Belief heterogeneity and survival in incomplete markets

In complete markets economies (Sandroni [15]), or in economies with Pareto optimal outcomes (Blume and Easley [9]), the market selection hypothesis holds, as long as traders have identical discount factors. Traders who survive must have beliefs that merge with the truth. We show that in incomplete markets, regardless of traders’ discount factors, the market selects for a range of beliefs, at least some of which do not merge with the truth. We also show that impatient traders with incorrect beliefs can survive and that these incorrect beliefs impact prices. These beliefs may be chosen so that they are far from the truth

As tortas de cacau e de algodão na adubação da cana

This paper deals with a field trial executed to compare cotton seed and cacau meals in the fertilization of sugar cane, variety Co290. The design chosen was a latin square of 6 x 6. The following conclusions can be drawn: 1. Cottonseed meal revealed to be statistically superior to cacau meal, being even superior to the mineral fertilizers plus cacau meal treatment. 2. From an economical point of view cotton seed meal, as a fertilizer for sugar cane, can not be substituted by cacau meal

Experiências de adubação mineral e orgânica com Capim Kikuyu (Pennisetum clandestinum Hochst.)

Kikuio grass (Pennisetum clandestinum Hochst) is beyond any doubt, a pasture very important for farm animals; since its chemical composition is very similar to that of alfalfa, the present field trial was carried out; a randomized block design with 8 treatments was selected as follows: 1 N - P - K - Ca - Mg (complete manuring) 2 N - P - K - Ca----- (without Mg) 3 N - P - K-------Mg (without Ca) 4 ----P - K - Ca - Mg (without N) 5 N------K - Ca Mg (without P) 6 N - P - Ca - Mg (without K) 7 organic matter (without mineral fertilizers) 8 control Nitrogen was applied as NaN03 (topdressed) and as ammonium sulfate; P2O5 was given as superphosphate associated to bonemeal; K2O was applied as muriate, CaO as "sambaquis" (oyster shells); MgO was given as MgSO4 (topdressed). The source of organic matter was farmyard manure. As far yields are concerned the following observations were made: 1. treatment n. 7 was superior to all others; 2. considering the mineral fertilizers, good responses were due to N and P2O5; 3. the control yield was exceedingly poor, being inferior to all the others treatments; The chemical analyses revealed that: 1. the protein content decreased accordingly to this order: 7, 6, 5 and 1; treatment 4 (without N) gave the lowest protein content; 2. treatment n. 4 produced the highest fat content; treatment no. 7 ranked second; no. 8 gave the lowest fat content; 3. crude fiber: highest - treatment 7; lowest - 8; 4. ashes: the ashes content was higher in treatment 5; proprobably because the most abundant element in the ashes is K, the ash content of treatment 6 (no K) was very low; 5. non nitrogenous substances (determined by difference) - high in treatment 8 and low in treatment 7; 6. mineral elements in the ashes - the element omitted from a given treatment was very low in the grasses therein obtained; this shows the relative poverty of the soil in that element. As general remark the Authors suggest the use of farmyard manure in the fertilization of Kikuio grass; farmyard manure could probably substitute wither green manure or compost

Evaluation of the prognostic utility of the combination of platelet count with mean platelet volume as a prognostic indicator in head and neck cancer.

The combination of platelet count to mean platelet volume (COP-MPV) has been recently reported as a prognostic indicator of oral cavity cancer and other cancer sites. The aim of the present study was to validate the utility of the COP-MPV as a prognostic indicator in all head and neck cancer (HNC) sites. The clinicopathological characteristics of the COP-MPV with HNC were also investigated. This is a retrospective cohort study that recruited consecutively treated patients at a tertiary level academic hospital. Clinicopathological characteristics were recorded, including the COP-MPV scores. Survival was analyzed using Kaplan-Meier analysis, as well as multivariate Cox Proportional Hazards regression. COP-MPV was not associated with the survival outcome in univariate or multivariate analysis. In the multivariate model, tumor differentiation, tumor stage, nodal stage, surgical margins and hemoglobin were revealed to be significantly associated with survival. The results demonstrated that the COP-MPV is not a suitable prognostic factor for HNC

