762 research outputs found

    Composition of volatile compounds in bovine milk heat treated by instant infusion pasteurization and correlation to sensory analysis

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    Volatile compounds in skim milk and nonstandardised milk subjected to instant infusion pasteurisation at 80°C, 100°C and 120°C were compared with raw milk, high temperature short time pasteurised milk and milk pasteurised at 85°C/30 s. The composition of volatile compounds differed between infusion pasteurisation treated samples and the reference pasteurisations. The sensory properties of skim milk subjected to instant infusion pasteurisation were described by negative attributes, such as cardboard sour and plastic flavours, which are not associated normally with fresh milk. Partial least squares modelling showed good correlation between the volatile compounds and the sensory properties, indicating the predictive and possible causal importance of the volatile compounds for the sensory characteristics

    A Unifying Framework for the Problem of Adjudicating Conflicting Claims

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    In a recent paper, Thomson and Yeh [Operators for the adjudication of conflicting claims, Journal of Economic Theory 143 (2008) 177-198] introduced the concept of operators on the space of rules for the problem of adjudicating conflicting claims. They focussed on three operators in order to uncover the structure of such a space. In this paper, we generalize their analysis upon presenting and studying a general family of operators inspired by three apparently unrelated approaches to the problem of adjudicating conflicting claims. We study the structural properties of this family and show, in particular, that most of Thomson and Yeh’s results are specific cases of our study.rationing; operators; baselines; composition; claims

    Measurement of Returns-to-Scale using Interval Data Envelopment Analysis Models

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    The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI linkThe economic concept of Returns-to-Scale (RTS) has been intensively studied in the context of Data Envelopment Analysis (DEA). The conventional DEA models that are used for RTS classification require well-defined and accurate data whereas in reality observations gathered from production systems may be characterized by intervals. For instance, the heat losses of the combined production of heat and power (CHP) systems may be within a certain range, hinging on a wide variety of factors such as external temperature and real-time energy demand. Enriching the current literature independently tackling the two problems; interval data and RTS estimation; we develop an overarching evaluation process for estimating RTS of Decision Making Units (DMUs) in Imprecise DEA (IDEA) where the input and output data lie within bounded intervals. In the presence of interval data, we introduce six types of RTS involving increasing, decreasing, constant, non-increasing, non-decreasing and variable RTS. The situation for non-increasing (non-decreasing) RTS is then divided into two partitions; constant or decreasing (constant or increasing) RTS using sensitivity analysis. Additionally, the situation for variable RTS is split into three partitions consisting of constant, decreasing and increasing RTS using sensitivity analysis. Besides, we present the stability region of an observation while preserving its current RTS classification using the optimal values of a set of proposed DEA-based models. The applicability and efficacy of the developed approach is finally studied through two numerical examples and a case study

    Seigniorage in the 21st Century: A Study of the Profits from Money Creation in the United Kingdom and Denmark

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    This paper develops a new theory of seigniorage suited to modern economies where the majority of money is created not by the state or central bank but by commercial banks and other monetary financial institutions via their lending activity. We identify four different forms of seigniorage that take account of the modern institutional separation between the state, the central bank, commercial banks and the non-bank private sector in terms of their identities as ‘money creators’ and ‘money users’. The new typology differentiates between seigniorage profits arising from interest rate spreads on stocks of created money and profits arising from flows of interest payments on newly created assets. We illustrate our theoretical framework with empirical data on commercial bank seigniorage and related variables in the United Kingdom and the Denmark over the past quarter century
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