AN ANALYSIS OF ALTERNATIVE NET PRESENT VALUE CAPITAL INVESTMENT DECISION MODELS

We have found that the disagreement between Returns-to-Assets (RTA) and Returns-to-Equity (RTE) proponents is not confined to agricultural economics. Depending on the course they are taking and the accompanying text, students are likely to learn that there is a "right" way to calculate Net Present Values (NPVs), either by the RTA method or the RTE method. In most cases, only one of the two methods is discussed and illustrated with numerical examples. Less common are texts that compare the two methods, discuss their underlying assumptions, or show how the NPVs from the two methods can be reconciled. The paper is organized as follows. The first section of the main body of the paper provides a comparative overview of the RTA and RTE methods; the second section discusses our textbook survey; the final section offers our conclusions. Appendix A contains a brief history of the theoretical development of discounted cash flow (DCF) concepts. Appendix B contains additional details on defining components of NPV models. Finally, Appendix C is a listing of some additional references.Research Methods/ Statistical Methods,

Climate change adaptation strategies for Australian birds

Abstract In the first continental analysis of the effects of climate change on a faunal group, we identified that the climate space of 101 Australian terrestrial and inland water bird taxa is likely to be entirely gone by 2085, 16 marine taxa have breeding sites that are predicted to be at least 10% less productive than today, and 55 terrestrial taxa are likely to be exposed to more frequent or intense fires.  Birds confined to Cape York Peninsula, the Wet Tropics, the Top End of the Northern Territory (particularly the Tiwi Islands), the arid zone, King Island and southern South Australia (particularly Kangaroo Island) are most likely to lose climate space. There was some variation in the predictions of the 18 climate models deployed, but all predicted that the rainforest avifauna of Cape York Peninsula is likely to face the strongest challenge from climate change, particularly taxa currently confined to the Iron and McIlwraith Ranges. For marine birds, those nesting on Lord Howe and Norfolk Islands, the Great Barrier Reef and the Houtman Abrolhos are likely to face the greatest declines in local marine productivity. Changes in local marine productivity may also affect the endemic terrestrial birds of these islands, for which no climate modelling was possible. A small group of beach-nesting and saltmarsh birds may be affected by sea level rise.  Many taxa, and particularly seabirds, are potentially highly sensitive to climate change based on a set of ecological and morphological metrics. Small island taxa were most likely to be both exposed and sensitive to climate change, followed by marine and shoreline taxa. While threatened birds were more likely than non-threatened taxa to be exposed or sensitive to climate change, or both, a substantial proportion was neither. A key action that needs to be undertaken immediately is fine scale modelling of regions identified as having numerous highly exposed bird taxa, in order to identify climatic refugia within the landscape. Such refugia can then be secured and managed appropriately for the future. The most urgent ongoing action is monitoring, with support for the Atlas of Australian Birds seen as a particularly cost-effective investment. In the future, the most expensive actions will be management of refugia, and captive breeding should all other approaches to conservation in the wild fail. However, most of those for which captive breeding is recommended as a last resort are subspecies of species that are widespread, either in Australia or in New Guinea.  For in situ management, the most important actions will be those that are already important – fire management, weed and feral animal control and, for marine taxa, controls on fishing. A small number of species-specific actions are suggested, and there appears to be no urgent requirement for corridors for the maintenance of taxa likely to be threatened with extinction – those few taxa not already living in areas where there are likely to be refugia will require assistance to colonise new climate space. The cost of management over the next 50 years for persistence in the face of climate change of the 396 bird taxa that are very highly exposed, sensitive or both is estimated at $18.8 million per year –$47,700 per year for each taxon. The biggest ongoing costs are monitoring and direct species management but refugia management and captive breeding may eventually be needed, and will be much more expensive. Please cite this report as: Garnett, S, Franklin, D, Ehmke, G, VanDerWal, J, Hodgson, L, Pavey, C, Reside, A, Welbergen, J, Butchart, S, Perkins, G, Williams, S 2013 Climate change adaptation strategies for Australian birds,  National Climate Change Adaptation Research Facility, Gold Coast. pp.109. In the first continental analysis of the effects of climate change on a faunal group, we identified that the climate space of 101 Australian terrestrial and inland water bird taxa is likely to be entirely gone by 2085, 16 marine taxa have breeding sites that are predicted to be at least 10% less productive than today, and 55 terrestrial taxa are likely to be exposed to more frequent or intense fires.  Birds confined to Cape York Peninsula, the Wet Tropics, the Top End of the Northern Territory (particularly the Tiwi Islands), the arid zone, King Island and southern South Australia (particularly Kangaroo Island) are most likely to lose climate space. There was some variation in the predictions of the 18 climate models deployed, but all predicted that the rainforest avifauna of Cape York Peninsula is likely to face the strongest challenge from climate change, particularly taxa currently confined to the Iron and McIlwraith Ranges. For marine birds, those nesting on Lord Howe and Norfolk Islands, the Great Barrier Reef and the Houtman Abrolhos are likely to face the greatest declines in local marine productivity. Changes in local marine productivity may also affect the endemic terrestrial birds of these islands, for which no climate modelling was possible. A small group of beach-nesting and saltmarsh birds may be affected by sea level rise.  Many taxa, and particularly seabirds, are potentially highly sensitive to climate change based on a set of ecological and morphological metrics. Small island taxa were most likely to be both exposed and sensitive to climate change, followed by marine and shoreline taxa. While threatened birds were more likely than non-threatened taxa to be exposed or sensitive to climate change, or both, a substantial proportion was neither. A key action that needs to be undertaken immediately is fine scale modelling of regions identified as having numerous highly exposed bird taxa, in order to identify climatic refugia within the landscape. Such refugia can then be secured and managed appropriately for the future. The most urgent ongoing action is monitoring, with support for the Atlas of Australian Birds seen as a particularly cost-effective investment. In the future, the most expensive actions will be management of refugia, and captive breeding should all other approaches to conservation in the wild fail. However, most of those for which captive breeding is recommended as a last resort are subspecies of species that are widespread, either in Australia or in New Guinea.  For in situ management, the most important actions will be those that are already important – fire management, weed and feral animal control and, for marine taxa, controls on fishing. A small number of species-specific actions are suggested, and there appears to be no urgent requirement for corridors for the maintenance of taxa likely to be threatened with extinction – those few taxa not already living in areas where there are likely to be refugia will require assistance to colonise new climate space. The cost of management over the next 50 years for persistence in the face of climate change of the 396 bird taxa that are very highly exposed, sensitive or both is estimated at $18.8 million per year –$47,700 per year for each taxon. The biggest ongoing costs are monitoring and direct species management but refugia management and captive breeding may eventually be needed, and will be much more expensive

