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This dissertation closely examines the merits, weaknesses, and potential of decentralized environmental regulation. I examine three areas of particular concern in the structure of environmental regulation. In the first chapter, I examine how information problems resulting from incorrectly specified atmospheric models are likely to affect economic efficiency in a permit market. While permit markets have been heralded as a promising solution for controlling environmentally damaging emissions, there is no formal research linking the atmospheric model, which directly affects permit prices, with economic outcomes. In the chapter, I develop a generalized theoretical model that demonstrates the problems that are likely to arise when there is uncertainty in the underlying atmospheric parameter estimates. As it turns out, permit markets operating with incorrectly specified atmospheric models may result in large losses in economic efficiency, even if the permit market is operating ideally in an economic sense. The second chapter analyzes a much broader issue, that of state versus federal environmental regulation. The chapter focuses on the methods used by states attempting to control interstate water pollution in the Ohio Valley in the early 1900s. The time period was chosen to predate federal intervention into environmental regulation and, hence, allows for a clean test of how states might be expected to address difficult pollution problems under a system of state regulation. Using a simple game theoretic model, the paper explores interstate water pollution control compacts and their uses in addressing interstate water pollution. I find that states were able to overcome significant bargaining difficulties in formulating the compacts, which ultimately led to effective control of interstate water pollution. The final chapter focuses on voluntary overcompliance by firms facing environmental standards. The paper models environmental regulation according to the EPA's Best Available Control Technology (BACT). The model predicts voluntary overcompliance by firms as they attempt to raise the (endogenous) environmental standard and, in the process, raise their rivals' costs. The paper also demonstrates the merits of nonuniform environmental standards. In attempting to elicit efficient levels of R&D investment, the regulatory authority may discourage socially wasteful overinvestment in pollution technology through the use of nonuniform standards.

Thesis (MBA)--Stellenbosch University, 2006. / ENGLISH ABSTRACT: A, sometimes, very controversial concern in any professional service firm across the globe, be it a law firm, accounting practice or consulting engineering firm, is how to construct an equitable, performance-based reward system for executives and professional partners. This study project will address those key issues that affects partner compensation and profit sharing decisions within professional law firms on a daily basis, by establishing which factors influence the current and future legal environment as well as the factors which drive the decision making process when selecting a partner compensation system for a specific law firm, regardless of size and legal focus. This study project also establish which partner compensation systems are currently available and frequently being used by several law firms across the globe, by investigating and analysing their intrinsic features and operations. A total of eleven compensation systems have been identified and will be reported on. This includes the different lockstep models, the merit or performance–based model (also referred to as the discretionary model), the peer-review system as well as other least frequently used systems like the equal partnership, ownership percentage model, 50/50 subjective-objective system, the modified “Hale and Dorr”, simple unit and the team building systems. The study project, by focussing on the operations of a specifically selected South African law firm, will furthermore investigate what effects a possible firm-wide approach to profit sharing, instead of the traditional partner / owner profit sharing systems, might have on the overall operation and / or performance of a law firm. Several performance appraisal concepts and general remuneration principles will be addressed which forms the backbone of this firm-wide approach and which are the key issues to effectively evaluate a person’s overall performance and contributions to a firm – those elements that should be aligned with your firm’s remuneration system. In essence, the aim of this study project is to establish an information resource base on partner compensation and profit share models in law firms, to establish the viability of introducing a firm-wide approach as alternative to the traditional partner-only profit sharing models, to establish a formal framework and model for firm-wide profit sharing for the selected South African law firm and ultimately presenting an effective decision making tool and concept document when selecting a fair and equitable remuneration system for your legal practice. / AFRIKAANSE OPSOMMING: Een van die mees kontroversiële aspekte in professionele dienste firmas wêreldwyd, hetsy binne ‘n regsfirma, rekeningkundige praktyk of konsulteringsfirma, is hoe om uitvoerende bestuur en professionele vennote op gelyke voet te vergoed gebaseer op hulle werklike algehele prestasie. Hierdie werkstuk sal daardie kern aspekte adresseer wat vennote vergoeding- en winsdelingstelsel besluite, binne regsfirmas, op ‘n daaglikse basis affekteer deur die lewensvatbare faktore te identifiseer wat die huidige en toekomstige regsomgewing sal beïnvloed, asook daardie faktore wat die besluitnemingsproses dryf wanneer dit kom by die keuse van ‘n vennote vergoedingstelsel vir ‘n spesifieke regsfirma, ongeag die relatiewe grootte en fokus van die regsfirma. Hierdie werkstuk sal verder vasstel watter vennote vergoedingstelsels tans op ‘n gereelde basis gebruik word deur regsfirmas wêreldwyd, deur ondersoek in te stel na die verskillende stelsels se inherente eienskappe en operasionele werking. Elf vennote vergoedingstelsels word in hierdie studie bespreek. Dit sluit in die verskillende tipe “Lockstep” modelle, die prestasie-meriete gebasseerde modelle, die “peer-review” model asook ander modelle wat minder konsekwent toegepas en aangewend word soos die gelyke vennootskap model, die eienaarskap persentasie model, die 50/50 subjektiewe-objektiewe model, die aangepaste “Hale and Dorr”, die “simple unit” en spanbou modelle. Die werkstuk, deur spesifiek te fokus op die werksaamhede van ‘n spesifieke Suid-Afrikaanse regsfirma, sal ook die effek van ‘n moontlike firma-wye benadering tot winsdeling ondersoek, in teenstelling met die tradisionele benadering van net uitvoerende bestuur wat kan deel in die wins, en sal fokus op die invloed van so ‘n stelsel op die algehele werksaamhede en prestasies van ‘n tipiese regsfirma. Verskeie konsepte van prestasie meting, asook die algemene beginsels van vergoeding word aangespreek wat die fondamente vorm van so ‘n firma-wye benadering – dus daardie kern aspekte wat effektiewe prestasie meting verteenwoordig en wat in lyn gebring moet word met die firma se gekose vergoedingstelsel. Die doel van hierdie werkstuk is dus om ‘n inligtingsdatabasis oor vennote vergoeding- en winsdelingstelsels in regsfirmas te vestig, om vas te stel of daar moontlike potensiaal daarin is om ‘n firma-wye benadering te ontwikkel as alternatief vir die tradisionele modelle waar net uitvoerende bestuur of eienaars deel in die winste, en vervolgens om ‘n formele raamwerk en model vir firma-wye winsdeling te ontwerp om moontlik geimplementeer te word in die spesifieke regsfirma wat ondersoek word. Die werkstuk sal dus dien as ‘n effektiewe besluitnemings- hulpbron wanneer daar op ‘n spesifieke vergoedingstelsel vir jou regsfirma besluit moet word.

