The Quality-Quantity Trade-off in the Principal-Agent Framework

This paper uses the principal-agent theory to analytically investigate the optimal incentive-based compensation contract that a processor should offer to a grower performing efforts in quantity and quality. In this process, we contribute to the substantive literature on multi-task principal-agent models by analyzing the quality-quantity trade-off and studying the implications of such a relationship in the principal-agent framework. One striking result of these effects is that, under appropriate incentive-based grower’s compensation, the processor may encourage grower’s effort in quality without crowding out grower’s effort in quantity.quality, quantity, trade-off, incentive contract, principal-agent framework, uncertainty, Agribusiness, Agricultural and Food Policy, D86,

The yield/quality trade-off and contractual choice

This paper provides an analysis of the choice of governance mechanism in agriculture using an integrated perspective based on agency theory. The main ways of organizing agriculture are compared: spot market and incentive contract. With the analytical development of both models, it is explored that the choice of the optimal mechanism depends on initial conditions such as uncertainty, the risk aversion of the agents or the number of competitors. Moreover, according to the predictions made by the economic literature on agrarian organization, the results support the coexistence of both governance alternatives.Crop Production/Industries,

Quality and governance mode choice: a transaction cost approach to the wine industry

We analyze the relationship between product quality and governance mode choice using the results of a survey of DOC Rioja wineries. Wineries that produce high-quality wines are more likely to vertically integrate than are wineries that produce low-quality wines. Consistent with Transaction Cost Economics, we find evidence that asset specificity and uncertainty are important determinants of vertical integration. Finally, the size of the winery is also an important factor that affects governance mode choice in viticulture.quality, governance mode choice, transaction cost, Industrial Organization,

On the co-existence of spot and contract markets: an analysis of quality

The possible co-existence of spot and contract market that can emerge in the presence of quality issues with a number of growers and processors in each stage is something that has largely remained an open question in the literature. This paper is an attempt to fill this void. We use a straightforward two-stage Cournot oligopoly model with specific demand and cost functions. In the first stage, processors decide simultaneously whether or not to set an incentive contract. The second stage is the stage in which growers choose their levels of quantity and quality based on the industry structure developed in the first stage. With the help of numerical simulations we conducted the study of the equilibrium structures. Our results suggest that for a wide range of number of participants in both markets, participation in both markets constitutes a Nash equilibrium for the model.Marketing,

Double Sided Moral Hazard and Share Contracts in agriculture

This paper develops a double-sided moral hazard model of share contract in agriculture, with imperfect quality measurement by the agent and the principal, who contribute to the final good quality in terms of production effort and marketing effort respectively. Using this model, we analyse the implications of the share contract for quantity and quality, often ignored in previous analysis. With the help of a simulation exercise, we prove that the outcome-conditioned share generally weakens the agent´s incentive to make effort in quality input. This finding could explain the contractual evidence in some differentiated markets such as the wine market, where bottle-price conditioned contracts are rarely used.share-contract, double moral-hazard, quality, Farm Management,

Public-private partnerships: determinants of the type of governance structure

Despite the spread of Public-Private Partnerships (PPPs) and their interest among academicians and policy-makers, many investigations generally treat them as a homogenous mode of governance neglecting their different forms. The present work investigates the factors that determine the concrete form of PPP finally adopted. We use the Transaction Costs Theory (TCT) to analyse 11,821 PPPs in 110 developing countries from 1997 to 2017. The results show that the greater the amount of specific investment and the more unfavourable the context in which it is implemented, PPP adopts forms where the private party has a greater degree of control

Primary prevention for acute kidney injury in ambulatory patients

Acute kidney injury (AKI) is a heterogeneous group of conditions characterized by a sudden decrease in glomerular filtration rate (GFR), which usually induces the accumulation of nitrogenous-waste substances in the blood. It is expressed as an increase in serum creatinine levels (≥ 0.3 mg/dl within 48 hours or ≥1.5 times from baseline within the previous 7 days) or by a urine volume reduction of ˂0.5 ml/kg/h in 6 hours [1]. AKI is a relevant condition since it is usually associated with 1–7% and 30–50% of hospital and intensive care unit (ICU) admissions, respectively; showing a significant morbidity-mortality rate, and progression to chronic kidney disease (CKD) [1–7]. Even though many strategies have been proposed to achieve an early AKI diagnosis (e.g. novel biomarkers, informatics alarms), and an AKI effective treatment (e.g. renal protective drugs, biocompatible renal replacement therapies), both objectives remain unachieved; therefore, AKI prevention is currently the best ‘therapeutic’ strategy for this condition

La colaboración público-privada en la obtención de capacidades espaciales: evaluación a través de la metodología MAPS y optimización bajo entornos de agencia.

