It is well known that in English law the indemnity insurers stand in a better position than the assureds and this is especially true when a claim is delayed: in that scenario, the insurer is neither liable for the damage caused by the late payment, nor for the compound interest. In Sprung v. Royal Insurance ([1999] 1 Lloyd's Rep IR 111) this unfair situation was justified by the Court of Appeal, naturally, it brought an opportunity for the Law Commission to reconsider the law. Recently, the new Insurance Act 2015 has been enacted and subsequently amended by the Enterprise Act 2016 in regards to the insurer’s obligation to make a timely payment; however, the legal effect of the new legislation is unknown due to the lack of binding precedents. In this work, the duty of the indemnity insurer shall be discussed in full and this work will try to make a contribution to the interpretation of the new legislation regarding to the obligation of the insurer and remedies for the assured.

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Scientific views on EMF radiation dosimetry and models increasingly suggest that even a tiny increase in the incidence of diseases resulting from exposure to EMF radiation could have broad¹ implications for public health, social accounting and the economy. In South Africa (SA) there is no national EMF radiation exposure protection standard, statutory monitoring or regulations. Multinational High Court deliberations indicate the need for public interest EMF radiation exposure protection standards in South Africa. Domestic citizens, academics, as well as regulatory and legislative practitioners, are unable to effectively monitor and investigate EMF radiation exposure emissions from infrastructure sources, because industries refuse to provide the required data. Industries have, since 2003, continually obstructed access to the data and the establishment of a national EMF radiation standard, citing that it would be in conflict with their strategic economic interests. The demonstration of a public interest override (PIO) function is legislatively required to gain access to the required data. This study constructed (1) a framework and (2) a model to perform test simulations against the (3) PIO criteria to demonstrate a PIO function and tested one PIO simulation scenario. Testing the PIO scenario firstly required the construction of a public interest framework, drawing input from multiple disciplines. The framework literature review used systematic case law and scientific-technical analysis whilst the framework science sought to understand the connections, feedbacks, and trajectories that occur as a result of natural and human system processes and exchanges. The EMF radiation exposure system functions to support human wellbeing needs and to explore the benefits and losses associated with alternative futures with the goal to uncover the current and future limits thereof. In the second instance a HYGEIA² model was selected as a base investigation and forecast simulation tool. The study had to uncover the key attributes and parameters necessary to construct and to run successful EMF radiation exposure simulations. Thereafter the HYGEIA model was modified to specifically identify and evaluate EMF radiation exposure hazard conditions. Through subsequent simulation runs, the constructed framework was then tested. Requested anthroposphere information was synthesized within a systems model to forecast ecosystem services and human-use dynamics under alternative scenarios. The simulation used the model, the model references and the framework for guidelines, thus allowing multiple simulation / demonstration runs for different contexts or scenarios. The third step was the construction of a PIO checklist which guides criteria testing and provides a means of gaining pertinent information for further studies, based on this dissertation. Framework EMF radiation policy inputs into the model were intersected with identified vulnerable area facilities which were selected based on international criteria. The research output revealed potential EMF radiation violations which served as system feedback inputs in support of a demonstrated PIO function. The research recommends that the identified EMF radiation exposure violations of public health undergo a Promotion of Access to Information Act (PAIA) judicial review process to confirm the research findings. The judicial qualification of a PAIA PIO function of ‘substances released into the environment’ and ‘public safety or environmental risk’ would enable access to EMF radiation emissions data essential to future studies.

The characteristics of interest rate differentials’ relationships with the change in nominal exchange rates are here investigated from the small open economy Sweden’s pointof view. We assume rational expectations and risk neutrality. However, these are solelysufficient but not necessary conditions. The only necessary condition is that the deviationsfrom rational expectations and risk neutrality are uncorrelated with the interestrate differential (Chinn and Meredith 2004, p. 412). We find no evidence for the interestrate differentials to be unbiased predictors of the percentage change in nominalexchange rates. With 3- and 6-month maturity interest rates, the signs are positivealthough not statistically different from zero.

The agriculture industry has been around for hundreds of years. Although farmers and ranchers work every day to put food on the tables of billions of people from all around the world, most agricultural producers require assistance to finance their operations and continue production. This research is motivated by recent changes in interest rates and the downturn in agricultural commodity prices. This study examines how farm-level financial statements are impacted by changes in interest rates and agricultural commodity market prices. A Monte Carlo simulation is used to model several stochastic variables and derive key financial calculations. This study shows how the financial statements of different agricultural operations change due to factors that are largely beyond the control of agricultural producers.

This dissertation is based on the papers written by Platen and Rebolledo (1996), and Platen (1999). The papers focuses on modeling the short term interest rate by optimizing relative entropy of two probability measures Q and P. The derivation of the model is done by applying the three principles of market clearing, exclusion of arbitrage and minimization of increase of arbitrage information on a simple financial market model. The last principle is equivalent to minimization of the distance between the risk neutral and the real world probability measures. We test the model on historical data from two countries, United States and South Africa from different time frames. The results are then compared to the findings of Platen (1999). / Dissertation (MSc)--University of Pretoria, 2012. / Mathematics and Applied Mathematics / unrestricted

In two experiments, groups of children received interest money contingent upon their savings; yoked control subjects received identical interest irrespective of their savings. In the first experiment, interest was paid every 3 days by parents for the average savings of the period. In Experiment II, interest was paid on a daily basis and control subjects received instructions concerning the lack of a relationship between interest and their savings. In both experiments savings and magnitude of expenditures increased systematically across the research phases for contingent and non-contingent interest subjects alike. Neither interest nor subject wealth was found to relate to subject savings, or expenditures in Experiment I. Contingent-interest subjects' frequency of expenditures, during the interest and reversal phases was reduced relative to that of baseline and the expenditures of yoked controls. Additionally, an increase in the conditional probability of an expenditure at longer inter-expenditure intervals developed during the interest phase and was maintained into the reversal phase. The contingent interest procedures of Experiment II differentially reinforced longer times between expenditures without affecting savings. Control subjects who received instructions regarding the absence of a relation between savings and interest did not alter the time between their expenditures.

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