Right-to-Choose Auctions: A Field Study of Water Markets in the Limari Valley of Chile

Field experiments were conducted with farmers in the Limarí Valley of Chile to test extant theory on right-to-choose auctions. Water volumes that differed by reservoir source and time of availability were offered for sale by the research team. The auctions were supplemented by protocols to elicit risk and time preferences of bidders. We find that the right-to-choose auctions raise significantly more revenue than the benchmark sequential auction. Risk attitudes explain a substantial amount of the difference in bidding between auction institutions, consonant with received theory. The auction bidding revealed distinct preferences for water types, which has implications for market re-design.auction design, field experiments,water market

Right-to-Choose Auctions: A Field Study of Water Markets in the Limari Valley of Chile

Field experiments were conducted with farmers in the Limarí Valley of Chile to test extant theory on right-to-choose auctions. Water volumes that differed by reservoir source and time of availability were offered for sale by the research team. The auctions were supplemented by protocols to elicit risk and time preferences of bidders. We find that the right-to-choose auctions raise significantly more revenue than the benchmark sequential auction. Risk attitudes explain a substantial amount of the difference in bidding between auction institutions, consonant with received theory. The auction bidding revealed distinct preferences for water types, which has implications for market re-design.water market, field experiment, auction design, Farm Management, Research Methods/ Statistical Methods, Resource /Energy Economics and Policy, Risk and Uncertainty,

THE IMPACT OF HEALTH, ENVIRONMENTAL AND SOCIAL ATTRIBUTES OF SALMON CHOICE IN THE UNITED STATES

In recent years, U.S. consumers have increasingly sought information about the health implications of their food purchases, as well as the environmental and social impact of the food production process. While this growing consumer demand has helped facilitate the development of several seafood certification programs, no accessible public or private data shows that U.S. shoppers are willing to pay a premium for certified seafood. To estimate whether a price premium exists for current and forthcoming certifications for wild and farmed salmon producers, and to better understand U.S. consumers’ preferences for salmon, we surveyed a representative sample of 955 shoppers from the United States. We then conducted a conjoint analysis on their willingness to pay for different methods of production (wild or farmed), countries or regions of origin, the Marine Stewardship Council’s wild seafood ‘ecolabel’, and hypothetical certifications assuring that the salmon product is associated with fewer health risks, environmental impacts, or negative social issues. Of the factors which affect consumers’ salmon purchasing decisions, the combination of fresh salmon’s method of production and its region of origin is generally a stronger determinant of U.S. salmon shopper’s purchasing decisions than the salmon’s certifications. Consumers strongly favor wild salmon to farmed salmon, prefer salmon from the United States to salmon from other countries, are willing to pay the largest premiums for environmental certifications, and state they are willing to pay the lowest premium for the health and safety certification. Results show that 1) fresh salmon producers and retailers have financial incentives to display social and environmental labels at seafood counters in markets, 2) a price premium for a health and safety certification of farmed salmon would be limited, since salmon consumers are more responsive to negative than positive information related to health issues associated with the salmon that they purchase, and 3) certifying agencies, and all retailers have financial incentives to inform consumers about the benefits and risks of salmon production and consumption, because informed consumers are willing to pay more for certified fresh salmon as well as most types of uncertified fresh salmon.Agricultural and Food Policy, Consumer/Household Economics, Demand and Price Analysis, Food Consumption/Nutrition/Food Safety, Food Security and Poverty, Health Economics and Policy,

The Effect of Genetic and Infrastructure Investments in Dairy and Beef Producers' Profit in Chile

The objective of this study was to evaluate the effect of infrastructure and genetic improvement investments, promoted by a government program (Programa de Modernizacion Ganadera), in milk and meat producers' profit in Region IX. Using a system of simultaneous equations, the effect of the investment on quality, in the price, in the yield and production cost of milk were estimated. In the case of milk, we reject the nonlinear hypothesis that the elasticities of investment in genetic improvement in gross income and variable costs are equal to zero. The estimation was done using information of 276 producers of the IX Region that participated in the program during the period 1998-99 (17,3 % of the regional population), with information for the years 1998 (baseline), 2001 and 2003. The results indicate that the investment in infrastructure had a positive and statistically significant impact in the quality of milk, which translates into a higher price received by producers. Meanwhile the investment in genetic improvement had a positive and significant effect in milk yield, but also in costs. Similar results were obtained for meat production, but the effect is weaker than in milk production, especially for infrastructure investments.Livestock Production/Industries, O13, Q14, Q16,

Uso de modelos hedónicos y de búsqueda para el análisis de precios de vinos en supermercados

