A Duality Approach to Testing the Economic Behaviour of Dairy-Marketing Co-operatives: The Case of Ireland

The main objectives of this paper are: (i) to establish whether Irish dairy marketing cooperatives behaved "as if" they were profit maximisers over the period 1961 to 1987 and (ii) to determine the response of the sector to the imposition of the milk production quota in 1984. The theory of the cooperative managed firm (CMF) is first recast in a duality framework. The CMF differs from the profit maximising firm (PMF) in (a) having as its objective the aximisation of the price paid to its members for the raw material they supply and (b) being obliged to process all the raw material supplied by its members. A formal test as to whether the Irish dairy-processing sector could be characterised as "virtual" profit maximisers was implemented and could not be rejected. This finding was reinforced by our finding that the elasticity of milk price with respect to the volume of milk processed was zero. Milk price was found to be driven mainly by exogenous changes in the price of processed output. The impact of the quota was to obviously reduce the level of processed output but not proportionately. Our results suggest that every 10% fall in the amount of milk processed reduces processed output of the sector by 6%. We also found a negative relationship between the amount of the milk raw material processed and the demand for labour implying that the introduction of the quota would not of itself have adversely affect employment in the sector.co-operative; duality theory; initial profit maximisation; production quotas

When does ‘All Eggs in One Risky Basket’ Make Sense?

In an important paper comparing expected utility and mean-variance analysis, Feldstein (1969) examined a simple portfolio problem involving just two assets, one riskless and one risky. He concluded there could easily be ‘plunging’, that is, investment in the risky asset alone. His background assumptions were that the risky asset’s yield was log normally distributed and that the investor’s attitude to risk was expressible by a logarithmic utility. We look at how conclusions are affected by choice of distribution and utility function. While conclusions can depend on choice of distribution, they are remarkably robust to choice within the range of plausible positive distributions. In contrast, conclusions are sensitive to choice of utility function and we find the key determinant to be how much the investor’s relative risk aversion differs from unity and in what direction. Based on historical stock market returns, our analysis implies that the prevalence of diversification that is observed is consistent with a relative risk aversion coefficient of about 2.5.

Detecting and monitoring arrhythmia recurrence following catheter ablation of atrial fibrillation.

Atrial fibrillation (AF) is the most common arrhythmia prompting clinical presentation, is associated with significant morbidity and mortality. The incidence and prevalence of this arrhythmia is expected to grow significantly in the coming decades. Of the available pharmacologic and non-pharmacologic treatment options, the fastest growing and most intensely studied is catheter-based ablation therapy for AF. Given the varying success rates for AF ablation, the increasingly complex factors that need to be taken into account when deciding to proceed with ablation, as well as varying definitions of procedural success, accurate detection of arrhythmia recurrence and its burden is of significance. Detecting and monitoring AF recurrence following catheter ablation is therefore an important consideration. Multiple studies have demonstrated the close relationship between the intensity of rhythm monitoring with wearable ambulatory cardiac monitors, or implantable cardiac rhythm monitors and the detection of arrhythmia recurrence. Other studies have employed algorithms dependent on intensive monitoring and arrhythmia detection in the decision tree on whether to proceed with repeat ablation or medical therapy. In this review, we discuss these considerations, types of monitoring devices, and implications for monitoring AF recurrence following catheter ablation

A new perspective on metformin therapy in type 1 diabetes

Metformin is quite frequently used off-label in type 1 diabetes to limit insulin dose requirement. Guidelines recommend that it can improve glucose control in those who are overweight and obese but evidence in support of this is limited. Recently-published findings from the REducing with MetfOrmin Vascular Adverse Lesions (REMOVAL) trial suggest that metformin therapy in type 1 diabetes can reduce atherosclerosis progression, weight and LDL-cholesterol levels. This provides a new perspective on metformin therapy in type 1 diabetes and suggests a potential role for reducing the long-term risk of cardiovascular disease

Space shuttle plume/simulation application

An analysis of pressure and strain-gage data from space shuttle wind tunnel test IA119 and IA138 was performed to define the influence on aerodynamic characteristics resulting from the main propulsion system and solid rocket booster plumes. Aerodynamic characteristics of each of the elements, the components and total vehicle of the space shuttle vehicle during ascent flight was considered. Pressure data were obtained over the aft portions of the space shuttle wind tunnel model in addition to wing and elevon gage data

Electron scattering and transport in liquid argon

The transport of excess electrons in liquid argon driven out of equilibrium by an applied electric field is revisited using a multi-term solution of Boltzmann's equation together with ab initio liquid phase cross-sections calculated using the Dirac-Fock scattering equations. The calculation of liquid phase cross-sections extends previous treatments to consider multipole polarisabilities and a non-local treatment of exchange while the accuracy of the electron-argon potential is validated through comparison of the calculated gas phase cross-section with experiment. The results presented highlight the inadequacy of local treatments of exchange that are commonly used in liquid and cluster phase cross-section calculations. The multi-term Boltzmann equation framework accounting for coherent scattering enables the inclusion of the full anisotropy in the differential cross-section arising from the interaction and the structure factor, without an a priori assumption of quasi-isotropy in the velocity distribution function. The model, which contains no free parameters and accounts for both coherent scattering and liquid phase screening effects, was found to reproduce well the experimental drift velocities and characteristic energies.Comment: 32 pages, 16 figures; minor corrections, added 1 figur