Whether commodity futures market in agriculture is efficient in price discovery? - An econometric analysis

In any agriculture-dominated economy, like India, farmers face not only yield risk but price risk as well. Commodity futures and derivatives have a crucial role to play in the price risk management process, especially in agriculture. The present study is an investigation into the futures markets in agricultural commodities in India. The statistical analysis of data on price discovery in a sample of four agricultural commodities traded in futures exchanges have indicated that price discovery does not occur in agricultural commodity futures market. The econometric analysis of the relationship between price return, volume, market depth and volatility has shown that the market volume and depth are not significantly influenced by the return and volatility of futures as well as spot markets. The Bartlett’s test statistic has been found insignificant in both the exchanges, signifying that the futures and spot markets are not integrated. The exchange-specific problems like thin volume and low market depth, infrequent trading, lack of effective participation of trading members, non-awareness of futures market among farmers, no well-developed spot market in the vicinity of futures market, poor physical delivery, absence of a well-developed grading and standardization system and market imperfections have been found as the major deficiencies retarding the growth of futures market. The future of futures market in respect of agricultural commodities in India, calls for a more focused and pragmatic approach from the government. The Forward Markets Commission and SEBI have a greater role in addressing all the institutional and policy level constraints so as to make the agricultural commodity futures and derivatives a meaningful, purposeful and vibrant segment for price risk management in the Indian agriculture.Agricultural Finance,

Location of valinomycin in lipid vesicles

The location of the cyclododecadepsipeptide, valinomycin in vesicles formed from two synthetic lipids is studied by differential scanning calorimetry, spin-label partitioning electron paramagnetic resonance and [1H]-nuclear magnetic resonance. The results show that valinomycin is located near the head group region of dipalmitoyl phosphatidyl choline vesicles and in the hydrophobic core of the dimyristoyl phosphatidyl choline vesicles in the liquid crystalline phase

Experience with Carbon Taxes and Greenhouse Gas Emissions Trading Systems

Carbon taxes and emissions trading systems (ETSs) to limit emissions of greenhouse gases (GHGs) are increasingly common. At the end of 2015, 17 GHG ETSs were operational in 55 jurisdictions, and 18 jurisdictions collected at least one carbon tax. This paper assesses the performance of carbon taxes and ETSs with respect to environmental effectiveness (reduction of emissions regulated by the instrument), cost-effectiveness (marginal abatement cost), economic efficiency, public finance, and administrative issues. Data on emissions subject to carbon taxes are rarely reported. We estimate the taxed emissions for 17 taxes in 12 jurisdictions from 1991 through the end of 2015. All 17 taxes have reduced emissions relative to business-as-usual. Six of the jurisdictions actually reduced emissions, although in at least three of those jurisdictions the reductions appear to be due to other policies. The small sizes of reduction in almost all 17 cases are partially due to the low tax rates; the modest and uncertain changes in tax rates over time; and the limited response of taxed sources, such as fossil fuels, to price changes. Actual emissions declined for at least six of 10 ETSs. Other policies and developments, such as the 2009 recession, contributed to the reductions, but estimates of the share of the reduction attributable to the instrument are rare. All of the ETSs have accumulated banks of surplus allowances and most have implemented measures to reduce these banks. On average, the marginal cost of compliance is substantially lower for ETSs than carbon taxes. ETS experience has been shared bilaterally and via dedicated institutions. As a result, most ETSs have increased the share of allowances auctioned; adopted declining emissions caps; specified future caps and floor prices several years into the future; shifted to benchmarking for free allowance allocations to emissions-intensive, trade-exposed (EITE) sources; reduced accessibility to foreign offset credits; and established market stability reserves. By contrast, there is little evidence of shared learning and virtually no change to the design of carbon taxes. We found no jurisdiction that routinely tracks the taxed emissions. Very few jurisdictions regularly assess the effectiveness of the tax in achieving emission reductions. Additionally, adjustments to the tax rate often are unpredictable after an introductory period of three to five years. Both instruments reduce emissions, but ETSs have performed better than carbon taxes on the principal criteria of environmental effectiveness and cost-effectiveness. Many jurisdictions have implemented both a carbon tax and a GHG ETS, and every jurisdiction that has adopted either instrument has also implemented other policies. More research is needed to improve the design of both instruments and their interaction with non-market-based carbon policies because the use of multiple instruments produces complex interactive and distributional effects. While economically inefficient, market-based policies should be supplemented by non-market-based policies to ensure sustained political support

