities at which they could in effect sell to or buy from the experimenter to fulfill any trades they made.1 1 Thus e.g. -
Partition and Revelation Yun-Chien Chang
University of Chicago Law School Chicago Unbound Kreisman Working Paper Series in Housing Law and Working Papers Policy 2014 Partition and Revelation Yun-chien Chang Lee Anne Fennell Follow this and additional works at: https://chicagounbound.uchicago.edu/ housing_law_and_policy Part of the Law Commons Chicago Unbound includes both works in progress and final versions of articles. Please be aware that a more recent version of this article may be available on Chicago Unbound, SSRN or elsewhere. Recommended Citation Yun-chien Chang & Lee Anne Fennell, "Partition and Revelation" (Kreisman Working Papers Series in Housing Law and Policy No. 15, 2014) available at https://lawreview.uchicago.edu/sites/lawreview.uchicago.edu/files/uploads/81_1/02_Chang- Fennell_SYMP.pdf.. This Working Paper is brought to you for free and open access by the Working Papers at Chicago Unbound. It has been accepted for inclusion in Kreisman Working Paper Series in Housing Law and Policy by an authorized administrator of Chicago Unbound. For more information, please contact [email protected]. CHICAGO COASE-SANDOR INSTITUTE FOR LAW AND ECONOMICS WORKING PAPER NO. 681 (2D SERIES) KREISMAN WORKING PAPER ON HOUSING LAW AND POLICY NO. 15 Partition and Revelation Yun-chien Chang and Lee Anne Fennell THE LAW SCHOOL THE UNIVERSITY OF CHICAGO April 2014 This paper can be downloaded without charge at: The University of Chicago, Institute for Law and Economics Working Paper Series Index: http://www.law.uchicago.edu/Lawecon/index.html and at the Social Science Research Network Electronic Paper Collection. Partition and Revelation Yun-chien Chang† & Lee Anne Fennell†† INTRODUCTION Although property ownership is prototypically associated with a single owner, land is very often co-owned. -
The Parens Patriae Settlement Auction
BEACH 7/5/2017 3:13 PM THE PARENS PATRIAE SETTLEMENT AUCTION Paul Harzen Beach* ABSTRACT State attorneys general often rely on private attorneys to pursue the public interest in a broad range of cases with frequent success. These “private attorneys general” afford flexibility to state law enforcement and help close the gap in resource disparities between state offices and the law firms resource-rich defendants may employ. But the use of private attorneys general also poses substantial agency costs. The hiring process occasionally begins with anecdotes of graft or corruption, and their representation often ends with inadequate settlements and undeterred defendants. Each of these undermines the benefits of the private attorney general model. This article proposes a model to eliminate the root cause of these problems and align the interests of the private attorney with those of the public. The proposal is simple: once a settlement is reached in public aggregate litigation, the public’s claim should be put up for auction. If a third party bids an amount greater than the existing settlement, the proceeds of the auction go to the state, the winning bidder takes the place of the state and may pursue the defendant for a greater recovery. The benefits of this proposal are twofold. For one, a looming auction removes the incentive for hasty and inadequate settlements because any inadequate settlement risks losing the representation and its associated payout to a higher bidder. Second, because an attorney’s share in a settlement is not guaranteed, an attorney’s incentive to secure appointment as a private attorney general through campaign contributions or other illicit means is dramatically reduced. -
Auctioning Class Action and Derivative Lawsuits: a Critical Analysis Randall Thomas
Vanderbilt University Law School Scholarship@Vanderbilt Law Vanderbilt Law School Faculty Publications Faculty Scholarship 1993 Auctioning Class Action and Derivative Lawsuits: A Critical Analysis Randall Thomas Robert G. Hansen Follow this and additional works at: http://scholarship.law.vanderbilt.edu/faculty-publications Part of the Law Commons Recommended Citation Randall Thomas and Robert G. Hansen, Auctioning Class Action and Derivative Lawsuits: A Critical Analysis, 87 Northwestern University Law Review. 423 (1993) Available at: http://scholarship.law.vanderbilt.edu/faculty-publications/185 This Article is brought to you for free and open access by the Faculty Scholarship at Scholarship@Vanderbilt Law. It has been accepted for inclusion in Vanderbilt Law School Faculty Publications by an authorized administrator of Scholarship@Vanderbilt Law. For more information, please contact [email protected]. Copyright 1993 by Northwestern University, School of Law Printed in U.S.A. Northwestern University Law Review Vol. 87, No. 2 ARTICLES AUCTIONING CLASS ACTION AND DERIVATIVE LAWSUITS: A CRITICAL ANALYSIS Randall S. Thomas* & Robert G. Hansen** I. INTRODUCTION Numerous legal academics and practitioners have criticized the han- dling by plaintiffs' attorneys of large-scale class action and derivative lawsuits.1 These critiques point out attorneys' abuse of the legal system, ranging from purported collusion among plaintiffs' and defendants' * Randall S. Thomas is an Associate Professor of Law at the College of Law, University of Iowa; B.A. 1977, Haverford College; M.A. 1979, Ph.D. 1983, J.D. 1985, University of Michigan. ** Robert G. Hansen is an Associate Professor of Business Administration at the Amos Tuck School, Dartmouth College; B.A. -
Do Reserve Prices Yield Reference Price Effects in Korean Court Auctions of Residential Real Estate?
