WHAT YOU SHOULD KNOW ABOUT HOG CHOLERA

I. WHAT IS HOG CHOLERA? Hog cholera is a deadly, contagious disease that attacks swine only. The disease is caused by hog cholera virus, an agent so small (1/250,000 of an inch) that it can even pass through a fine porcelain filter. How do hogs act when they get the disease? They lie around hiding in their nest, have high fevers, are extremely weak and sick all over. They have little appetite, and often stand in a thinking attitude-motionless, tail relaxed, ears hanging limp, and the head slightly lowered as if in deep thought. Very few hogs ever recover. II. How IMPORTANT Is HOG CHOLERA? Hog cholera is the most important disease of hogs in the United States today. Farmers lose millions of dollars worth of hogs from cholera each year. And the expense of annually vaccinating millions of hogs costs even more. Many foreign markets are closed to pork from the United States because of the fear of importing hog cholera. The disease is important enough so that both state and federal governments have enacted regulatory measures and classed it as a reportable disease. In addition, the United States Congress has authorized the Secretary of Agriculture to enter into a marketing agreement with the hog cholera serum-virus industry. The original act was intended to provide that there should always be enough anti-hog cholera serum on hand to safeguard against sudden widespread outbreaks of the disease. Nevertheless, stocks of antiserum are being reduced every year

Loss prevention for hog farmers: Insurance, on-farm biosecurity practices, and vaccination

Using agricultural household survey data and claim records from insurers for the year 2009, this paper analyzes hog producers' choice of means of loss prevention and identifies the relationships among biosecurity practices, vaccination, and hog insurance. By combining one probit and two structural equations, we adopt three-stage estimations on a mixed-process model to obtain the results. The findings indicate that biosecurity practices provide the basic infrastructure for operating pig farms and complement both the usage of quality vaccines and the uptake of hog insurance. In addition, there is a strong relationship of substitution between quality of vaccine and demand for hog insurance. Hog farmers that implement better biosecurity practices are more likely to seek high-quality vaccines or buy into hog insurance schemes but not both. For those households with hog insurance, better biosecurity status, better management practices, and higher-quality vaccine significantly help to reduce loss ratios. However, we also find a moral hazard effect in that higher premium expenditure by the insured households might induce larger loss ratios.Biosecurity, hog insurance, loss prevention, vaccine,

An option on the average European futures prices for an efficient hog producer risk management

The volatility of hog prices is high compared to most agricultural commodities. However, European hog producers do not benefit from any agricultural policy support. Through the continuous production process and induced selling activity on spot markets, producers benefit from a natural moving average product pricing. In addition, asymmetric price risk management is able to increase the expected utility of risk adverse hog producers. But, if there is a futures contract at the European Exchange (EUREX), there is no option market and as a consequence no derivative contracts on the European hog market. The article is presenting how financial intermediaries could offer an innovative derivative contract to complement the “naturall ” steady price of the French hog producers.price risk, margin risk, hog, futures market, replication portfolio, hedging

Hipparcos absolute magnitudes for metal rich K giants and the calibration of DDO photometry

Parallaxes for 581 bright K giants have been determined using the Hipparcos satellite. We combine the trigonometric parallaxes with ground based photometric data to determine the K giant absolute magnitudes. For all these giants, absolute magnitude estimates can also be made using the intermediate band photometric DDO system (Janes 1975, 1979). We compare the DDO absolute magnitudes with the very accurate Hipparcos absolute magnitudes, finding various systematic offsets in the DDO system. These systematic effects can be corrected, and we provide a new calibration of the DDO system allowing absolute magnitude to be determined with an accuracy of 0.35 mag in the range 2 > M_V > -1. The new calibration performs well when tested on K giants with DDO photometry in a selection of low reddening open-clusters with well-measured distance moduli.Comment: Submitted to MNRAS. 7 pages, 6 figures, MNRAS style file also available at http://astro.utu.fi/~cflynn/projects4.htm