Estudos sobre a alimentação do cafeeiro: XIV. efeitos da adubaçao mineral e orgânica na produção e na composição das folhas

This paper deals with the results of a 2 x 2 x 2 N P K experiment designed to study the effect of fertilizers on yield and a chemical composition of coffee leaves; the effect of organic matter supplied as stable manure was ascertained by using the split plot technique. Yield data refer to the six harvests obtained from 1958 to 1963 only chemical data obtained in 1962 are discussed. Both N and K raised significantly the yields, their positive interaction being also significant; no affect of P was observed; organic matter did increase total yield; its effect cannot be atributed to additional supply of N, P or K. Yields are diminishing in a significant rend; several suggestions are discussed in an stempt to explain this finding. The doses of N and K which have been applied proved to be suficient to maintain an adequate level of said elements in the leaves.Em um ensaio fatorial NPK 2x2x2 usou-se a técnica das parcelas subdivididas para estudar o efeito da matéria orgânica na presença e ausência da adubação mineral na colheita e na composição das fôlhas. Verificou-se que sòmente o N e o K e a matéria orgânica aumentaram as colheitas significativamente em 6 anos agrícolas. As produções anuais apresentam, entretanto, tendência decrescente. As doses de N e K empregadas mostraram-se suficientes para manter nas fôlhas um nível adequado dêsses dois elementos

Belief heterogeneity and survival in incomplete markets

In complete markets economies (Sandroni [16]), or in economies with Pareto optimal outcomes (Blume and Easley [10]), the market selection hypothesis holds, as long as traders have identical discount factors. Traders who survive must have beliefs that merge with the truth. We show that in incomplete markets, regardless of traders’ discount factors, the market selects for a range of beliefs, at least some of which do not merge with the truth. We also show that impatient traders with incorrect beliefs can survive and that these incorrect beliefs impact prices. These beliefs may be chosen so that they are far from the truth

Efeitos do enxofre e do boro e da inoculação em alfafa (Medicago sativa L.)

This paper deals with the results of a pot and plot experiment which was carried out to determine the influence of sulphur and boron and the effect seed inoculation with Rhizobium meliloti in the yield of alfafa. Sulphur was applied as flower of sulphur at the rates of 1,000 and 2,000 kg por hectare; boron was employed in the proportion of 15 kg of borax per hectare; both sulphur and boron were distributed broadcast before planting; the experimental design chosen for the field trial was a latin square of 6 x 6 with the following treatments: Number Treatment 1 Control 2 One dosis S + inoculation 3 Two dosis S +inoculation 4 One dosis S + B + inoculation 5 B + inoculation 6 inoculation The crop supplied four cuttings in an eleven months period. The pot experiment nearly confirmed the plot one. The following conclusions can be drawn: 1. The classification of treatments in a decrescent order was: l.o - two doses S + inoculation; 2.o - one dosis S +inoculation, S + B + inoculation, and B + inoculation (these treatmente were not statistically different); 3.o - control; 4.o - inoculation; 2 The vield due to the treatment two dosis S + inoculation was 22 per cent higher than the control one, a fact that suggests that the S supply in the soil studied ("terra roxa misturada") is not sufficient for the total requirements of alfafa; 3. From an economical point of view the best treatment was: one dosis B + inoculation which permits a net gain of Cr$ 12.527,30 per hectare per year; 4. Based on the mentioned results we recommend in soils of same type the following fertilization for alfafa. 5 tons limestone/hectare 300 kg serranafosfato and 600 kg hiperfosfato/ha 300 kg muriate of potash/ha 15 kg borax/ha and a medium organic manuring if the soil is very poor in organic matter

