More Reasons Why Farmers Have So Little Interest in Futures Markets

The use by farmers of futures contracts and other hedging instruments has been observed to be low in many situations, and this has sometimes seemed to be considered surprising or even mysterious. We propose that it is, in fact, readily understandable and consistent with rational decision making. Standard models of the decision about optimal hedging show that it is negatively related to basis risk, to quantity risk, and to transaction costs. Farmers who have less uncertainty about prices have a lower optimal level of hedging. If a farmer has optimistic price expectations relative to the futures market, the incentive to hedge can be greatly reduced. And finally, farmers who have low levels of risk aversion have little to gain from hedging in terms of risk reduction, in that the certainty equivalent payoff at their optimal hedge may be little different to the certainty equivalent under zero hedging. These reasons are additional to the argument of Simmons (2002) who showed that, if capital markets are efficient, farmers can manage their risk exposure through adjusting their leverage, obviating the need for hedging instruments.hedging, risk, risk aversion, flat payoff functions, Agricultural Finance,

Postirradiation behavior of p-channel charge-coupled devices irradiated at 153 K

The displacement damage hardness that can be achieved using p-channel charge-coupled devices (CCD) was originally demonstrated in 1997, and since then a number of other studies have demonstrated an improved tolerance to radiation-induced CTI when compared to n-channel CCDs. A number of recent studies have also shown that the temperature history of the device after the irradiation impacts the performance of the detector, linked to the mobility of defects at different temperatures. This study describes the initial results from an e2v technologies p-channel CCD204 irradiated at 153 K with a 10 MeV equivalent proton fluences of 1.24×109 and 1.24×1011 protons cm-2. The dark current, cosmetic quality and the number of defects identified using trap pumping immediately were monitored after the irradiation for a period of 150 hours with the device held at 153 K and then after different periods of time at room temperature. The device also exhibited a flatband voltage shift of around 30 mV / krad, determined by the reduction in full well capacity

The relationship between pumped traps and signal loss in buried channel CCDs

Pocket-pumping is an established technique for identifying the locations of charge trapping sites within the transport channels of CCDs. Various parameters of the pumping process can be manipulated to increase the efficiency, or allow characterisation of the trap sites effective during nominal operating modes. A CCD273 was irradiated in a triangular region by protons to a 10 MeV equivalent fluence of 1.2E9 p cm2, ensuring a suitably low trap density for ease of automated trap recognition. X-rays of 5,898 eV were incident on the CCD above the region irradiated with the triangle, such that events could be analysed having passed through an increasing length of irradiated silicon and hence number of trapping sites. Here we present the relationship between the number of traps identified by pocket pumping within the parallel transport channels of a CCD273 and the amount of signal that is deferred by the trapping process during readout

Identification of a non-mammalian leptin-like gene:characterization and expression in the tiger salamander (Ambystoma tigrinum)

Leptin is well established as a multifunctional cytokine in mammals. However, little is known about the evolution of the leptin gene in other vertebrates. A recently published set of ESTs from the tiger salamander (Ambystoma tigrinum) contains a sequence sharing 56% nucleotide sequence identity with the human leptin cDNA. To confirm that the EST is naturally expressed in the salamander, a 409 bp cDNA was amplified by RT-PCR of salamander testis and stomach mRNAs. The coding sequence of the cDNA is predicted to encode 169 amino acids, and the mature peptide to consist of 146 residues, as in mammals. Although the overall amino acid identity with mammalian leptins is only 29%, the salamander and mammalian peptides share common structural features. An intron was identified between coding exons providing evidence that the sequence is present in the salamander genome. Phylogenetic analysis showed a rate of molecular divergence consistent with the accepted view of vertebrate evolution. The pattern of tissue expression of the leptin-like cDNA differed between metamorphosed adult individuals of different sizes suggesting possible developmental regulation. Expression was most prominent in the skin and testis, but was also detected in tissues in which leptin mRNA is present in mammals, including the fat body, stomach, and muscle. The characterization of a salamander leptin-like gene provides a basis for understanding how the structure and functions of leptin have altered during the evolution of tetrapod vertebrates

