11,228 research outputs found

    Review of Crucible: The Year that Forged Our World

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    The months between June 1947-1948, as Jonathan Fenby argues, was a pivotal moment in world history. This review will evaluate Fenby\u27s work in \u27Crucible\u27 to conclude that Fenby is correct in this assessment. Moreover, this review will argue that \u27Crucible\u27 acts as a uniquely reactive portrait of international affairs between June 1947-1948, giving the post-revisionist school on the origins of the Cold War more credibility

    Semiparametric Estimation in Models of First-Price, Sealed-Bid Auctions with Affiliation

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    Within the affiliated private-values paradigm, we develop a tractable empirical model of equilibrium behaviour at first-price, sealed-bid auctions. The model is non-parametrically identified, but the rate of convergence in estimation is slow when the number of bidders is even moderately large, so we develop a semiparametric estimation strategy, focusing on the Archimedean family of copulae and implementing this framework using particular members--the Clayton, Frank, and Gumbel copulae. We apply our framework to data from low-price, sealed-bid auctions used by the Michigan Department of Transportation to procure road-resurfacing services, rejecting the hypothesis of independence and finding significant (and high) affiliation in cost signals.first-price, sealed-bid auctions, copulae, affiliation

    Economics of managing acid soils in dryland mixed cropping systems: comparing gross margins with whole-farm analysis derived using a business process model

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    A 12-year experiment designed to show the benefits of applying lime to acid soils when growing annual pasture, perennial pasture, and annual crops in rotations with annual or perennial pastures, provides the context for comparing methods of economic analysis. In this study enterprise gross margins are compared with whole-farm cumulative monthly cash flows derived using a business process model. The current study gave gross margins comparable with those of a recently published study based on the first 12 years of the same field experiment at Book Book near Wagga Wagga in southern NSW (Li et al., 2010). Both gross margin analyses indicated positive results for all treatments. However, because key fixed and capital cost items were not taken into account in the gross margin analysis the financial benefits of the treatments were overstated. In the whole-farm analysis, a full set of accounts (including fixed and capital costs) was developed for the experimental combinations of prime lamb and dryland cropping enterprises and used to generate a monthly cash flow sequence for each treatment over the 12-year term of the experiment. This full financial analysis, where all costs are included, showed all mixed treatments (cropping and grazing) accumulated unsustainable losses over the period of the trial. The grazing-only treatments generated positive cash lows over the 12 year period, but 2 accumulated high levels of debt in the initial years. None of these outcomes were predicted by gross margins, which were consistently positive for all treatments. This paper concludes that the analysis of trial results benefits from interpretation in the context of whole-farm analysis, verified by district experience. Relying on gross margin analysis alone would have supported loss-making outcomes in this trial. This conclusion has important ramifications for analysis of all systems trials.Agribusiness,
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