PRODUCER GAS FUELED IRRIGATION: EVALUATING THE POTENTIAL OF A TECHNOLOGY

Development and commercialization of technologies that utilize on-farm energy sources are beset by uncertainty. Producer gas, a technology that allows wood to be converted to a gaseous fuel which can power internal combustion engines, is evaluated for irrigation systems using simulation modeling and stochastic efficiency analysis. For many market conditions, producer gas stochastically dominates diesel fuel for powering a center pivot irrigation system in terms of lower cost. Commercial potential exists, but experience with pilot installations is required to further reduce uncertainty.Research and Development/Tech Change/Emerging Technologies,

Venture Capital Contracting and Syndication: An Experiment in Computational Corporate Finance

This paper develops a model to study how entrepreneurs and venture-capital investors deal with moral hazard, effort provision, asymmetric information and hold-up problems. We explore several financing scenarios, including first-best, monopolistic, syndicated and fully competitive financing. We solve numerically for the entrepreneur's effort, the terms of financing, the venture capitalist's investment decision and NPV. We find significant value losses due to holdup problems and under-provision of effort that can outweigh the benefits of staged financing and investment. We show that a commitment to later-stage syndicate financing increases effort and NPV and preserves the option value of staged investment. This commitment benefits initial venture capital investors as well as the entrepreneur.

MEMBERS' FINANCIAL EVALUATION AND COOPERATIVES' DECISION PROCESSES

The paper presents an analysis of cooperative investment decision based on the coalition theoretical framework (Staatz 1983, 1987, 1989). According to this framework, cooperatives can be considered as coalitions of groups with different interests. The behavior of any cooperative is determined by the interaction of its many groups (different types of farmers, managers, lenders, input suppliers, buyers, etc.) with different objectives. The group that can impose its will on the coalition will determine the cooperative's strategy. The other parties may accept this leadership, leave the cooperative or try to use their bargaining power to modify the final outcome. The paper discusses the impact of group bargaining on cooperatives' decision process. In particular, the paper addresses the issues related to the consequences of members' heterogeneity on cooperative efficiency. The proposed model utilizes tools from financial theory already successfully applied in the literature (Peterson 1992, Hendrikse 1998) providing a more detailed insight into the determinants of the cooperative decision process. The paper shows that cooperatives evaluate investments differently from IOFs due to the unique characteristics of their patrons compared to other types of investors.Agribusiness, Agricultural Finance,

Technology diffusion and the stability of climate coalitions

Free-riding is a major problem for international climate policy. A country can take advantage of other countries' emission reduction without contributing to abatement policies itself. Game theory suggests that issue linkage may help to overcome free-riding. Earlier studies suggest that if negotiations on greenhouse gas emission reduction are coupled to negotiation on technology transfer, the incentives to co-operate increase. This study confirms that finding. A country has less reason to free-ride if free-riding implies that the countries loses access to desirable, foreign technologies. We also show that, in many cases, it hurts to deny another country access to domestic technologies, if that country retaliates by withholding its technologies. We further show that the losses of withholding abatement technologies are small relative to the gains of free-riding. So, linking greenhouse gas emission reduction with technology diffusion helps to deter free-riding, but only a little bit, and only if the two issues are automatically linked

TECHNOLOGY DEVELOPMENT AND DIFFUSION AND INCENTIVES TO ABATE GREENHOUSE GAS EMISSIONS

More technology implies higher welfare. Therefore, it is individually rational to cooperate on technological development. It is not individually rational cooperate on greenhouse gas emission reduction. If technology cooperation only comes with cooperation on emission reduction, incentives to free ride on the emission reduction agreement are reduced. However, countries would prefer to cooperate on technology but not on emission reduction. If technology progresses through a learning-by-doing mechanism, more emission reduction technology does not necessarily imply higher emission reduction. However, for reasonable parameter choices, it does. This implies that technological cooperation is an effective instrument in emission reduction policy, also if that policy is of a non-cooperative nature. It also implies that it is in the best interest of technology leaders to subsidise the export of greenhouse gas reducing technology.Climate change, greenhouse gas emission reduction, endogenous technological change, learningby- doing, optimal emission control, coalition formation

An optimised illustrative investment model of the economics of integrated returns from CCS deployment in the UK/UKCS

Preprin

Mathematical optimisation of drainage and economic land use for target water and salt yields

Land managers in upper catchments are being asked to make expensive changes in land use, such as by planting trees, to attain environmental service targets, including reduced salt loads in rivers, to meet needs of downstream towns, farms and natural habitats. End-of-valley targets for salt loads have sometimes been set without a quantitative model of cause and effect regarding impacts on water yields, economic efficiency or distribution of costs and benefits among stakeholders. This paper presents a method for calculating a ‘menu’ of technically feasible options for changes from current to future mean water yields and salt loads from upstream catchments having local groundwater flow systems, and the land-use changes to attain each of these options at minimum cost. It sets the economic stage for upstream landholders to negotiate with downstream parties future water-yield and salt-load targets, on the basis of what it will cost to supply these ecosystem services.discounting, landuse, NPV, opportunity-cost, salinity, Resource /Energy Economics and Policy,

Investing in Biogas: Timing, Technological Choice and the Value of Flexibility from Inputs Mix

In a continuous-time framework we study the technology and investment choice problem of a continuous co-digestion biogas plant dealing with randomly fluctuating relative convenience of input factor costs. Input factors enter into the productive process together mixed according to a given initial rule. Being inputs relative convenience stochastically evolving, a successive revision of the initial rule may be desirable. Hence, when the venture starts the manager may or may not install a flexible technology allowing for such option. Investment is irreversible and flexibility is costly. The problem is solved determining in the light of future prospects the optimal revision and then playing backward fixing the investment timing rule.factor proportions, technological choice, flexibility, real options, alternative energy source

Voice Conversion Based on Cross-Domain Features Using Variational Auto Encoders

An effective approach to non-parallel voice conversion (VC) is to utilize deep neural networks (DNNs), specifically variational auto encoders (VAEs), to model the latent structure of speech in an unsupervised manner. A previous study has confirmed the ef- fectiveness of VAE using the STRAIGHT spectra for VC. How- ever, VAE using other types of spectral features such as mel- cepstral coefficients (MCCs), which are related to human per- ception and have been widely used in VC, have not been prop- erly investigated. Instead of using one specific type of spectral feature, it is expected that VAE may benefit from using multi- ple types of spectral features simultaneously, thereby improving the capability of VAE for VC. To this end, we propose a novel VAE framework (called cross-domain VAE, CDVAE) for VC. Specifically, the proposed framework utilizes both STRAIGHT spectra and MCCs by explicitly regularizing multiple objectives in order to constrain the behavior of the learned encoder and de- coder. Experimental results demonstrate that the proposed CD- VAE framework outperforms the conventional VAE framework in terms of subjective tests.Comment: Accepted to ISCSLP 201