An Uncertainty-Based Explanation of Symmetric

We provide a re-foundation of the symmetric growth equilibrium characterizing the research sector of all vertical R&D-driven growth models. This result does not rely on the usual assumption of a symmetric expectation on the future per-sector R&D expenditure. Indeed, with this structure of expectations, returns in R&D are equalized, and agents turn out to be indifferent as to where targeting research: hence, the problem of the allocation of R&D investments across sectors is indeterminate. In line with the ’true’ Schumpeterian perspective, we solve this indeterminacy by allowing for decision makers strictly uncertain about the future per-sector distribution of R&D efforts. By using the Gilboa-Schmeidler’s MEU decision rule, we prove that the symmetric structure of R&D investment is the unique rational expectations (RE) equilibrium compatible with uncertainty-averse agents adopting a maximin strategy.

Ambiguity Attitude, R&D Investments and Economic Growth

The process aimed at discovering new ideas is an economic activity whose returns are intrinsically uncertain. In this paper we extend the standard neo-Schumpeterian growth framework to investigate the role of strong uncertainty in the innovative process. In particular, we assume that, when deciding upon R&D efforts, investors hold `ambiguous beliefs' about the exact probability of arrival of the next vertical innovation, and face ambiguity via the α-MEU decision rule (Ghirardato et al. (2004)). Along the steady-state equilibrium, the higher the agents' ambiguity aversion (α), the lower the R&D efforts and, coeteris paribus, the overall economic performance. Consistent with cross-country empirical evidence, this causal mechanism suggests that, together with the profitability conditions of the economy, different `cultural' attitudes towards ambiguity may help explain the different R&D efforts observed across countries

Uncertainty Averse Bank Runners

Bank runs are relatively rare events characterized by highly pessimistic depositor’s expectations. How would pessimistic depositors expect to be treated in a bank run? How will this affect their behaviour? How can Banks handle this kind of risk? In the framework of a Diamond-Dybvig- Peck-Shell banking model, in which a broad class of feasible contractual arrangements (including .suspension schemes.) is allowed and which admits a run equilibrium, we analyze a scenario in which depositors are uncertain of their treatment should a run occur. We check whether bank runs are more likely or less likely to happen, in particular, if depositors are maxmin decision makers. We assess the utility of suspension schemes in the presence of pessimistic bank runners.Bank runs are relatively rare events characterized by highly pessimistic depositor’s expectations. How would pessimistic depositors expect to be treated in a bank run? How will this affect their behaviour? How can Banks handle this kind of risk? In the framework of a Diamond-Dybvig- Peck-Shell banking model, in which a broad class of feasible contractual arrangements (including .suspension schemes.) is allowed and which admits a run equilibrium, we analyze a scenario in which depositors are uncertain of their treatment should a run occur. We check whether bank runs are more likely or less likely to happen, in particular, if depositors are maxmin decision makers. We assess the utility of suspension schemes in the presence of pessimistic bank runners.Non-Refereed Working Papers / of national relevance onl

An uncertainty-based explanation of symmetric growth in Schumpeterian growth models

We provide a re-foundation of the symmetric growth equilibrium characterizing the research sector of all vertical R&D-driven growth models. This result does not rely on the usual assumption of a symmetric expectation on the future per-sector R&D expenditure. Indeed, with this structure of expectations, returns in R&D are equalized, and agents turn out to be indifferent as to where targeting research: hence, the problem of the allocation of R&D investments across sectors is indeterminate. In line with the ’true’ Schumpeterian perspective, we solve this indeterminacy by allowing for decision makers strictly uncertain about the future per-sector distribution of R&D efforts. By using the Gilboa-Schmeidler’s MEU decision rule, we prove that the symmetric structure of R&D investment is the unique rational expectations (RE) equilibrium compatible with uncertainty-averse agents adopting a maximin strategy