A23187-Channel behaviour: fluorescence study

Pyranine entrapped soylipid liposomes have been used as a model system to study the proton transport across membrane in the presence of A23187, a carboxylic ionophore specific for electroneutral exchange of divalent cations. An apparent rate constant (kapp) for transport of protons has been determined from the rate of change of fluorescence intensity of pyranine by stopped flow rapid kinetics in the presence of proton gradient The variation of kapp has been studied as a function of ionophore concentration and the results have been compared with gramicidin-a well known channel former under the similar experimental conditions. The rates thus obtained showed that A23187 is not only a simple carrier but also shows channel behaviour at high concentration of ionophore

High resolution nuclear magnetic resonance studies of hen's egg yolk plasma lipoproteins

High resolution nuclear magnetic resonance spectra of native or protease-treated hen's egg yolk plasma (very low density lipoproteins) were taken either in water or deuterated water; the protease-treated samples showed a sharpening of choline methyl proton signal of phospholipid, indicating the hindrance of the choline head-group rotation by the phospholipids in the native very low density lipoproteins. With both native and the protease-treated egg yolk plasma, elevated temperatue increased the signal intensity and produced line-sharpening of Q choline methyl protons and the - CH2-C=O-protons of the methylene group adjacent to the carboxyl group of esterified fatty acids, indicating prior restriction of mobility of these groups. Total extracted lipids of egg yolk plasma containing traces of chloroform, methanol and water (which keep the sample in one phase) also gave similar temperature dependence. Addition of water to the same sample and sonication resulted in the loss of temperature dependence. Frozen and thawed protease-treated egg yolk plasma also behaved in a similar manner. The absence of temperature dependence in these latter two samples is believed to be due to formation of bilayers of phospholipids following phase separation of triglycerides and phospholipids. The results support a model in which the lipoprotein particles of the egg yolk plasma have a lipid-core structure containing triglycerides in the centre with a monomolecular layer of lecithin at the surface, the polar heads of which are surrounded by proteins

Mechanisms of transmembrane cation transport studied by nuclear magnetic resonance spectroscopy

Several molecules like ionophores, vitamins, ion-binding cyclic peptides, acidic phospholipids, surfactants are known to expose the inner side of vesicles, to the externally added cations. Whereas ionophores and certain other systems bring about these changes by a selective transport (influx) of the cation by specialized mechanisms known as the carrier and channel mechanism, other systems cause lysis and vesicle fusion. These systems have been successfully studied using1H,31 P and13C nuclear magnetic resonance spectroscopy after the demonstration, fifteen years ago, of the ability of paramagnetic lanthanide ions to distinguish the inside of the vesicle from the outside. The results of these'nuclear magnetic resonance kinetics' experiments are reviewed

Flight Planning Tool an Aid for Efficient Flight Evaluation

Airborne surveillance systems have multiple sensors and communication links on board a suitable platform. They work in a cohesive manner to provide effective surveillance over the region of interest. The performance proving of such a system is challenging and requires flight trails extending over years. The test results often have to be interpreted using statistical analysis of the flight test data. An efficient way is to carefully design the flight test profiles such that enough samples can be collected during the test and multiple requirements can be tested in a single sortie. Such meticulous test strategies where both own ship platform and test targets are moving with high dynamics call for software based tool for planning of test sorties and the test points. Flight Planning Tool (FPT) plays an important role in pre-flight stage during developmental trials for analysis of the MOEs and MOPs of overall system and of various on-board sensors of an airborne multi-sensor system. The FPT provides statistical & graphical analysis for sensor behaviour for various scenarios (flight trials) before actual flight test is conducted. It provides prior information on number of valid samples for sensor testing during flight trials. In addition, the tool aids in assessing number of profiles to be flown for proving each MOE. The profiles can also be optimised such that valid samples are collected for evaluation

RF spectroscopy in a resonant RF-dressed trap

We study the spectroscopy of atoms dressed by a resonant radiofrequency (RF) field inside an inhomogeneous magnetic field and confined in the resulting adiabatic potential. The spectroscopic probe is a second, weak, RF field. The observed line shape is related to the temperature of the trapped cloud. We demonstrate evaporative cooling of the RF-dressed atoms by sweeping the frequency of the second RF field around the Rabi frequency of the dressing field.Comment: 7 figures, 8 pages; to appear in J. Phys.