Determination of <i>in situ</i> trap properties in CCDs using a "single-trap pumping" technique

The science goals of space missions from the Hubble Space Telescope through to Gaia and Euclid require ultraprecise positional, photometric, and shape measurement information. However, in the radiation environment of the space telescopes, damage to the focal plane detectors through high-energy protons leads to the creation of traps, a loss of charge transfer efficiency, and a consequent deterioration in measurement accuracy. An understanding of the traps produced and their properties in the CCD during operation is essential to allow optimization of the devices and suitable modeling to correct the effect of the damage through the postprocessing of images. The technique of “pumping single traps” has allowed the study of individual traps in high detail that cannot be achieved with other techniques, such as deep level transient spectroscopy, whilst also locating each trap to the subpixel level in the device. Outlining the principles used, we have demonstrated the technique for the A-center, the most influential trap in serial readout, giving results consistent with the more general theoretical values, but here showing new results indicating the spread in the emission times achieved and the variation in capture probability of individual traps with increasing signal levels. This technique can now be applied to other time and temperature regimes in the CCD to characterize individual traps in situ under standard operating conditions such that dramatic improvements can be made to optimization processes and modeling techniques

Economic Geology Models 4. Tantalum and Niobium: Deposits, Resources, Exploration Methods and Market – A Primer for Geoscientists

The world’s main tantalum (Ta) resources are in pegmatites (e.g. Wodgina, Australia), rare element-enriched granites (e.g. Abu Dabbab, Egypt), peralkaline complexes (e.g. Nechalacho, Canada), weathered crusts overlying the previously mentioned deposit types, and in placers. Niobium (Nb) resources with the highest economic potential are in weathered crusts that overlie carbonatite complexes (e.g. Catalão I and II, Brazil). Brazil accounts for 90% of the global Nb mine production with another 9% coming from the Niobec Mine, Canada (a hard-rock underground mine). However, at least 17 undeveloped carbonatite complexes outside of Brazil have NI-43-101 compliant Nb resource estimates (e.g. Aley carbonatite, Canada). Concentrates from most carbonatites are used to produce ferroniobium (Fe–Nb alloy), and Ta is not recovered. The Ta and Nb contents of some carbonatites (e.g. Upper Fir deposit and Crevier dyke, Canada) are of the same order of magnitude as that of pegmatite ores; however, concentrates from carbonatites have a higher Nb/Ta ratio. Historically, 10–12% Ta2O5 in Nb concentrates has not been recovered in ‘western’ smelters because of the hydrofluoric acid cost. Western countries perceive Ta and Nb supplies to be at risk. Tantalum market downturns resulted in several mines in Australia and Canada closing, at least temporarily, and a resultant shortfall has been filled by what is now recognized as ‘conflict-free columbite-tantalite’ from Central Africa. The lack of ore will not be a key factor in future Ta and Nb supply disruption. For example, more than 280 Nb- and 160 Ta-bearing occurrences are known in Canada alone, and more resources will likely to be discovered as geophysical and geochemical exploration methods are optimized.RÉSUMÉLes principales sources mondiales en tantale (Ta) sont les pegmatites (par ex. Wodgina, Australie), les granites enrichis en éléments rares (par ex. Abu Dabbab, Égypte), les complexes hyperalcalins (par ex. Nechalacho, Canada), les croûtes altérées recouvrant les types de gisements déjà mentionnés, et les placers. Les sources en niobium (Nb) ayant le meilleur potentiel économique se trouvent dans les croûtes altérées qui recouvrent les complexes de carbonatite (par ex. Catalão I et II, Brésil). Le Brésil est la source de 90% de la production minière mondiale de Nb, et 9% provient de la mine Niobec, au Canada (une mine souterraine). Cela dit, il existe au moins 17 complexes de carbonatite non développés à l'extérieur du Brésil dont les estimations de ressources en Nb sont conformes à la norme NI-43-101 (par ex. Aley carbonatite, Canada). Les concentrés de la plupart des carbonatites sont utilisés pour produire du ferroniobium (alliage Fe-Nb), et le Ta n'est pas récupéré. Les teneurs en Ta et Nb de certaines carbonatites (par ex. le gisement de Upper Fir et le dyke Crevier, Canada) sont du même ordre de grandeur que celles des minerais depegmatite; cependant, les concentrés de carbonatites ont une proportion Nb/Ta plus élevée. Historiquement, 10 à 12% du Ta2O5 des concentrés de Nb n'ont pas été récupérés dans les fonderies de l'Ouest en raison du coût de l’acide fluorhydrique. Les pays occidentaux estiment que les approvisionnements en Ta et Nb sont à risque. Le fléchissement du marché du tantale a entraîné la fermeture, au moins temporaire, de plusieurs mines en Australie et au Canada, et la pénurie qui en résulte a été comblée par ce qui est maintenant reconnu comme étant du minerai de colombite-tantalite «sans conflit» d'Afrique centrale. Le manque de minerai ne sera pas un facteur clé des perturbations à venir de l'approvisionnement en Ta et Nb. Par exemple, plus de 280 occurrences minérales contenant du Nb et 160 occurrences minérales contenant du Ta sont connues au Canada seulement, et davantage de ressources seront probablement découvertes à mesure que les méthodes d'exploration géophysique et géochimique seront optimisées

