Multi-Period Asset Allocation: An Application of Discrete Stochastic Programming

The issue of modeling farm financial decisions in a dynamic framework is addressed in this paper. Discrete stochastic programming is used to model the farm portfolio over the planning period. One of the main issues of discrete stochastic programming is representing the uncertainty of the data. The development of financial scenario generation routines provides a method to model the stochastic nature of the model. In this paper, two approaches are presented for generating scenarios for a farm portfolio problem. The approaches are based on copulas and optimization. The copula method provides an alternative to the multivariate normal assumption. The optimization method generates a number of discrete outcomes which satisfy specified statistical properties by solving a non-linear optimization model. The application of these different scenario generation methods is then applied to the topic of geographical diversification. The scenarios model the stochastic nature of crop returns and land prices in three separate geographic regions. The results indicate that the optimal diversification strategy is sensitive to both scenario generation method and initial acreage assumptions. The optimal diversification results are presented using both scenario generation methods.Agribusiness, Agricultural Finance, Farm Management,

Enterprise-level risk assessment of geographically diversified commercial farms: a copula approach

As agriculture becomes more industrialized, the role of risk measures such as value-at-risk (VaR) will become more utilized. In this case it was applied to geographical diversification and also modifying the traditional VaR estimation by incorporating a copula dependence parameter into the VaR estimation. In addition, an alternative risk measure was also calculated, CVaR. The CVaR, unlike VaR, is a coherent risk measure. Thus it does not suffer from many of the shortcomings of the VaR. The land portfolio consisted of Dryland wheat production acres in Texas, Colorado, and Montana. Three series of net returns were calculated for each region. Based on the VaR and the CVaR, the portfolio was optimized based on minimizing the expected loss based on historical net revenues. The results showed that diversification could be reduced by producing in all three areas.Copula, CVaR, Risk-Management, Geographical Diversification, Agribusiness, Farm Management, Risk and Uncertainty,

Geographical Diversification: An Application of Copula Based CVaR

Risk and Uncertainty,

Effects of Feeding a Novel Alfalfa Leaf Pellet Product (ProLEAF MAX) and Alfalfa Stems (ProFiber Plus) on Performance in the Feedlot and Carcass Quality of Beef Steers

Alfalfa is often included in the diets of beef animals; however, the nutrient content of alfalfa is variable depending on the region in which it is grown, climate, soil, and many other factors. The leaf portion of alfalfa has a less variable nutrient composition than the stem portion of the plant. The variability that is present in the alfalfa plant can make the development of total mixed rations of consistent nutrient content difficult. As such, the purpose of this study was to determine how the inclusion of fractionated alfalfa leaves and alfalfa stems impacts performance and carcass quality of finishing beef steers. Twenty-four steers were allocated to one of three treatments: a control group fed a typical finishing diet with alfalfa as the forage (CON; n = 8), a typical diet that replaced alfalfa with fractionated alfalfa leaf pellets and alfalfa stems (ProLEAF MAX™ + ProFiber Plus™; PLM+PFP; n = 8), or a typical diet that replaced alfalfa with alfalfa stems (PFP; n = 8) for 63 days. Steers were fed individually once daily, weighed every 14 days and ultrasound images were collected every 28 days. At the end of the feeding trial, steers were harvested at a commercial facility and carcass data was obtained. Analysis of dry matter intake demonstrated that steers receiving the PFP and CON diets consumed more feed (P \u3c 0.001) than steers consuming the PLM+PFP diet. Steers receiving the PLM+PFP diet gained less (P \u3c 0.001) weight than the steers receiving the other two dietary treatments. No differences (P \u3e 0.10) in feed efficiency or carcass characteristics were observed. Steers receiving the PFP diet had improved (P = 0.016) cost of gain ($0.93 per kg) when compared with steers receiving PLM+PFP ($1.08 per kg) diet. Overall, our findings demonstrate that the inclusion of PFP in place of alfalfa hay in a finishing diet has the potential to improve cost of gain, without negatively affecting growth, performance, or carcass characteristics of finishing feedlot steers

Infection of human mucosal tissue by Pseudomonas aeruginosa requires sequential and mutually dependent virulence factors and a novel pilus-associated adhesin

Tissue damage predisposes humans to life-threatening disseminating infection by the opportunistic pathogen Pseudomonas aeruginosa. Bacterial adherence to host tissue is a critical first step in this infection process. It is well established that P. aeruginosa attachment to host cells involves type IV pili (TFP), which are retractile surface fibers. The molecular details of attachment and the identity of the bacterial adhesin and host receptor remain controversial. Using a mucosal epithelium model system derived from primary human tissue, we show that the pilus-associated protein PilY1 is required for bacterial adherence. We establish that P. aeruginosa preferentially binds to exposed basolateral host cell surfaces, providing a mechanistic explanation for opportunistic infection of damaged tissue. Further, we demonstrate that invasion and fulminant infection of intact host tissue requires the coordinated and mutually dependent action of multiple bacterial factors, including pilus fiber retraction and the host cell intoxication system, termed type III secretion. Our findings offer new and important insights into the complex interactions between a pathogen and its human host and provide compelling evidence that PilY1 serves as the principal P. aeruginosa adhesin for human tissue and that it specifically recognizes a host receptor localized or enriched on basolateral epithelial cell surfaces

