Linear Approximations and Tests of Conditional Pricing Models

We construct a simple reduced-form example of a conditional pricing model with modest intrinsic nonlinearity. The theoretical magnitude of the pricing errors (alphas) induced by the application of standard linear conditioning are derived as a direct consequence of an omitted variables bias. When the model is calibrated to either characteristics sorted or industry portfolios, we find that the alphas generated by approximation-induced specification error are economically large. A Monte Carlo analysis shows that finite-sample alphas are even larger. It also shows that the power to detect omitted nonlinear factors through tests based on estimated risk premiums can sometimes be quite low, even when the effect of misspecification on alphas is large.

CHARACTERISTICS OF MASTER'S PROGRAMS IN AGRIBUSINESS MANAGEMENT

This study describes and compares agribusiness master’s programs in North America. These programs include the master of business administration (MBA) and master in (or “of”) agribusiness (MAB) degrees. Accredited MBA programs with an agribusiness emphasis are required to have a clear required core of courses in finance, management, marketing management, and human behavior. Additional required courses in policy, agricultural marketing, production or managerial economics, and quantitative methods are also frequently required. MAB programs have more diversity regarding the four core subjects with a greater percentage of the courses taught within departments of agricultural economics. Evaluation of agribusiness master’s programs in agricultural economics departments is difficult without any formal evaluation criteria.Agribusiness, Teaching/Communication/Extension/Profession,

Parks, people and pixels: evaluating landscape effects of an East African national park on its surroundings

Landscapes surrounding protected areas, while still containing considerable biodiversity, have rapidly growing human populations and associated agricultural development in most of the developing world that tend to isolate them, potentially reducing their conservation value. Using field studies and multi-temporal Landsat imagery, we examine a forest park, Kibale National Park in western Uganda, its changes over time, and related land cover change in the surrounding landscape. We find Kibale has successfully defended its borders and prevents within-park deforestation and other land incursions, and has maintained tree cover throughout the time period of the study. Outside the park there was a significant increase in tea plantations and continued forest fragmentation and wetland loss. The question of whether the park is a conservation success because of the network of forest fragments and wetlands or in spite of them remains unanswered

Why do we want to think humans are different?

One harmful consequence of creating categories where one group is unique and superior to others is that it justifies committing negative, often atrocious, acts on the members of the inferior group. Correcting divisive human categorizations (racial superiority, gender superiority) has bettered society. Scholars have often claimed that humans are unique and superior to nonhuman animals. These claims need to be reevaluated. Many have already been refuted. Animals have been shown to outperform humans in many tasks, including cognitive ones. Here we raise the question: Has the false sense of superiority been used to justify human cruelty to animals

Diversity on human difference: Unanimity on human responsibility

Further commentaries on our original target article add important new points and expand our understanding of the differences between animals, particularly between non-human and human primates. But whether they affirm or deny that humans are unique, all commentators agree that our special abilities mean we should be taking responsibility for the care of nature and the plants and animals it supports. We ask: is humankind doing this

Refining thoughts about human/nonhuman differences

Our commentators come from many fields and disciplines and express highly divergent views, illustrating broad interest in the question. From the breadth of comments, we have identified two recurring themes, which we focus on here. The first is a preponderance of cautionary remarks about evaluating the differences between humans and nonhuman animals. The second concerns whether considering animals as worthy of moral consideration is one of many useful tools for conservationists trying to prevent extinction, habitat destruction, and climate change

Strong Quantum Spin Correlations Observed in Atomic Spin Mixing

We have observed sub-Poissonian spin correlations generated by collisionally induced spin mixing in a spin-1 Bose-Einstein condensate. We measure a quantum noise reduction of -7 dB (-10 dB corrected for detection noise) below the standard quantum limit (SQL) for the corresponding coherent spin states. The spin fluctuations are detected as atom number differences in the spin states using fluorescent imaging that achieves a detection noise floor of 8 atoms per spin component for a probe time of 100 $\mu$s.Comment: 5 pages, 4 figure

Population pressure and global markets drive a decade of forest cover change in Africa\u27s Albertine Rift

Africa\u27s Albertine Rift region faces a juxtaposition of rapid human population growth and protected areas, making it one of the world\u27s most vulnerable biodiversity hotspots. Using satellite-derived estimates of forest cover change, we examined national socioeconomic, demographic, agricultural production, and local demographic and geographic variables, to assess multilevel forces driving local forest cover loss and gain outside protected areas during the first decade of this century. Because the processes that drive forest cover loss and gain are expected to be different, and both are of interest, we constructed models of significant change in each direction. Although rates of forest cover change varied by country, national population change was the strongest driver of forest loss for all countries – with a population doubling predicted to cause 2.06% annual cover loss, while doubling tea production predicted to cause 1.90%. The rate of forest cover gain was associated positively with increased production of the local staple crop cassava, but negatively with local population density and meat production, suggesting production drivers at multiple levels affect reforestation. We found a small but significant decrease in loss rate as distance from protected areas increased, supporting studies suggesting higher rates of landscape change near protected areas. While local population density mitigated the rate of forest cover gain, loss was also correlated with lower local population density, an apparent paradox, but consistent with findings that larger scale forces outweigh local drivers of deforestation. This implicates demographic and market forces at national and international scales as critical drivers of change, calling into question the necessary scales of forest protection policy in this biodiversity hotspot. Using a satellite derived estimate of forest cover change for both loss and gain added a dynamic component to more traditionally static and unidirectional studies, significantly improving our understanding of landscape processes and drivers at work

Prospecting Period Measurements with LSST - Low Mass X-ray Binaries as a Test Case

The Large Synoptic Survey Telescope (LSST) will provide for unbiased sampling of variability properties of objects with $r$ mag $<$ 24. This should allow for those objects whose variations reveal their orbital periods ($P_{orb}$), such as low mass X-ray binaries (LMXBs) and related objects, to be examined in much greater detail and with uniform systematic sampling. However, the baseline LSST observing strategy has temporal sampling that is not optimised for such work in the Galaxy. Here we assess four candidate observing strategies for measurement of $P_{orb}$ in the range 10 minutes to 50 days. We simulate multi-filter quiescent LMXB lightcurves including ellipsoidal modulation and stochastic flaring, and then sample these using LSST's operations simulator (OpSim) over the (mag, $P_{orb}$) parameter space, and over five sightlines sampling a range of possible reddening values. The percentage of simulated parameter space with correctly returned periods ranges from $\sim$23 %, for the current baseline strategy, to $\sim$70 % for the two simulated specialist strategies. Convolving these results with a $P_{orb}$ distribution, a modelled Galactic spatial distribution and reddening maps, we conservatively estimate that the most recent version of the LSST baseline strategy will allow $P_{orb}$ determination for $\sim$18 % of the Milky Way's LMXB population, whereas strategies that do not reduce observations of the Galactic Plane can improve this dramatically to $\sim$32 %. This increase would allow characterisation of the full binary population by breaking degeneracies between suggested $P_{orb}$ distributions in the literature. Our results can be used in the ongoing assessment of the effectiveness of various potential cadencing strategies.Comment: Replacement after addressing minor corrections from the referee - mainly improvements in clarificatio