Reserve Prices Yield Reference Price Effects 75 INTERNATIONAL REAL ESTATE REVIEW 2017 Vol. 20 No. 1: pp. 75 – 104 Do Reserve Prices Yield Reference Price Effects in Korean Court Auctions of Residential Real Estate? Han-Jang No National Pension Service Gyeongin Regional Headquarter, Gyeonggi-do 442- 766, South Korea. Phone: 82-10-9132-6410. Email: [email protected]. Dai-Won Kim School of Urban Planning & Real Estate Studies, Dankook University, Gyeonggi-do 448-701, South Korea. Phone: 82-10-5350-2613. Email: [email protected]. Jung-Suk Yu* School of Urban Planning & Real Estate Studies, College of Social Science, Dankook University 152, Jukjeon-ro, Suji-gu, Yongin-si, Gyeonggi-do 448-701, South Korea. Phone: 82-31-8005-3338. Email: [email protected] This study examines whether the reserve prices in court auctions of residential real estate in Seoul, Korea result in reference price effects by influencing the amount of the successful bid. We also explore whether the sensitivity of these reference price effects differ with housing size and assess whether the expected rate of the selling price can be predicted based on the different reserve price levels. The panel data estimates presented herein show that reserve prices positively influence the final property transfer prices; in other words, the reserve prices yield strong reference price effects. The results of the ordinary least square regressions show that the sensitivity of the reference price effects differs with housing size, albeit in an inconsistent manner. Finally, the response surface methodology analysis indicates * Corresponding author 76 No, Kim and Yu that different reserve prices lead to different reference price effects with locality across the Seoul metropolitan area. -
Case Analysis of Auction Market in Brisbane Housing System
CASE ANALYSIS OF AUCTION MARKET IN BRISBANE HOUSING SYSTEM Susilawati, Connie 1 Lin, Vickey Chiu-Chin 2 1 Queensland University of Technology, Brisbane, Australia 2 National Chengchi University, Taipei, Taiwan, R.O.C. Abstract Only recently, the average Australian residential property market was experiencing negative growth caused by the decrease of average housing prices in the major capital cities, in particular, Sydney and Melbourne. However, other cities were registering positive growth. In a decade, the average house price in Brisbane has increased by more than 150 per cent. In 1994, the highest average house price in Brisbane was around $310,000 but in 2004 it reached $780,000. The high appreciation expectation has also influenced the choice of housing transaction method. In a boom market, auction in Sydney and Melbourne contribute a certain level of residential property market share. In Sydney, there was 50 per cent of all real estate sold by auction marketing. During the same boom period, the Brisbane auction market only had 20 to 30 per cent market share. This initial study aims to explore Brisbane housing auction market and the risk/benefit analysis to stakeholders in the auction mechanism. This study analyses the results from in-depth interview of representative of stakeholders and recent sales data (mid August to early October 2005). It was also found that vendors gain more benefits than buyers in the auction market. However, the strict terms of conditions that apply in auction transactions relative to the private treaty sales have discouraged buyers from utilising the auction process. Key words: Auction Residential House, Auction Mechanism, Housing System, Brisbane 1.