Quantifying Timing Leaks and Cost Optimisation

We develop a new notion of security against timing attacks where the attacker is able to simultaneously observe the execution time of a program and the probability of the values of low variables. We then show how to measure the security of a program with respect to this notion via a computable estimate of the timing leakage and use this estimate for cost optimisation.Comment: 16 pages, 2 figures, 4 tables. A shorter version is included in the proceedings of ICICS'08 - 10th International Conference on Information and Communications Security, 20-22 October, 2008 Birmingham, U

Quadriceps exercise intolerance in patients with chronic obstructive pulmonary disease: the potential role of altered skeletal muscle mitochondrial respiration

This study sought to determine if qualitative alterations in skeletal muscle mitochondrial respiration, associated with decreased mitochondrial efficiency, contribute to exercise intolerance in patients with chronic obstructive pulmonary disease (COPD). Using permeabilized muscle fibers from the vastus lateralis of 13 patients with COPD and 12 healthy controls, complex I (CI) and complex II (CII)-driven State 3 mitochondrial respiration were measured separately (State 3:CI and State 3:CII) and in combination (State 3:CI+CII). State 2 respiration was also measured. Exercise tolerance was assessed by knee extensor exercise (KE) time to fatigue. Per milligram of muscle, State 3:CI+CII and State 3:CI were reduced in COPD (P \u3c 0.05), while State 3:CII and State 2 were not different between groups. To determine if this altered pattern of respiration represented qualitative changes in mitochondrial function, respiration states were examined as percentages of peak respiration (State 3:CI+CII), which revealed altered contributions from State 3:CI (Con 83.7 ± 3.4, COPD 72.1 ± 2.4%Peak, P \u3c 0.05) and State 3:CII (Con 64.9 ± 3.2, COPD 79.5 ± 3.0%Peak, P \u3c 0.05) respiration, but not State 2 respiration in COPD. Importantly, a diminished contribution of CI-driven respiration relative to the metabolically less-efficient CII-driven respiration (CI/CII) was also observed in COPD (Con 1.28 ± 0.09, COPD 0.81 ± 0.05, P \u3c 0.05), which was related to exercise tolerance of the patients (r = 0.64, P \u3c 0.05). Overall, this study indicates that COPD is associated with qualitative alterations in skeletal muscle mitochondria that affect the contribution of CI and CII-driven respiration, which potentially contributes to the exercise intolerance associated with this disease

Aluminium-induced ion transport in Arabidopsis: the relationship between Al tolerance and root ion flux

Aluminium (Al) rhizotoxicity coincides with low pH; however, it is unclear whether plant tolerance to these two factors is controlled by the same mechanism. To address this question, the Al-resistant alr104 mutant, two Al-sensitive mutants (als3 and als5), and wild-type Arabidopsis thaliana were compared in long-term exposure (solution culture) and in short-term exposure experiments (H+ and K+ fluxes, rhizosphere pH, and plasma membrane potential, Em). Based on biomass accumulation, als5 and alr104 showed tolerance to low pH, whereas alr104 was tolerant to the combined low-pH/Al treatment. The sensitivity of the als5 and als3 mutants to the Al stress was similar. The Al-induced decrease in H+ influx at the distal elongation zone (DEZ) and Al-induced H+ efflux at the mature zone (MZ) were higher in the Al-sensitive mutants (als3 and als5) than in the wild type and the alr104 mutant. Under combined low-pH/Al treatment, alr104 and the wild type had depolarized plasma membranes for the entire 30 min measurement period, whereas in the Al-sensitive mutants (als3 and als5), initial depolarization to around –60 mV became hyperpolarization at –110 mV after 20 min. At the DEZ, the Em changes corresponded to the changes in K+ flux: K+ efflux was higher in alr104 and the wild type than in the als3 and als5 mutants. In conclusion, Al tolerance in the alr104 mutant correlated with Em depolarization, higher K+ efflux, and higher H+ influx, which led to a more alkaline rhizosphere under the combined low-pH/Al stress. Low-pH tolerance (als5) was linked to higher H+ uptake under low-pH stress, which was abolished by Al exposure

Advanced characterization of twins using automated EBSD

This poster describes resuns obtained using an automated, crystallographically-based technique for twin identification. The technique is based on the automated EBSD. The key features of the analysis are identification of potential twin boundaries by their misorientation character, identification of the distinct boundary planes among the symmetrically equiwlent candidates. and validation of these boundaries through comparison with the boundary and twin plane traces in the sample cross section. Results on the application of this technique to deformation twins in zirconium are analyzed for the effect of twin type and amount and sense of uniaxial deformation. The accumulation of strain tends to increase the misorientation deviation at least to the degree of the trace deviation compared with recrystalllzation twins in nickel