On the material available the only conclusion available to the local authority was that there would be significant damage to the vitality and viability of the town centre if the application were to be granted.The local authority had misunderstood or failed to apply the sequential test.On the material before it, the only conclusion that the local authority could have come to on the sequential test was that it had not been met.The claimants applied for judicial review of the grant of planning permission. They argued that: The report advised that either of those points would justify refusal of the application. The local authority granted permission despite a report from the local authority’s head of public protection and development management which advised that the sequential test was not satisfied and that whilst the development might not have a significant impact on Banbury Town Centre, it would jeopardise investment in two town sites. In Scottish Widows plc and others v Cherwell District Council All ER (D) 221 (Dec) the defendant local authority granted planning permission to a developer for the redevelopment of a site. The accessible nature of the work makes this an ideal introductory text for graduate seminars in applied probability, stochastic processes, physics, finance, and telecommunications, and a unique guide to the world of Lévy processes.Clare Hardy reports on a High Court case where it was claimed that a local authority had misunderstood or failed to apply the sequential test when granting a planning permission. For the researcher and graduate student, every article contains open problems and points out directions for futurearch. An extensive bibliography at the end of each article makes this an invaluable comprehensive reference text.
Despite its special character, every topic is aimed at the non- specialist, keen on learning about the new exciting face of a rather aged class of processes.
Leading experts present surveys of recent developments, or focus on some most promising applications. This volume, with an excellent introductory preface, describes the state-of-the-art of this rapidly evolving subject with special emphasis on the non-Brownian world. Researchers and practitioners in fields as diverse as physics, meteorology, statistics, insurance, and finance have rediscovered the simplicity of Lévy processes and their enormous flexibility in modeling tails, dependence and path behavior. Nowadays the need for modeling jumps, bursts, extremes and other irregular behavior of phenomena in nature and society has led to a renaissance of the theory of general Lévy processes. In the past, representatives of the Lévy class were considered most useful for applications to either Brownian motion or the Poisson process. Martingales, Markov processes, and diffusions are extensions and generalizations of these processes. A Lévy process is a continuous-time analogue of a random walk, and as such, is at the cradle of modern theories of stochastic processes.
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