Constraints to the sustainability of a ‘systematised’ approach to livestock marketing amongst smallholder cattle producers in South Africa

Commercialization of smallholder agriculture in South Africa is underpinned by reforms to improve livestock off-take in communal areas and engage smallholder farmers with formal markets. To achieve this, Custom Feeding Programmes (CFPs) were established to improve the condition of communal cattle prior to their sale into formal markets and to ‘systematise’ the informal marketing of cattle in communal areas by enabling participants to achieve higher informal market prices. We evaluate the sustainability of eight CFPs located in Eastern Cape Province in terms of their ability to add value to smallholder cattle production and encourage market participation. Communities with CFPs achieved a 16.6% mean cattle off-take rate, substantially higher than in most communal systems. Furthermore, cattle sold through CFPs attained a 17% higher mean selling price than those sold through other marketing channels. However, these benefits were mainly realized by better-off farmers with larger cattle herds and greater ability to transport animals to and from CFPs. More marginalized farmers, particularly women, had low participation. CFPs also face challenges to their sustainability, including inconsistent feed and water supplies, poor infrastructure and high staff turnover. Key to enhancing participation in CFPs, will be improving the way they are supported and embedded within communities

Impact of irreversibility and uncertainty on the timing of infrastructure projects

This paper argues that because of the irreversibility and uncertainty associated with Build - Operate - Transfer (BOT) infrastructure projects, their financial evaluation should also routinely include the determination of the value of the option to defer the construction start-up. This ensures that project viability is comprehensively assessed before any revenue or loan guarantees are considered by project sponsors to support the project. This paper shows that the framework can be used even in the context of the intuitive binomial lattice model. This requires estimating volatility directly from the evolution of the net operating income while accounting for the correlation between the revenue and costs functions. This approach ensures that the uncertainties usually associated with toll revenues, in particular, are thoroughly investigated and their impact on project viability is thoroughly assessed. This paper illustrates the usefulness of the framework with data from an actual (BOT) toll road project. The results show that by postponing the project for a couple of years the project turns out to be viable, whereas it was not without the deferral. The evaluation approach proposed therefore provides a better framework for determining when and the extent of government financial support, if any, that may be needed to support a BOT project on the basis of project economics. The analysis may also be applicable to private sector investment projects, which are characterized by irreversibility and a high rate of uncertainty

Vascular Regenerative Surgery: Promised Land for Tissue Engineers?

Cardiovascular cell therapy is a promising new eld for the development of treatments for cardiovascular diseases, which remain a major cause of mortality around the world. In this review, we highlight the options currently available for the development of speci c cell therapy approaches applied to regeneration of cardiac and vascular tissues. Different cell types have attracted a lot of attention and extensive investigations for the treatment of vascular diseases, including embryonic stem cells, mesenchymal stem cells, induced pluripotent stem cells, and endothelial progenitors. The combination of human cells and increasingly safe and physiologically compliant biomaterials is currently offering an unprecedented opportunity to develop effective cell therapy for either major blood vessels or the microvasculature. Ef cacy and safety of cell therapy are the challenges for the new generation of regenerative medicine scientists determined to develop new remedies for car- diovascular diseases. Here we present the state of the art in this biomedical eld and the options in terms of cell types and biomaterials currently available for cardiovascular cell therapy

Atomic effects in astrophysical nuclear reactions

Two models are presented for the description of the electron screening effects that appear in laboratory nuclear reactions at astrophysical energies. The two-electron screening energy of the first model agrees very well with the recent LUNA experimental result for the break-up reaction $He3(He3,2p)He^{4}$, which so far defies all available theoretical models. Moreover, multi-electron effects that enhance laboratory reactions of the CNO cycle and other advanced nuclear burning stages, are also studied by means of the Thomas-Fermi model, deriving analytical formulae that establish a lower and upper limit for the associated screening energy. The results of the second model, which show a very satisfactory compatibility with the adiabatic approximation ones, are expected to be particularly useful in future experiments for a more accurate determination of the CNO astrophysical factors.Comment: 14 RevTex pages + 2 ps (revised) figures. Phys.Rev.C (in production

Strategic responses to global challenges: The case of European banking, 1973–2000

In applying a strategy, structure, ownership and performance (SSOP) framework to three major clearing banks (ABN AMRO, UBS, Barclays), this article debates whether the conclusions generated by Whittington and Mayer about European manufacturing industry can be applied to the financial services sector. While European integration plays a key role in determining strategy, it is clear that global factors were far more important in determining management actions, leading to significant differences in structural adaptation. The article also debates whether this has led to improved performance, given the problems experienced with both geographical dispersion and diversification, bringing into question the quality of decision-making over the long term

YOUTH EMPLOYMENT IN AFRICA: NEW EVIDENCE AND POLICIES FROM SWAZILAND

Drawing on the 2007 and 2010 Swaziland Labor Force Surveys, this paper provides first systematic evidence on recent youth employment challenges in Swaziland, a small, land-locked, middle-income country with one of the highest youth unemployment rates in Africa. The paper first documents the various labor market disadvantages faced by the Swazi youth, such as high unemployment and discouragement, and how they changed from 2007 to 2010. A multinomial logit regression analysis is then carried out to analyze the socio-economic drivers of the unfavorable youth labor market outcomes on the supply side. Since many of the factors that can unlock the employment potential of the Swazi youth are on the demand side of the labor market, the paper examines the barriers to job creation and youth entrepreneurship. It concludes with experiences of other countries that could inform design of more effective interventions for youth employment in Swaziland.http://deepblue.lib.umich.edu/bitstream/2027.42/133071/1/wp1052.pd

Innocent Frauds Meet Goodhart’s Law in Monetary Policy

This paper discusses recent UK monetary policies as instances of Galbraith’s ‘innocent frauds’, including the idea that money is a thing rather than a relationship, the fallacy of composition that what is possible for one bank is possible for all banks, and the belief that the money supply can be controlled by reserves management. The origins of the idea of QE, and its defense when it was applied in Britain, are analysed through this lens. An empirical analysis of the effect of reserves on lending is conducted; we do not find evidence that QE ‘worked’ either by a direct effect on money spending, or through an equity market effect. These findings are placed in a historical context in a comparison with earlier money control experiments in the UK

A Toy Model for Testing Finite Element Methods to Simulate Extreme-Mass-Ratio Binary Systems

Extreme mass ratio binary systems, binaries involving stellar mass objects orbiting massive black holes, are considered to be a primary source of gravitational radiation to be detected by the space-based interferometer LISA. The numerical modelling of these binary systems is extremely challenging because the scales involved expand over several orders of magnitude. One needs to handle large wavelength scales comparable to the size of the massive black hole and, at the same time, to resolve the scales in the vicinity of the small companion where radiation reaction effects play a crucial role. Adaptive finite element methods, in which quantitative control of errors is achieved automatically by finite element mesh adaptivity based on posteriori error estimation, are a natural choice that has great potential for achieving the high level of adaptivity required in these simulations. To demonstrate this, we present the results of simulations of a toy model, consisting of a point-like source orbiting a black hole under the action of a scalar gravitational field.Comment: 29 pages, 37 figures. RevTeX 4.0. Minor changes to match the published versio