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Aims to provide a guide for companies to help them implement a successful quality programme, by learning from the many companies which have failed in this regard. By comparing the many companies which were unable to implement a successful quality programme, shows how success or failure can be pre‐determined by addressing four key areas. The first, planning, deals with setting the right quality course for success. The second, commitment, perhaps the broadest area, deals with effective practices for success. The third, opening the quality umbrella, tracks the failure of companies to implement quality company‐wide and beyond. Finally, true customer satisfaction asserts that a purely quality‐based focus is not enough to ensure the survival and success of a quality programme.

The U.S. 2009 Tobacco Control Act opened the door for new antismoking policies by giving the Food and Drug Administration broad regulatory authority over the tobacco industry. We develop a behavioral welfare economics approach to conduct cost-benefit analysis of FDA tobacco regulations. We use a simple two-period model to develop expressions for the impact of tobacco control policies on social welfare. Our model includes: nudge and paternalistic regulations; an excise tax on cigarettes; internalities created by period 1 versus period 2 consumption; and externalities from cigarette consumption. Our analytical expressions show that in the presence of uncorrected internalities and externalities, a nudge or a tax to reduce cigarette consumption improves social welfare. In sharp contrast, a paternalistic regulation might either improve or worsen social welfare. Another important result is that the social welfare gains from new policies do not only depend on the size of the internalities and externalities, but also depend on the extent to which current policies already correct the problems. We link our analytical expressions to the graphical approach used in most previous studies and discuss the information needed to complete cost-benefit analysis of tobacco regulations. We use our model as a framework to reexamine the evidence base for strong conclusions about the size of the internalities, which is the key information needed.

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

On June 27, 2002, the Second Circuit Court of Appeals ruled in Caiola v. Citibank, N.A. (Caiola II) that cash‐settled options are “securities” under Section 3(a)(10) of the Securities Exchange Act of 1934 (Exchange Act). In doing so, the Second Circuit disagreed with the Southern District of Ohio and the lower Caiola court (Caiola I), both of which took the position that certain cash‐settled options based solely on the value of a security were not securities because they “did not give either counterparty the right to exercise an option or to take possession of any security”. The Court adopted the Securities and Exchange Commission’s (SEC) view, widely supported in the securities bar, that “neither the right to take possession of any security nor the right to choose whether to exercise a necessary feature of an option on a security”.

The purpose of this paper is to report the grounded theory empirical validation on key categories within a design-led methodology to envision urban futures. The paper focuses on the editorial products and the design concepts that constitute the heart of the approach. An original elaboration of trend clusters is presented as an exemplification of the outcome of this trend research approach. Although the approach was not created from the viewpoint of tourism and leisure, bibliographic notes on place-making complement it for this journal.

The paper presents empirical findings extracted by the means of the grounded theory, with the purpose to empirically validate two key categories (product and process) of a urban futures methodology. The methodology is an application of High Design, the process in use at Royal Philips BV for two decades. This methodology is contextualized within the constructivist episteme, as defined by the editors of this journal in a separate publication. Bibliographic references to place-making complete the paper.

The following findings are provided: empirical validation of the city.people.light communication platform (qualitative research); empirical validation of the city.people.light workshop practice (qualitative research); and bibliographic descriptions of the design process governing city.people.light and newly developed urban futures trend clusters, at European level, as an exemplification of the program/approach outcome.

The paper is structured according to a multi-layered editorial focus. Empirical findings were generated at primary research level in a 2013-2015 grounded theory projected by the author. Furthermore, the author directed the research processes and products that are the object of empirical validation. Newly defined elaborations and a discussion thereof is offered, taking into account contemporary place-making issues.

The original design-based methodology is a structured practice in urban futures from applied sciences and corporate innovation viewpoint. In this paper, its key categories are empirically validated through the grounded theory. Additionally, outcome from the original foresight programs is presented and a bibliographic review is provided from the viewpoint of place-making.

The co-creative methodology herein empirically validated is socio-cultural centered, with a strong drive to coutnerbalance the positivist and engineering corporate mindset through a humanistic concern for people. The framework in terms of place-making takes into account postmodern evolutions of the field.

The paper benefits from a unique mix of: epistemic note on tourism, leisure, and the future; original urban futures scenarios and design concepts from a world class corporate innovation program; and the actual empirical core of the grounded theory validation as performed in a dedicated research project. These three separate streams are mutually related.

In the Court of Appeal last summer, when Van Den Berghs and Jurgens Limited (belonging to the Unilever giant organization) sought a reversal of the decision of the trial judge that their television advertisements of Stork margarine did not contravene Reg. 9, Margarine Regulations, 1967—an action which their Lordships described as fierce but friendly—there were some piercing criticisms by the Court on the phrasing of the Regulations, which was described as “ridiculous”, “illogical” and as “absurdities”. They also remarked upon the fact that from 1971 to 1975, after the Regulations became operative, and seven years from the date they were made, no complaint from enforcement authorities and officers or the organizations normally consulted during the making of such regulations were made, until the Butter Information Council, protecting the interests of the dairy trade and dairy producers, suggested the long‐standing advertisements of Reg. 9. An example of how the interests of descriptions and uses of the word “butter” infringements of Reg. 9. An example af how the interests of enforcement, consumer protection, &c, are not identical with trade interests, who see in legislation, accepted by the first, as injuring sections of the trade. (There is no evidence that the Butter Information Council was one of the organizations consulted by the MAFF before making the Regulations.) The Independant Broadcasting Authority on receiving the Council's complaint and obtaining legal advice, banned plaintiffs' advertisements and suggested they seek a declaration that the said advertisements did not infringe the Regulations. This they did and were refused such a declaration by the trial judge in the Chancery Division, whereupon they went to the Court of Appeal, and it was here, in the course of a very thorough and searching examination of the question and, in particular, the Margarine Regulations, that His Appellate Lordship made use of the critical phrases we have quoted.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

The growth of new trading opportunities, advances in technology, and investor interest in fast, cheap execution have all challenged the dominance of traditional exchanges and encouraged the development of alternative trading systems. This article explores the vigorous debate among market participants that has ensued, and outlines their various positions on how these developments should impact the existing regulatory structure.