OPPORTUNITIES IN FARM MANAGEMENT: DISCUSSION/CHALLENGE

Farm Management,

FINANCIAL ANALYSIS OF A PROPOSED LARGE-SCALE ETHANOL COGENERATION PROJECT

Financial analysis of an ethanol/electricity cogeneration plant indicates a rapid payback of investment and a high internal rate of return. This is primarily because cogeneration of steam for generation of electricity and biomass conversion to ethanol results in increased engineering efficiency compared to alternative ethanol alone production processes. Economic sensitivity testing included alternative price levels, interest rates, capacities, costs, and a "stand alone" case with no federal government excise tax subsidies. Supply and price analyses suggest the procurement of locally produced feedstock in Alabama and surrounding states is feasible. The robustness of the economic analysis provides support for consideration of ethanol cogeneration as a currently feasible strategy to utilize excess agricultural production capacity.Resource /Energy Economics and Policy,

ANALYSIS OF ALTERNATIVE PAYMENT DESIGNS FOR FARMLAND DEVELOPMENT RIGHTS

Four alternative payment rules were examined to evaluate their ability to accomplish the objectives of the development rights purchase program. Paying the true economic value for the development rights does not allow the program to target high quality agricultural land. Modifying the payment strategy by offering a minimum payment will provide some extra incentive for high quality agricultural land in areas with little development pressure, but will provide little help in areas with high development pressure. Indexing the payment to a representative agricultural-use value for an area will provide premiums to high quality agricultural land and discounts to low quality agricultural land which provides additional incentives (disincentives) for high (low) quality land to enter the program. This representative payment rule can be modified in order to increase the participation incentives to owners of targeted land.Land Economics/Use,

A SIMPLE FRAMEWORK FOR DETERMINING THE FUNDAMENTAL AGRICULTURAL-USE VALUE OF MICHIGAN FARMLAND

There is considerable interest in the determination of farmland values. Although alternative models exist, present value models have played a central role in recent studies of agricultural land markets. Alston (1986) uses a present value model to examine the effects of inflation and real growth in net rental income on farmland prices (see also Melichar, 1979). Present value models also underlie analysis of the dynamic behavior of farmland prices by Burt (1986); investigation of causality relations between farmland rents and prices by Phipps (1984); and analysis of the relationship between agricultural and nonagricultural land markets by Robison et al. (1985).Land Economics/Use,

Mood-Congruent Judgment Scale Forms A and B

Two roughly tau-equivalent (similar to parallel) forms of the mood-congruent judgment measurement forms A and B . The central manuscript in which they are described is: Mayer, J. D., & Hanson, E. (1995). Mood-congruent judgment over time. Personality and Social Psychology Bulletin, 21, 237-244

Multispectral data analysis Final report

Contour maps and prediction lines demonstrating existence of water depth information in multispectral dat

2001 MICHIGAN LAND VALUES

Land Economics/Use,

Unified aeroacoustics analysis for high speed turboprop aerodynamics and noise. Volume 5: Propagation of propeller tone noise through a fuselage boundary layer

An analysis of tone noise propagation through a boundary layer and fuselage scattering effects was derived. This analysis is a three dimensional and the complete wave field is solved by matching analytical expressions for the incident and scattered waves in the outer flow to a numerical solution in the boundary layer flow. The outer wave field is constructed analytically from an incident wave appropriate to the source and a scattered wave in the standard Hankel function form. For the incident wave, an existing function - domain propeller noise radiation theory is used. In the boundary layer region, the wave equation is solved by numerical methods. The theoretical analysis is embodied in a computer program which allows the calculation of correction factors for the fuselage scattering and boundary layer refraction effects. The effects are dependent on boundary layer profile, flight speed, and frequency. Corrections can be derived for any point on the fuselage, including those on the opposite side from the source. The theory was verified using limited cases and by comparing calculations with available measurements from JetStar tests of model prop-fans. For the JetStar model scale, the boundary layer refraction effects produce moderate fuselage pressure reinforcements aft of and near the plane of rotation and significant attenuation forward of the plane of rotation at high flight speeds. At lower flight speeds, the calculated boundary layer effects result in moderate amplification over the fuselage area of interest. Apparent amplification forward of the plane of rotation is a result of effective changes in the source directivity due to boundary layer refraction effects. Full scale effects are calculated to be moderate, providing fuselage pressure amplification of about 5 dB at the peak noise location. Evaluation using available noise measurements was made under high-speed, high-altitude flight conditions. Comparisons of calculations made of free field noise, using a current frequency-domain propeller noise prediction method, and fuselage effects using this new procedure show good agreement with fuselage measurements over a wide range of flight speeds and frequencies. Correction factors for the JetStar measurements made on the fuselage are provided in an Appendix

2002 MICHIGAN LAND VALUES

Land Economics/Use,