Strategic Buyers, Horizontal Mergers and Synergies: An Experimental Investigation*

This paper reports an experiment designed to evaluate interrelationships between strategic buyers, market power and merger-induced synergies. The experiment consists of 40 posted-offer quadropolies. Treatments include the use of simulated or human buyers, seller consolidations and merger-induced fixed cost and unit cost synergies. In the simulated-buyer markets we observe behavior generally consistent with comparative static predictions: prices rise post-merger, and unit (but not fixed) cost synergies may exert some price-moderating effect. The addition of powerful buyers changes results markedly. Although prices are lower in the human buyer markets, outcomes are more variable and predicted comparative static effects are no longer observed.

Raising Revenues for Charity: Auctions versus Lotteries

We report an experiment conducted to gain insight into factors that may affect revenues in English auctions and lotteries, two commonly used charity fund-raising formats. In particular, we examine how changes in the marginal per capita return (MPCR) from the public component of bidding, and how changes in the distribution of values affect the revenue properties of each format. Although we observe some predicted comparative static effects, the dominant result is that lottery revenues uniformly exceed English auction revenues. The similarity of lottery and English auction bids across sales formats appears to drive the excess lottery revenues.auctions, lotteries, charitable giving, experimental tests

Spatial modelling of Calanus finmarchicus and Calanus helgolandicus : parameter differences explain differences in biogeography

The North Atlantic copepods Calanus finmarchicus and C. helgolandicus are moving north in response to rising temperatures. Understanding the drivers of their relative geographic distributions is required in order to anticipate future changes. To explore this, we created a new spatially explicit stage-structured model of their populations throughout the North Atlantic. Recent advances in understanding Calanus biology, including U-shaped relationships between growth and fecundity and temperature, and a new model of diapause duration are incorporated in the model. Equations were identical for both species, but some parameters were species-specific. The model was parameterized using Continuous Plankton Recorder Survey data and tested using time series of abundance and fecundity. The geographic distributions of both species were reproduced by assuming that only known interspecific differences and a difference in the temperature influence on mortality exist. We show that differences in diapause capability are not necessary to explain why C. helgolandicus is restricted to the continental shelf. Smaller body size and higher overwinter temperatures likely make true diapause implausible for C. helgolandicus. Known differences were incapable of explaining why only C. helgolandicus exists southwest of the British Isles. Further, the fecundity of C. helgolandicus in the English Channel is much lower than we predict. We hypothesize that food quality is a key influence on the population dynamics of these species. The modeling framework presented can potentially be extended to further Calanus species

A Randomized, Double-blind, Placebo-controlled Study of the Safety and Efficacy of Lessertia frutescens (L.) Goldblatt and J.C. Manning (syn. Sutherlandia frutescens (L.) R. Br.) in HIV-infected South Africans : Protocol

Protocol Number: TICIPS002_RP01NIH: National Center for Complementary and Alternative MedicinesFogarty International CenterSponsor: National Center for Complementary and Alternative Medicine National Institutes of Health (http://nccam.nih.gov)On July 9, 2015, the file was updated from the 2009-12 version to Version 7.5 (Protocol Revision Date April 05, 2010)

Tree growth and management in Ugandan agroforestry systems: effects of root pruning on tree growth and crop yield

Tree root pruning is a potential tool for managing below-ground competition when trees and crops are grown together in agroforestry systems. This study investigates its effects on growth and root distribution of Alnus acuminata (HB & K), Casuarina equisetifolia (L), Grevillea robusta (A. Cunn. ex R. Br), Maesopsis eminii (Engl.), and Markhamia lutea (Benth.) K. Schum. and on yield of adjacent crops in sub-humid Uganda. The trees were 3 years old at the commencement of the study, and most species were competing strongly with crops. Tree roots were pruned 41 months after planting by cutting and back-filling a trench to a depth of 0.3 m, at a distance of 0.3 m from the trees, on one side of the tree row. The trench was re-opened and roots re-cut at 50 and 62 months after planting. Effects on tree growth and root distribution were assessed over a 3 year period, and crop yield after the third root pruning at 62 months is reported here. Overall, root pruning had only a slight effect on tree growth: height growth was unaffected and diameter growth was reduced by only 4 %. A substantial amount of root re-growth was observed by 11 months after pruning. Tree species varied in the number and distribution of their roots, and Casuarina and Markhamia had considerably more roots per unit of trunk volume than the other tree species, especially in the surface soil layers. Casuarina and Maesopsis were the most competitive tree species with crops and Grevillea and Markhamia the least. Crop yield data provides strong evidence of the redistribution of root activity following root pruning, so that competition increased on the unpruned side of tree rows. Thus, one-sided root pruning will only be of use to farmers in a few circumstances. Key words: Alnus acuminata, Casuarina equisetifolia, Grevillea robusta, Maesopsis eminii, Markhamia lutea, root distribution, root functio

RISK PERCEPTIONS AND MANAGEMENT RESPONSES: PRODUCER-GENERATED HYPOTHESES FOR RISK MODELING

Farm level risk analyses have used price and yield variability almost exclusively to represent risk. Results from a survey of 149 agricultural producers in 12 states indicate that producers consider a broader range of sources of variability in their operations. Significant differences exist among categories with respect to the importance of the sources of variability in crop and livestock production. Producers also used a variety of management responses to variability. There were significant difference among categories in the importance given to particular responses and their use of them. These results have implications for research, extension, and policy programs.Risk and Uncertainty,

Development of Lunar Highland REgolith Simulants, NU-LHT-1M,-2M

As part of a collaborative agreement between the U.S, Geological Survey (USGS) and NASA's Marshall Space Flight Center (MSFC) lunar highland simulants are being produced to support engineers and scientists in developing the technologies required to put a base on the moon by 2024. Two simulants have been produced to date: NU-LHT-1M and -2M (NASA/USGS-Lunar Highlands Type-l & 2 Medium-grained). Using starting material chiefly collected from the Stillwater Mine, Nye, MT, blending protocols were developed based on normative mineralogy calculated from average chemistry, for the Apollo 16 regolith. New technologies using a high temperature remotely coupled plasma melter were developed to generate both high quality and agglutinitic glasses that simulate the glassy components of the regolith. Detailed chemical, mineralogical and physical properties analysis of NU-LHT-1M indicate that it is overall a good surrogate for highlands lunar regolith (our new simulant LHT-2M has not be analyzed yet). The primary difference between 1M and 2M was the inclusion of trace mineralogy (phosphates and sulfide). Plans will also be presented on the future direction of the simulant project

Projected impacts of 21st century climate change on diapause in Calanus finmarchicus

Diapause plays a key role in the life cycle of high latitude zooplankton. During diapause animals avoid starving in winter by living in deep waters where metabolism is lower and met by lipid reserves. Global warming is therefore expected to shorten the maximum potential diapause duration by increasing metabolic rates and by reducing body size and lipid reserves. This will alter the phenology of zooplankton, impact higher trophic levels and disrupt biological carbon pumps. Here we project the impacts of climate change on the key North Atlantic copepod Calanus finmarchicus under IPCC RCP 8.5. Potential diapause duration is modelled in relation to body size and overwintering temperature. The projections show pronounced geographic variations. Potential diapause duration reduces by more than 30% in the Western Atlantic, whereas in the key overwintering centre of the Norwegian Sea it changes only marginally. Surface temperature rises, which reduce body size and lipid reserves, will have a similar impact to deep water changes on diapause in many regions. Because deep water warming lags that at the surface, animals in the Labrador Sea could offset warming impacts by diapausing in deeper waters. However, the ability to control diapause depth may be limited