Soft X-ray harmonic comb from relativistic electron spikes

We demonstrate a new high-order harmonic generation mechanism reaching the `water window' spectral region in experiments with multi-terawatt femtosecond lasers irradiating gas jets. A few hundred harmonic orders are resolved, giving uJ/sr pulses. Harmonics are collectively emitted by an oscillating electron spike formed at the joint of the boundaries of a cavity and bow wave created by a relativistically self-focusing laser in underdense plasma. The spike sharpness and stability are explained by catastrophe theory. The mechanism is corroborated by particle-in-cell simulations

Estudo sobre a solubilidade de fosfatos em ácido cítrico a 2%

The solubility of several phosphatic fertilizers, namely, ''Hiperfsfato", Florida rock phosphate, Olinda rock phosphate, Alvorada rock phosphate, Araxá apatite, and fused magnesium phosphate (Termofosfato) was studied by using varying proportion of 2 per cent citric acid: 1:100, 1:200, 1:300, 1:400, 1:500, 1:750 and 1:1000. The fused phosphate showed the highest solubility for all conditions of extraction. Hiperfosfato followed closely fused phosphate beginning at the 1:400 ratio of extractions. Alvorada rock phosphate and Araxa apatite showed the lowest degree of solubility among all the products studied, giving almost identical results. Both Florida and Olinda rock phosphate, showed an intermediate rate of solubility. Starting from the ratio 1:100 fused phosphate shows an almost total solubility; the same is true for Hiperfosfato from the ratio 1:400 and up; total solubility of Florida and Olinda rock phosphates were achieved only at the high ratio of 1:1000; solubility of Alvorada rock phosphate and Araxa apatite was much lower. It is worth mentioning, however, that Alvorada rock phosphate at narrow rations up to 1:300 showed a higher degree of solubility than Olinda and Florida rock phosphates.Os autores procederam a um estudo da solubilidade de seis fosfatos (sendo cinco naturais - Hiperfosfato, Fosfato da Florida, Fosfato de Olinda, Fosfato Alvorada e Apatita do Araxá e um resultante de tratamento térmico de um minério fosfatado com serpentina - Termofosfato) em ácido cítrico a 2 % variando-se as proporções fosfato-ácido cítrico de modo a se obter as relações 1:100,1:200,1:300,1:400,1:500,1:750 e 1:1000. O Termofosfato foi o adubo que apresentou maior solubilidade para todas as relações fosfato: ácido cítrico, sendo seguido de perto pelo Hiperfosfato a partir da relação 1:400. O Fosfato Alvorada e a Apatita do Araxá apresentaram as mais baixas solubilidades sendo que curva de solubilidade o primeiro foi bastante semelhante à da apatita. Fosfato da Florida e Fosfato de Olinda formaram um grupo de solubilidade intermediárias

Vinhaça e adubos minerais(I)

In this paper it is studied the action of vinasse as compared to mineral fertilizers. Beans, corn, cotton and sesame were cultivated in randomized blocks receiving the following treatments: A = mineral fertilizers (N, P, K); V = vinasse at the rate of 1,000,000 liters per Ha; AV = mineral fertilizers + vinasse; T = control. Statistical analysis of the experiments has consistently revealed the superiority of vinasse either combined or not with the mineral fertilizers over the remaining treatments. There was no significant difference between V and AV which shows the surprizing role of vinasse when applied to light soils such as those employed in the present experiments. By employing 1,000,000 liters of vinasse to the hectare the following amounts of nutrientes were applied to the crops in this experiment: 470 Kg of nitrogen 50 Kg of P2O5 and 3,100 Kg of K2O corresponds to 3,133 Kg of Chilean nitrate/ha 250 Kg of superphosphate and 5,160 Kg of muriate of potash Hence one cannot say that the action of vinasse is of a purely physical nature. In our opinion its outstanding action is due to: 1st raise in the pH value of the soil; 2nd addition of a tremendous amount of plant nutrients; 3rd supplying organic matter in a very finely divided state with all its benefical effects in soil structure, water holding capacity, adsorption of nutrients to prevent leaching, etc. A rotation experiment is now being carried out to study the residual effect of vinasse