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There are several agreements within the framework of the World Trade Organization that have an impact on the issue of food safety. These include the prohibition against quantitative restrictions of GATT 94, the general exceptions of Article XX, the Agreement on Sanitary and Phytosanitary Measures, the Agreement on Technical Barriers to Trade, and the Agreement on Trade-Related Aspects of International Property Rights. This chapter analyzes the primary disputes pertaining directly or tangentially to matters of food safety and representation under each of these agreements that were impaneled under the dispute settlement understanding. Particular attention is given to the EC/Hormones and the EC/genetically modified organisms (GMO) cases.

Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and judicial decisions that contain 2,041 quantitative estimates of overcharges of hard-core cartels. The primary findings are: (1) the median average long-run overcharge for all types of cartels over all time periods is 23.0%; (2) the mean average is at least 49%; (3) overcharges reached their zenith in 1891–1945 and have trended downward ever since; (4) 6% of the cartel episodes are zero; (5) median overcharges of international-membership cartels are 38% higher than those of domestic cartels; (6) convicted cartels are on average 19% more effective at raising prices as unpunished cartels; (7) bid-rigging conduct displays 25% lower markups than price-fixing cartels; (8) contemporary cartels targeted by class actions have higher overcharges; and (9) when cartels operate at peak effectiveness, price changes are 60–80% higher than the whole episode. Historical penalty guidelines aimed at optimally deterring cartels are likely to be too low.

The increasing prominence of environmental sustainability as an objective of transport policy, and in people's thinking about their travel-related decisions, brings new challenges for data collection because, uniquely in the transport sector, it brings three issues to the fore: firstly, the difficulties associated with gathering data and opinions on a topic which is socially and morally charged; secondly, the fact that the resulting adjustments to behaviour may be in dimensions (such as choice of vehicle characteristics and mode choice for infrequent trips) which are not traditionally covered very fully in travel surveys; and thirdly, the likelihood that any change in behaviour may emerge only slowly over an extended period of time (as and when the opportunity arises for the individuals' behaviour to be adjusted to fit their aspirations).

It is argued that, because the topic is socially charged, data on sustainable travel behaviour is particularly prone to social desirability bias and other related biases. The nature and implications of these biases are addressed and it is concluded that individuals will tend to exaggerate the likelihood of behavioural change in response to sustainability concerns and policy initiatives. Methods, which might be used to study the emergence of sustainable patterns of behaviour in general, and responses to sustainability orientated policy initiatives in particular, are discussed and attention is given to ways of minimising bias in the data.

In 1954, the American Institute of Certified Public Accountants (AICPA) Committee on Accounting Procedure released an auditing book, which listed under the heading “Material” certain items of which it cautioned “material errors” could occur (AICPA, 1954, p. 1). From this date until the present, the accounting profession has struggled in its endeavors to find both a suitable definition and associated guidance to determine the materiality of information provided to financial statement users. Accordingly, in September 2015, the Financial Accounting Standards Board (FASB) issued two exposure drafts that address the concept and interpretation (our emphasis) of materiality. The releases are Proposed Amendments to Statement of Financial Accounting Concepts, Conceptual Framework for Financial Reporting; Chapter 3: Qualitative Characteristics of Useful Financial Information (Financial Accounting Standards Board (FASB), 2015a) and Proposed Accounting Standards Update, Notes to Financial Statements (Topic 235) Assessing Whether Disclosures Are Material (FASB, 2015b). In this article, the authors focus on the Chapter 3 amendments (FASB, 2015a), which proposes a new definition whose genesis is based on the US Supreme Court definition of the concept. Accordingly, the authors examined the views of two stakeholders in the US financial reporting system, auditors in large public accounting firms, and Chief Financial Officers of the Fortune 1000 companies, regarding their perceptions of the proposed definition. The authors developed the research instrument to evaluate their perceptions of the proposed definition’s potential impact on various aspects of the audit and financial reports. The authors found that both populations have negative perceptions of the materiality definition in the exposure draft and an interpretation of the responses did not indicate an addition of any benefits from its adoption. Subsequent to our solicitation for our subjects’ opinions, the FASB voted unanimously in November 2017 to remove the reference to materiality as a legal concept (FASB, 2017) and in August 2018 (FASB, 2018) amended FASB Concept Statement No. 8 to replace the materiality definition with language similar to the previously superseded FASB Concept Statement No. 2. However, as the authors will explain in this article, the fact that three authoritative definitions exist, which continue to present problems for financial statement preparers and auditors. In this analysis, the authors find evidence that auditors and investors continue to see a significant difference between the terminology of “users” and “reasonable resource provider” within the various materiality definitions.

The GATT/WTO regime based on these four basic principles has played a reasonably productive role in the development and governance of global trade. However, as observed at the outset, the focus of the GATT/WTO regime has so far been the expansion and continuation of market access already negotiated. This, in other words, meant a focus on import control measures.