Pricing-to-market in NSW rice export markets

The Ricegrowers’ Cooperative Limited is a single‐desk seller of NSW Japonica rice on the export market. Confidential monthly price data supplied by the Cooperative were used to examine ‘pricing‐to‐market’ in four of its major export markets. The hypothesis of a competitive market was rejected. The Cooperative has been able to vary mark‐ups over different markets and with respect to the importer’s currency in each market. The exchange rate results in particular suggest that the Cooperative has been able to exercise market power to obtain price premiums.Crop Production/Industries, International Relations/Trade,

The influence of weight and fat on lamb prices revisited

Previous research has found inconsistencies in the valuation of weight and fat characteristics of lamb carcasses between the saleyard and wholesale markets. In this paper, recent New South Wales saleyard and wholesale price data on different classes of lamb are analysed using hedonic methods to determine the relative influence of weight and fat on prices received. Fat score 2 lambs are heavily discounted relative to fat score 3 lambs, and there are significant seasonal price differentials, but there are no significant premiums or discounts for weight or other fat characteristics. These results hold for both the saleyard and wholesale markets. The implication is that the efficiency of price discovery in the Australian lamb market has improved a little in recent years in the sense that premiums and discounts are now consistent across market levels. However consumers’ stated preferences for large lean lambs are not being reflected in price incentives generated in the live lamb and lamb carcass markets.lamb, marketing, hedonic models, carcass characteristics, Demand and Price Analysis, Livestock Production/Industries, Marketing,

Jointly selecting for fibre diameter and fleece weight: A market-level assessment of the QPLU$ Merino breeding project

The QPLU$ Merino breeding project began in the early 1990s. The aim of the project was to demonstrate the efficiency of using a selection index to achieve breeding objectives. A number of selection lines were created from three strains of Merino sheep. During the ten-year course of the project, selection of each line was undertaken using an index based on measurements of fleece weight and fibre diameter. Different emphases were placed on each trait in each selected line. This paper estimates the potential aggregate returns of the project to the Australian sheep and wool industries using an equilibrium displacement model.Australian sheep and wool industries, equilibrium displacement model, cross-commodity relationships, R&D evaluation, Livestock Production/Industries, Research and Development/Tech Change/Emerging Technologies, Research Methods/ Statistical Methods,

Persistence of Regional Unemployment: Application of a Spatial Filtering Approach to Local Labour Markets in Germany

The geographical distribution and persistence of regional/local unemployment rates in heterogeneous economies (such as Germany) have been, in recent years, the subject of various theoretical and empirical studies. Several researchers have shown an interest in analysing the dynamic adjustment processes of unemployment and the average degree of dependence of the current unemployment rates or gross domestic product from the ones observed in the past. In this paper, we present a new econometric approach to the study of regional unemployment persistence, in order to account for spatial heterogeneity and/or spatial autocorrelation in both the levels and the dynamics of unemployment. First, we propose an econometric procedure suggesting the use of spatial filtering techniques as a substitute for fixed effects in a panel estimation framework. The spatial filter computed here is a proxy for spatially distributed region-specific information (e.g., the endowment of natural resources, or the size of the ‘home market’) that is usually incorporated in the fixed effects parameters. The advantages of our proposed procedure are that the spatial filter, by incorporating region-specific information that generates spatial autocorrelation, frees up degrees of freedom, simultaneously corrects for time-stable spatial autocorrelation in the residuals, and provides insights about the spatial patterns in regional adjustment processes. We present several experiments in order to investigate the spatial pattern of the heterogeneous autoregressive parameters estimated for unemployment data for German NUTS-3 regions. We find widely heterogeneous but generally high persistence in regional unemployment rates.

Probability distributions for economic surplus changes: the case of technical change in the Australian wool industry

Mullen, Alston and Wohlgenant (1989) (MAW) examined the distribution of the benefits of technical change in the Australian wool industry. Their conclusions are revisited by examining the probability distributions of changes in the welfare measures, given uncertainty about their model parameters. Subjective probability distributions are specified for the parameters and correlations among some of the parameters are imposed. Hierarchical distributions are also used to model diverse views about the specification of the subjective distributions. A sensitivity elasticity is defined through the estimation of a response surface to measure the sensitivity of the estimated research benefits to individual parameters. MAW’s conclusions are found to be robust under the stochastic approach to sensitivity analysis demonstrated in this article.Livestock Production/Industries,

ATPMN: accurate positions and flux densities at 5 and 8 GHz for 8,385 sources from the PMN survey

We present a source catalogue of 9,040 radio sources resulting from high-resolution observations of 8,385 PMN sources with the Australia Telescope Compact Array. The catalogue lists flux density and structural measurements at 4.8 and 8.6 GHz, derived from observations of all PMN sources in the declination range -87 deg < delta < -38.5 deg (exclusive of galactic latitudes |b| 70 mJy (50 mJy south of delta = -73 deg). We assess the quality of the data, which was gathered in 1992-1994, describe the population of catalogued sources, and compare it to samples from complementary catalogues. In particular we find 127 radio sources with probable association with gamma-ray sources observed by the orbiting Fermi Large Area Telescope.Comment: 20 pages, 21 figure

Effect of prolonged space flight on cardiac function and dimensions

Echocardiographic studies were performed preflight 5 days before launch and on recovery day and 1, 2, 4, 11, 31 and 68 days postflight. From these echocardiograms measurements were made. From these primary measurements, left ventricular end-diastolic volume, end-systolic volume, stroke volume, and mass were derived using the accepted assumptions. Findings in the Scientist Pilot and Pilot resemble those seen in trained distance runners. Wall thickness measurements were normal in all three crewmembers preflight. Postflight basal studies were unchanged in the Commander on recovery day through 68 days postflight in both the Scientist Pilot and Pilot, however, the left ventricular end-diastolic volume, stroke volume, and mass were decreased slightly. Left ventricular function curves were constructed for the Commander and Pilot by plotting stroke volume versus end-diastolic volume. In both astronauts, preflight and postflight data fell on the same straight line demonstrating that no deterioration in cardiac function had occurred. These data indicate that the cardiovascular system adapts well to prolonged weightlessness and suggest that alterations in cardiac dimensions and function are unlikely to limit man's future in space

Fly-by-light flight control system technology development plan

The results of a four-month, phased effort to develop a Fly-by-Light Technology Development Plan are documented. The technical shortfalls for each phase were identified and a development plan to bridge the technical gap was developed. The production configuration was defined for a 757-type airplane, but it is suggested that the demonstration flight be conducted on the NASA Transport Systems Research Vehicle. The modifications required and verification and validation issues are delineated in this report. A detailed schedule for the phased introduction of fly-by-light system components has been generated. It is concluded that a fiber-optics program would contribute significantly toward developing the required state of readiness that will make a fly-by-light control system not only cost effective but reliable without mitigating the weight and high-energy radio frequency related benefits

Vertical integration and technology: theory and evidence

This paper investigates the determinants of vertical integration. We first derive a number of predictions regarding the relationship between technology intensity and vertical integration from a simple incomplete contracts model. Then, we investigate these predictions using plant-level data for the UK manufacturing sector. Most importantly, and consistent with theory, we find that the technology intensities of downstream (producer) and upstream (supplier) industries have opposite effects on the likelihood of vertical integration. Also consistent with theory, both these effects are stronger when the supplying industry accounts for a large fraction of the producer's costs. These results are generally robust and hold with alternative measures of technology intensity, with alternative estimation strategies, and with or without controlling for a number of firm and industry-level characteristics