LIVESTOCK FUTURES MARKETS AND RATIONAL PRICE FORMATION: EVIDENCE FOR LIVE CATTLE AND LIVE HOGS

The efficiency of livestock futures markets continues to receive attention, particularly with regard to their forward pricing or forecasting ability. The purpose of this paper is to present a more general theory that encompasses the forward pricing concept. It is argued that futures contract prices for competitively produced nonstorable commodities, such as live cattle and live hogs, follow a rational formation process. Futures contract prices reflect expected market conditions when contracts are sufficiently close to the delivery month that the supply of the underlying commodity cannot be changed. However, prior to the period when future supplies are relatively fixed, futures contract prices should adjust to reflect the competitive equilibrium, where output price equals average costs of production. Presented evidence suggests that live cattle and live hog futures markets support the rational price formation hypothesis: prices for distant contracts reflect average costs of feeding. Implications for risk management strategies are considered.Demand and Price Analysis, Livestock Production/Industries,

Modelling substorm chorus events in terms of dispersive azimuthal drift

The Substorm Chorus Event (SCE) is a radio phenomenon observed on the ground after the onset of the substorm expansion phase. It consists of a band of VLF chorus with rising upper and lower cutoff frequencies. These emissions are thought to result from Doppler-shifted cyclotron resonance between whistler mode waves and energetic electrons which drift into a ground station's field of view from an injection site around midnight. The increasing frequency of the emission envelope has been attributed to the combined effects of energy dispersion due to gradient and curvature drifts, and the modification of resonance conditions and variation of the half-gyrofrequency cutoff resulting from the radial component of the <i><b>E</b></i>x<i><b>B</b></i> drift. </p><p style="line-height: 20px;"> A model is presented which accounts for the observed features of the SCE in terms of the growth rate of whistler mode waves due to anisotropy in the electron distribution. This model provides an explanation for the increasing frequency of the SCE lower cutoff, as well as reproducing the general frequency-time signature of the event. In addition, the results place some restrictions on the injected particle source distribution which might lead to a SCE.<Br><Br> <b>Key words. </b>Space plasma physics (Wave-particle interaction) – Magnetospheric physics (Plasma waves and instabilities; Storms and substorms

Speech Analysis

Contains reports on two research projects.National Science Foundatio

Daylight quantum key distribution over 1.6 km

Quantum key distribution (QKD) has been demonstrated over a point-to-point $\sim1.6$-km atmospheric optical path in full daylight. This record transmission distance brings QKD a step closer to surface-to-satellite and other long-distance applications.Comment: 4 pages, 2 figures, 1 table. Submitted to PRL on 14 January 2000 for publication consideratio

Accurate time-domain gravitational waveforms for extreme-mass-ratio binaries

The accuracy of time-domain solutions of the inhomogeneous Teukolsky equation is improved significantly. Comparing energy fluxes in gravitational waves with highly accurate frequency-domain results for circular equatorial orbits in Schwarzschild and Kerr, we find agreement to within 1% or better, which we believe can be even further improved. We apply our method to orbits for which frequency-domain calculations have a relative disadvantage, specifically high-eccentricity (elliptical and parabolic) "zoom-whirl" orbits, and find the energy fluxes, waveforms, and characteristic strain in gravitational waves.Comment: 6 pages, 9 figures, 2 tables; Changes: some errors corrected. Comparison with Frequency-domain now done in stronger fiel

Test of CPT and Lorentz invariance from muonium spectroscopy

Following a suggestion of Kostelecky et al. we have evaluated a test of CPT and Lorentz invariance from the microwave spectroscopy of muonium. Hamiltonian terms beyond the standard model violating CPT and Lorentz invariance would contribute frequency shifts $\delta\nu_{12}$ and $\delta\nu_{34}$ to $\nu_{12}$ and $\nu_{34}$, the two transitions involving muon spin flip, which were precisely measured in ground state muonium in a strong magnetic field of 1.7 T. The shifts would be indicated by anti-correlated oscillations in $\nu_{12}$ and $\nu_{34}$ at the earth's sidereal frequency. No time dependence was found in $\nu_{12}$ or $\nu_{34}$ at the level of 20 Hz, limiting the size of some CPT and Lorentz violating parameters at the level of $2\times10^{-23}$ GeV, representing Planck scale sensitivity and an order of magnitude improvement in sensitivity over previous limits for the muon.Comment: 4 pages, 4 figures, uses REVTeX and epsf, submitted to Phys. Rev. Let