An Uncertainty-Based Explanation of Symmetric

We provide a re-foundation of the symmetric growth equilibrium characterizing the research sector of all vertical R&D-driven growth models. This result does not rely on the usual assumption of a symmetric expectation on the future per-sector R&D expenditure. Indeed, with this structure of expectations, returns in R&D are equalized, and agents turn out to be indifferent as to where targeting research: hence, the problem of the allocation of R&D investments across sectors is indeterminate. In line with the ’true’ Schumpeterian perspective, we solve this indeterminacy by allowing for decision makers strictly uncertain about the future per-sector distribution of R&D efforts. By using the Gilboa-Schmeidler’s MEU decision rule, we prove that the symmetric structure of R&D investment is the unique rational expectations (RE) equilibrium compatible with uncertainty-averse agents adopting a maximin strategy.We provide a re-foundation of the symmetric growth equilibrium characterizing the research sector of all vertical R&D-driven growth models. This result does not rely on the usual assumption of a symmetric expectation on the future per-sector R&D expenditure. Indeed, with this structure of expectations, returns in R&D are equalized, and agents turn out to be indifferent as to where targeting research: hence, the problem of the allocation of R&D investments across sectors is indeterminate. In line with the ’true’ Schumpeterian perspective, we solve this indeterminacy by allowing for decision makers strictly uncertain about the future per-sector distribution of R&D efforts. By using the Gilboa-Schmeidler’s MEU decision rule, we prove that the symmetric structure of R&D investment is the unique rational expectations (RE) equilibrium compatible with uncertainty-averse agents adopting a maximin strategy.Non-Refereed Working Papers / of national relevance onl

detectRUNS: Detect runs of homozygosity and runs of heterozygosity in diploid genomes

detectRUNS is a R package for the detection of runs of homozygosity (ROH/ROHom) and of heterozygosity (ROHet, a.k.a. “heterozygosity-rich regions”) in diploid genomes. ROH/ROHom were first studied in humans (e.g. McQuillan et al. 2008) and rapidly found applications not only in human genetics abut also in animal genetics (e.g. Ferencakovic et al., 2011, in Bos taurus). More recently, the idea of looking also at “runs of heterozygosity” (ROHet or, more appropriately, “heterozygosity-rich regions”) has been proposed (Wiliams et al. 2016)

IN-SITU RUMINAL DISAPPEARANCE OF ESSENTIAL AMINO-ACIDS IN PROTEIN FEEDSTUFFS

Four protein sources were incubated in situ to estimate AA disappearance. Bags containing either soybean meal, corn gluten meal, herring meal, or meat meal were washed in water or suspended in the rumen of two Holstein cows for 8, 12, 16, 24, 48, 72, and 120 h. Cytosine, a bacterial marker for microbial contamination, was used to correct the essential AA profile for microbial contribution to determine the residual essential AA composition of the protein sources after incubation. Ruminal disappearance of individual essential AA was different among feedstuffs. Relative to original feed protein, soybean meal and corn gluten meal decreased the concentration of specific essential AA in the RUP. Concentration of all essential AA, except Arg and His, increased in undegraded meat meal protein. The difference between original and residual AA concentrations in herring meal approached statistical significance. Use of the original AA profile of the feed protein to predict essential AA available for absorption is not accurate because accuracy differs with sources

A blend of animal and cereal protein or fish meal as partial replacement for soybean meal in the diets of lactating Holstein cows.

Abstract Six replications in Experiment 1 and four replications in Experiment 2 of a 3 × 3 Latin square arrangement of treatments were used to compare soybean meal or soybean meal partially replaced with fish meal or a protein blend for response in intake, milk yield and composition, ruminal NH 3 N, blood urea, and ruminal fermentation in lactating Holstein cows. The blend contained 30% corn gluten meal, 30% poultry by-products, 30% blood meal, and 10% feather meal. Periods were 28 d, and the first 7 d were used for adjustment. In addition to these protein sources, diets contained corn silage, alfalfa haylage, dried cracked corn, ground barley plus added fat, and a mineral and vitamin mixture. In Experiment 1, mean DMI was 24.4kg, mean milk yield was 36.7kg, mean fat percentage was 3.48%, and mean milk protein percentage was 3.06%; there were no significant differences. In Experiment 2, DMI was different for soybeans (22.6kg) versus other sources (21.4kg), but milk yield (32.1kg) and fat (3.39%) and protein (2.87%) percentages did not differ among diets. In Experiment 1, ruminal NH 3 N was greatest for cows consuming soybean diets (11.0 mg/dl) and lowest for cows consuming diets containing the protein blend (8.7 mg/dl). No differences in VFA were found. The lack of response to RUP can be explained by a rather high intake of a fermentable diet, which supplied sufficient absorbable AA according to the Cornell AA model