ESTIMATING INVESTMENT RIGIDITY WITHIN A THRESHOLD REGRESSION FRAMEWORK: THE CASE OF U.S. HOG PRODUCTION SECTOR

As the U.S. hog production sector becomes ever more specialized, the importance of capital inputs has heightened. Given that it is costly to adjust the capital stock and that the associated adjustment cost function may exhibit cost asymmetries between investment and disinvestment, profit-maximizing producers may find themselves trapped in a situation where it is neither profitable investing nor worthwhile disinvesting. This article addresses two issues related to the employment of quasi-fixed input in the U.S. hog production sector: does an inaction or sluggish regime exist in the demand for quasi-fixed input, and, if so, to what extent has this impeded adjustment in quasi-fixed input stock and, hence, hog output supply toward the long-term equilibrium levels? The conceptual framework is based on the work by Abel and Eberly and allows for the existence of an inaction/sluggish regime, alongside an investment regime and a disinvestment regime. Quarterly data from 1976 through 1999 are used to estimate the three-regime investment demand equation, treating breeding sows as the quasi-fixed input. The threshold estimation procedure recently advanced by Hansen is adopted. To provide a linkage between breeding herd investment and hog output supply, a hog supply equation, specified in part as a function of lagged breeding stock, is estimated by a least squares procedure. The dynamic recursive system of investment demand and hog supply is used to simulate the effects on breeding stock and hog supply of changes in the magnitude of investment rigidities. The econometric results strongly support the three-regime breeding herd investment model. More than 10 percent of the observations fall into the sluggish regime, indicating that this regime has occurred sufficiently often to warrant attention. The estimated rate of adjustment toward the long-run equilibrium breeding stock is 2.7 percent per quarter. The existence of a linkage between lagged breeding stock and hog supply is confirmed. Thus, the results suggest that it is important to account for investment rigidity when estimating breeding herd demand and hog supply. Simulation results indicate that the effects on breeding stock and hog supply of continued specialization in the hog production sector may not be as significant as what the hog production sector has experienced in the past decades. More importantly the simulations suggest that the impact of increasing investment rigidity is rather modest, about 3 percent at most and, thus, no policy intervention appears to be needed. However, the econometric results clearly indicate that estimates will be biased if investment rigidity is not explicitly accounted for when estimating breeding herd demand and hog supply.Livestock Production/Industries,

EVALUATING THE HEDGING POTENTIAL OF THE LEAN HOG FUTURES CONTRACT

The lean hog futures contract is replacing the live hog futures contract at the Chicago Mercantile Exchange beginning with the February 1997 contract. The lean hog futures will be cash settled based on a broad-based lean hog price index, eliminating terminal markets from the price discovery process. Using this index over a twenty-month period as a proxy for the lean hog futures price, this paper compares the hedging effectiveness of the live hog futures contract to the hedging potential of the lean hog futures contract for cash live hogs as well as four cash meat cuts. Frozen pork bellies futures are also examined for the cash meats. Both long-term and short-term hedges are simulated, using the minimum-variance approach, which utilizes only unconditional information, and the Myers-Thompson approach that incorporates conditional information. The results show that the lean hog futures should perform better than either the live hog or the frozen pork bellies futures as a hedging instrument for Omaha cash hogs and cash loins. The strongest evidence of this is for the short-term hedging of cash hogs. For the other three meats, no futures contract demonstrated a clear hedging advantage.Marketing,

See the Difference: Direct Pre-Image Reconstruction and Pose Estimation by Differentiating HOG

The Histogram of Oriented Gradient (HOG) descriptor has led to many advances in computer vision over the last decade and is still part of many state of the art approaches. We realize that the associated feature computation is piecewise differentiable and therefore many pipelines which build on HOG can be made differentiable. This lends to advanced introspection as well as opportunities for end-to-end optimization. We present our implementation of $\nabla$HOG based on the auto-differentiation toolbox Chumpy and show applications to pre-image visualization and pose estimation which extends the existing differentiable renderer OpenDR pipeline. Both applications improve on the respective state-of-the-art HOG approaches

Has the Performance of the Hog Options Market Changed?

The hog option contract has served as a risk management tool for the pork industry for more than 20 years. However, very limited information exists about how this market behaves and how it was affected by the contract redesign of 1996. This paper evaluates the efficiency of hog options markets comparing its pricing function during the live hog contract period to the lean hog contract period. Trading returns are computed and adjusted for risk using the Sharpe ratio and the Capital Asset Pricing Model. When the whole sample period is analyzed, results indicate that no profits can be made by taking either side of the hog options markets. However, analyzing the live and the lean hog contracts separately, some evidence suggest that opportunities for speculative profits existed during the live hog contract period. These conclusions are not driven by the extreme price movements in the futures price occurred during late 1998. Further research should investigate whether general futures price movements are responsible for these large returns.Marketing,

Calibrated griz magnitudes of Tycho stars: All-sky photometric calibration using bright stars

Photometric calibration to 5% accuracy is frequently needed at arbitrary celestial locations; however, existing all-sky astronomical catalogs do not reach this accuracy and time consuming photometric calibration procedures are required. I fit the Hipparcos B_T and V_T magnitudes along with the 2MASS J, H, and K magnitudes of Tycho-2 catalog-stars with stellar spectral templates. From the best fit spectral template derived for each star, I calculate the synthetic SDSS griz magnitudes and constructed an all-sky catalog of griz magnitudes for bright stars (V<12). Testing this method on SDSS photometric telescope observations, I find that the photometric accuracy for a single star is usually about 0.12, 0.12, 0.10 and 0.08 mag (1 sigma), for the g, r, i, and z-bands, respectively. However, by using ~10 such stars, the typical errors per calibrated field (systematic + statistical) can be reduced to about 0.04, 0.03, 0.02, and 0.02,mag, in the g, r, i, and z-bands, respectively. Therefore, in cases for which several calibration stars can be observed in the field of view of an instrument, accurate photometric calibration is possible.Comment: 3 pages, PASP, in pres