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This thesis investigates the optimal enforcement of competition policy in innovative industries and in the banking sector. Chapter 2 analyses the welfare impact of compulsory licensing in the context of unilateral refusals to license intellectual property. When the risk-free rate is low, compulsory licensing is shown unambiguously to increase consumer surplus. Compulsory licensing has an ambiguous effect on total welfare, but is more likely to increase total welfare in industries that are naturally less competitive. Compulsory licensing is also shown to be an effective policy to protect competition per se. The chapter also demonstrates the robustness of these results to alternative settings of R&D competition. Chapter 3 develops a much more general framework for the study of optimal competition policy enforcement in innovative industries. A major contribution of this chapter is to separate carefully a firm's decision to innovate from its decision to take some generic anti-competitive action. This allows us to differentiate between firms' counterfactual behaviour, according to whether or not they would have innovated in the absence of any potentially anti-competitive conduct. In contrast to the existing literature, it is shown that the stringency of optimal policy will be harsher towards firms that have innovated in addition to taking a given anticompetitive action. Chapter 4 develops a framework for competition policy in the banking sector, which takes explicit account of capital regulation. In particular, conditions are derived under which increases in the capital requirement increase the incentives of banks to engage in a generic abuse of dominance in the loan market, and to exploit depositors through the sale of ancillary financial products. Thus the central contribution of this chapter is to clarify the conditions under which stability-focused capital regulation conflicts with competition and consumer protection policy in the banking sector.

published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

Legislation in various jurisdictions alters the common law right to control access to one???s land by allowing the imposition of rights of access in favour of one landowner over the land of another. The relevant legislation can be divided into two categories. The first-generation legislation (s 88K, Conveyancing Act 1919 (NSW) and s 180, Property Law Act 1974 (Qld)) permits the creation of easements over servient land to facilitate the development of dominant land. The second-generation legislation (the Access to Neighbouring Land Act of New South Wales, Tasmania and the United Kingdom) permits the creation of temporary rights of access over servient land to facilitate work on dominant land. This thesis examines the extent to which this change in the law can be justified by three modes of ethical discourse: right-based, duty-based, and goal-based reasoning. An examination of the first-generation legislation and the cases in which it has been applied suggests that a form of goal-based reasoning can be used to justify its enactment. The legislation is needed to facilitate the efficient use of land where the existence of a bilateral monopoly and the possibility of strategic bargaining puts at risk the conclusion of a mutually beneficial agreement regarding access. A review of the second-generation legislation and the law reform reports and parliamentary debate that preceded its enactment indicates that the legislation can be justified by a form of duty-based reasoning. The legislation is needed to bring about a proper social ordering by imposing access rights where this would be consistent with the ideal of good neighbourliness. The thesis concludes that although these goal-based and duty-based discourses make an arguable case for the enactment of both generations of the legislation, neither of them, in an unadulterated form, provides a conclusive justification. Rather, an eclectic approach that draws on both discourses is required. It proposes that the legislation???s compensation provisions be amended to reflect the commingling of the ideas of efficiency, a properly ordered society and intensive land use, and to allow the servient owner to share in the benefits generated by the imposition of access.

Legislation in various jurisdictions alters the common law right to control access to one???s land by allowing the imposition of rights of access in favour of one landowner over the land of another. The relevant legislation can be divided into two categories. The first-generation legislation (s 88K, Conveyancing Act 1919 (NSW) and s 180, Property Law Act 1974 (Qld)) permits the creation of easements over servient land to facilitate the development of dominant land. The second-generation legislation (the Access to Neighbouring Land Act of New South Wales, Tasmania and the United Kingdom) permits the creation of temporary rights of access over servient land to facilitate work on dominant land. This thesis examines the extent to which this change in the law can be justified by three modes of ethical discourse: right-based, duty-based, and goal-based reasoning. An examination of the first-generation legislation and the cases in which it has been applied suggests that a form of goal-based reasoning can be used to justify its enactment. The legislation is needed to facilitate the efficient use of land where the existence of a bilateral monopoly and the possibility of strategic bargaining puts at risk the conclusion of a mutually beneficial agreement regarding access. A review of the second-generation legislation and the law reform reports and parliamentary debate that preceded its enactment indicates that the legislation can be justified by a form of duty-based reasoning. The legislation is needed to bring about a proper social ordering by imposing access rights where this would be consistent with the ideal of good neighbourliness. The thesis concludes that although these goal-based and duty-based discourses make an arguable case for the enactment of both generations of the legislation, neither of them, in an unadulterated form, provides a conclusive justification. Rather, an eclectic approach that draws on both discourses is required. It proposes that the legislation???s compensation provisions be amended to reflect the commingling of the ideas of efficiency, a properly ordered society and intensive land use, and to allow the servient owner to share in the benefits generated by the imposition of access.