HANDLING DURABLE AND NONDURABLE FARM INPUT DECISIONS USING A SINGLE THEORETICAL FRAMEWORK

Students in economics are taught that the optimal usage of a nundurable input occurs when the value of its marginal product (VMP) equals its marginal cost (MC). However, this fundamental condition has rarely been extended to durable inputs. Even advanced textbooks have done little to compare and contrast the optimality conditions for durables versus nondurables. This paper outlines and compares a common VMP-MC decision for (1) nondurables in a single-period time horizon, (2) durables in a finite planning horizon, and (3) durables in an infinite planning horizon.Agricultural Finance,

Anomaly Detection and Removal Using Non-Stationary Gaussian Processes

This paper proposes a novel Gaussian process approach to fault removal in time-series data. Fault removal does not delete the faulty signal data but, instead, massages the fault from the data. We assume that only one fault occurs at any one time and model the signal by two separate non-parametric Gaussian process models for both the physical phenomenon and the fault. In order to facilitate fault removal we introduce the Markov Region Link kernel for handling non-stationary Gaussian processes. This kernel is piece-wise stationary but guarantees that functions generated by it and their derivatives (when required) are everywhere continuous. We apply this kernel to the removal of drift and bias errors in faulty sensor data and also to the recovery of EOG artifact corrupted EEG signals.Comment: 9 pages, 14 figure

State Labor Law and Federal Police Reform

In April of 1997, the U.S. Department of Justice (DOJ) reacheda settlement agreement with the Pittsburgh Bureau of Police(PBP) to correct a pattern of unconstitutional misconduct.\u27 It wasthe first time the DOJ had used 42 U.S.C. § 14141 to interveneinto a local police department to correct systemic misconduct.The statute, passed in response to the Rodney King beating,provides the U.S. Attorney General with the power to seekequitable relief against troubled local police departments. As the reform process began to unfold in Pittsburgh, problemssoon emerged. The consent decree required Pittsburgh toimprove its process for investigating and responding to civiliancomplaints. But at times, the PBP found it difficult to complywith this requirement, in part because the city had agreed to acollective bargaining agreement with the police union that limitedwhich complaints were eligible for investigation. While theconsent decree established ambitious goals for improvement, italso included a clause that read: Nothing in this Decree isintended to alter the collective bargaining agreement between theCity and the Fraternal Order of Police. This meant that, inattempting to reform the Pittsburgh Police Department via§ 14141, the DOJ was effectively limited in its reach because of theterms of the collective bargaining agreement. As Jonathan M.Smith, the former Chief of the Special Litigation Section of theDOJ\u27s Civil Rights Division has observed, the Pittsburgh experience is hardly unique. In the over twenty years since theDOJ has had the power under § 14141 to seek equitable reliefagainst police departments, it has often had to take on lesssufficient reform strategies because of the barrier of police unioncontracts

State Labor Law and Federal Police Reform

In April of 1997, the U.S. Department of Justice (DOJ) reacheda settlement agreement with the Pittsburgh Bureau of Police(PBP) to correct a pattern of unconstitutional misconduct.\u27 It wasthe first time the DOJ had used 42 U.S.C. § 14141 to interveneinto a local police department to correct systemic misconduct.The statute, passed in response to the Rodney King beating,provides the U.S. Attorney General with the power to seekequitable relief against troubled local police departments. As the reform process began to unfold in Pittsburgh, problemssoon emerged. The consent decree required Pittsburgh toimprove its process for investigating and responding to civiliancomplaints. But at times, the PBP found it difficult to complywith this requirement, in part because the city had agreed to acollective bargaining agreement with the police union that limitedwhich complaints were eligible for investigation. While theconsent decree established ambitious goals for improvement, italso included a clause that read: Nothing in this Decree isintended to alter the collective bargaining agreement between theCity and the Fraternal Order of Police. This meant that, inattempting to reform the Pittsburgh Police Department via§ 14141, the DOJ was effectively limited in its reach because of theterms of the collective bargaining agreement. As Jonathan M.Smith, the former Chief of the Special Litigation Section of theDOJ\u27s Civil Rights Division has observed, the Pittsburgh experience is hardly unique. In the over twenty years since theDOJ has had the power under § 14141 to seek equitable reliefagainst police departments, it has often had to take on lesssufficient reform strategies because of the barrier of police unioncontracts