La presente tesis doctoral aborda la obtención de las necesidades espaciales de un país, en particular, como parte de la Defensa del mismo.Con aproximaciones que emanan de la Economía y Gestión de las Organizaciones, se aborda el análisis de la gestión pública que rodea la adquisición de tales capacidades. En particular, apoyándose en las teorías de los costes de transacción y de agencia, se estudia la toma de decisiones y la gobernanza de los distintos modos de aprovisionarse.Desde el punto de vista aplicado, se utiliza una herramienta propuesta por la OCDE, denominada MAPS, para la evaluación de la compra pública, no solo con el fin de evaluar los procedimientos actualmente empleados, sino con el de aportar una visión crítica de la propia herramienta de evaluación y su aplicación en el contexto país actual.Con ello, se obtiene un resultado que permite determinar el modelo más adecuado para la referida obtención, dentro de una comparativa entre tres modelos de referencia: jerárquico, publico-privado o externo.El resultado del estudio no es puramente académico, sino que pretende emitir una serie de recomendaciones de gestión y organización de los modos de aprovisionar este servicio público.Del análisis de la evaluación, se obtienen los factores que refuerzan o debilitan el modelo propuesto, para ser empleados en la propuesta de modelo óptimo de gobernanza, en estos procesos de obtención.Principalmente se argumenta que el modelo de una agencia espacial, que dé cabida a las fórmulas público-privadas, dentro de la oportuna planificación estratégica y organizativa, sería el idóneo para dotar a una nación de las capacidades espaciales que ésta precise.<br /

The Smc5/6 complex is required for dissolution of DNA-mediated sister chromatid linkages

Mitotic chromosome segregation requires the removal of physical connections between sister chromatids. In addition to cohesin and topological entrapments, sister chromatid separation can be prevented by the presence of chromosome junctions or ongoing DNA replication. We will collectively refer to them as DNA-mediated linkages. Although this type of structures has been documented in different DNA replication and repair mutants, there is no known essential mechanism ensuring their timely removal before mitosis. Here, we show that the dissolution of these connections is an active process that requires the Smc5/6 complex, together with Mms21, its associated SUMO-ligase. Failure to remove DNA-mediated linkages causes gross chromosome missegregation in anaphase. Moreover, we show that Smc5/6 is capable to dissolve them in metaphase-arrested cells, thus restoring chromosome resolution and segregation. We propose that Smc5/6 has an essential role in the removal of DNA-mediated linkages to prevent chromosome missegregation and aneuploidy

Expression of adrenomedullin and proadrenomedullin N-terminal 20 peptide in human and rat prostate

Adrenomedullin (AM) and proadrenomedullin N-terminal 20 peptide (PAMP) are two recently discovered hypotensive peptides translated from the same message transcript (preproAM mRNA). In this article we report the presence of AM, PAMP, and their mRNA in human and rat prostate and of AM receptor mRNA in rat prostate. PreproAM mRNA was found in the epithelium of normal human and rat prostate glands by in situ hybridization. In humans, it was mainly expressed in the basal cells. In rat, its expression was higher in the ducts than in the acini of all the prostate lobes. Immunocytochemistry identified a similar distribution pattern for AM compared with its mRNA but showed different locations for AM and PAMP immunoreactivity. The former was widespread in the epithelia, whereas the latter was almost exclusively found in neuroendocrine cells. In rat, Western blot analysis confirmed the presence of high levels of AM peptide in the ventral lobe and of its precursor in the ventral and dorsolateral lobes. Immunoreactivity for serotonin, chromogranin A, PAMP, and AM defined four subpopulations of prostate neuroendocrine-like cells in rat, a cell type that has not been previously described