The Mission Accessible Near-Earth Objects Survey: Four years of photometry

Over 4.5 years, the Mission Accessible Near-Earth Object Survey (MANOS) assembled 228 Near-Earth Object (NEO) lightcurves. We report rotational lightcurves for 82 NEOs, constraints on amplitudes and periods for 21 NEOs, lightcurves with no detected variability within the image signal to noise and length of our observing block for 30 NEOs, and 10 tumblers. We uncovered 2 ultra-rapid rotators with periods below 20s; 2016MA with a potential rotational periodicity of 18.4s, and 2017QG$_{18}$ rotating in 11.9s, and estimate the fraction of fast/ultra-rapid rotators undetected in our project plus the percentage of NEOs with a moderate/long periodicity undetectable during our typical observing blocks. We summarize the findings of a simple model of synthetic NEOs to infer the object morphologies distribution using the measured distribution of lightcurve amplitudes. This model suggests a uniform distribution of axis ratio can reproduce the observed sample. This suggests that the quantity of spherical NEOs (e.g., Bennu) is almost equivalent to the quantity of highly elongated objects (e.g., Itokawa), a result that can be directly tested thanks to shape models from Doppler delay radar imaging analysis. Finally, we fully characterized 2 NEOs as appropriate targets for a potential robotic/human mission: 2013YS$_{2}$ and 2014FA$_{7}$ due to their moderate spin periods and low $\Delta v$.Comment: Accepted for Publication, The Astrophysical Journal Supplement Serie

Agricultural Water Conservation and Efficiency in California - A Commentary

This is a Commentary on some of the key points that are presented in “More with Less: Agricultural Water Conservation and Efficiency in California” by Cooley, ChristianSmith, and Gleick of the Pacific Institute, September 2008 (referred to as the “PacInst Paper” in the remainder of this discussion). The authors of this Commentary have over 120 years combined of experience in agricultural and landscape irrigation. They have worked world-wide in design and installation of all types of irrigation systems (including automated drip systems from 1975 on), design and implementation of irrigation scheduling programs since 1977; design and implementation of water conservation programs at state, water district, and farm levels; teaching programs regarding water-related energy efficiency in both university and extension environments; and basic and applied research. Summary biographies are attached at the end of this discussio