Published by Asociación de Economistas Agrarios de Chilehedonic prices, wine, supermarkets., Demand and Price Analysis,

Medidas de riesgo financiero usando cópulas: teoría y aplicaciones

Este documento realiza una descripción de las medidas de dependencia con sus principales ventajas y desventajas y presenta a la cópula como una estructura flexible que permite caracterizar diferentes tipos de dependencia. Adicionalmente, introduce el uso de la cópula en la medición de riesgo financiero, tomando como ejemplo un portafolio compuesto por tres activos representativos del mercado colombiano. Las pruebas de desempeño o de backtesting del valoren riesgo calculado por diferentes metodologías en los años 2006 y 2007 muestra que las mejores son aquellas que modelan la dependencia en media y varianza, tales como modelos VAR-GARCH-Cópula (t) y VAR-GARCH-Cópula (normal). Las técnicas con el peor desempeño son Riskmetrics® y la basada en el supuesto de normalidad.Dependencia, cópula, riesgo de mercado, riesgo de crédito, métodos de simulación de Monte Carlo. Classification JEL: C32; C52; G10.

Transmisión de tasas de interés bajo el esquema de metas de inflación: evidencia para Colombia

Este documento busca describir la dinámica de la transmisión de las medidas de política monetaria implementadas por el Banco de la República hacia las demás tasas de interés, con el fin de identificar la efectividad y el rezago que tienen las medidas de política monetaria. A partir de un modelo teórico donde se plantean las principales relaciones entre las tasas de interés a las cuales captan y ofrecen recursos los bancos comerciales, sumadas con algunas consideraciones relacionadas con el esquema de metas de inflación, se plantea un modelo VECX-MGARCH, el cual no sólo permite analizar las interacciones entre los niveles de las tasas de interés, sino que, además, modela las relaciones entre las volatilidades de las variables endógenas del modelo. En general, los resultados sugieren que la dinámica que exhibe el esquema de transmisión de política monetaria a través de las tasas de interés opera de acuerdo a lo esperado según el esquema de metas de inflación. En efecto, el modelo VECX-MGARCH respalda las implicaciones del modelo teórico y, adicionalmente, los análisis derivados de las funciones de impulso respuesta (en media y varianza) sugieren que el efecto de un choque monetario sobre las tasas de interés siguen de cerca los objetivos planteados por el banco central, tanto en signo como en magnitud.Transmisión de tasas de interés, esquema de metas de inflación, Modelos VECX-MGARCH, funciones de impulso respuesta en volatilidad (VIRF). Classification JEL: C32; E42; E44.

Determinantes del Precio del Vino en el Mercado Chileno: Un Estudio de Precios Hedónicos.

Published by Asociación de Economistas Agrarios de ChileConsumer/Household Economics, Production Economics,

Instrumentación y control de asentamientos para obras de ingeniería civil con la ayuda de la geomática

Trabajo de investigaciónTeniendo en cuenta el análisis de la información de los edificios analizados y ubicados en el área perimetral al proyecto Milá, se realizó una vinculación de datos de asentamientos con el efecto de las subsidencias en los datos tomados en cada control, para ello fue necesario realizar un análisis de comportamiento frente la influencia en la aplicación de cargas y desplazamientos verticales diferenciales en los predios vecinos, en donde se identificó la niveleta o columna que más asentamiento tuvo, en los predios circundantes y se vinculó con la de mayor asentamiento en el proyecto de estudio (MILÁ), en forma de Radar, con el fin de vincular de manera razonable los asentamientos puntuales en cada estructura independiente y relacionarla con el comportamiento de las subsidencias en la zona.INTRODUCCIÓN 1. ANTECEDENTES Y JUSTIFICACIÓN 2. OBJETIVOS 3. PLANTEAMIENTO Y FORMULACIÓN DEL PROBLEMA 4. MARCO TEÓRICO 5. MARCO CONCEPTUAL 6. INFORMACIÓN DEL PROYECTO 7. MARCO GEOLÓGICO, GEOTÉCNICO Y SÍSMICO GENERAL 8. ANÁLISIS DE ASENTAMIENTOS DE EDIFICIOS CIRCUNDANTES 9. VERTICALIDAD EN MILÁ Y EDIFICIOS CIRCUNDANTES 10. ANÁLISIS DE ASENTAMIENTOS MILÁ 11. SUGERENCIA TÉCNICA DE INSTRUMENTACIÓN GEOMÁTICA PARA CONTROL DE ASENTAMIENTOS COMO MÉTODOS DE APRENDIZAJE EN LA UNIVERSIDAD CATÓLICA DE COLOMBIA 12. CONCLUSIONES BIBLIOGRAFÍA ANEXOSPregradoIngeniero Civi