On the Microeconomics of Diversification under Uncertainty and Learning

This paper investigates the microeconomics of diversification, based on a two-period model of an owner-managed firm facing uncertainty. The analysis utilizes a general state-contingent representation of uncertainty and learning. Economies of diversification are defined based on a certainty equivalent, which has three components: expected profit, the risk premium (measuring the cost of risk aversion), and the value of information associated with learning. The influence of scale effects, "trans-ray concavity" effects, and income effects on economies of diversification are examined in detail. We argue that, while scope economies and risk aversion can provide general incentives for diversification, information and learning can have the opposite effect. By integrating scope, risk, and the role of information, our analysis provides new insights on existing economic tradeoffs between firm diversification and specialization.

Research and Development at U.S. Research Universities: An Analysis of Scope Economies

This work investigates the presence and sources of economies of scope in R&D at U.S. research universities. The analysis evaluates the tradeoffs and synergies arising between traditional university research outputs (articles and doctorates) and academic patents. We propose a new measure of economies of scope based on a primal representation of the underlying technology. We derive a decomposition of economies of scope which identifies its sources (e.g., complementarity effects and scale effects). Non-parametric estimates of scope economies using R&D input and output data from 92 research universities show significant economies of scope between articles and patents, but modest complementarities.

Efficiency and Technological Change at U.S. Research Universities

This paper investigates the determinants of efficiency and technological progress at US research universities. It relies on a unique panel data set of multiple outputs and inputs from 92 universities covering the period 1981-1998. Over that time span, US universities experienced large increases in industry funding and in academic patenting activity. In this context, the directional distance function and a nonparametric representation of the underlying production technology are combined to obtain estimates of productivity growth and technical efficiency. A pooled-Tobit estimator is used to examine the determinants of technical efficiency and the rate of technological progress. The results show how changes in funding sources for U.S. research universities affects research performance.

The State Contingent Approach to Farmers' Valuation and Adoption of New Biotech Crops: Nitrogen-Fertilizer Saving and Drought Tolerance Traits

We used a state contingent approach to give a detailed analysis of the uncertainty surrounding seed trait adoption. Our framework emphasizes the role of timing and information in farmers’ adoption decisions. The inherent embeddedness of seed traits results in timing restrictions and the inability of post-planting adjustments, this in turn results in farmers necessarily engaging in a game with nature. Two main types of traits we identify are supplementing traits and stabilizing traits – classification into each category is directly related on the mobility of the production factor the trait intends to substitute. Supplementing traits allow for acting after nature (i.e., ex post) while stabilizing traits are better modeled as acting before nature (i.e., ex ante). The type of trait results in different determinants of the farmers’ WTP function.State Contingent, Genetically Modified, Biotech, Contingent Valuation, Nitrogen Absorption Efficiency, Drought Tolerance, Uncertainty, Seed Trait, Technological Adoption, Crop Production/Industries, Research and Development/Tech Change/Emerging Technologies,

Research and Development at U.S. Research Universities: An Analysis of Scope Economies

This paper investigates the presence and sources of economies of scope in R&D production at U.S. research universities. The analysis evaluates the tradeoffs or synergies arising between traditional university research outputs (articles and doctorates) and a more recent and burgeoning output: academic patents. Using a shortage function, we propose a decomposition of economies of scope (decomposition which includes complementarity effects and scale effects). R&D input and output data from 92 public and private research universities are used to obtain non-parametric estimates of scope economies. The results show significant variations in economies of scope and sources by size and type of university.Research and Development/Tech Change/Emerging Technologies,

TECHNICAL CHANGE AND EFFICIENCY AT US LAND GRANT UNIVERSITIES: IS THERE ANY FAT LEFT TO CUT?

This work uses non-parametric efficiency analysis and a unique panel data set to analyze efficiency and technical change at US universities from 1981-1998 with a special emphasis on Land Grant institutions. The analysis demonstrates that Land Grants are on average more efficient than their counterparts. While in the 1980s they had higher levels of technological change, in the 1990s that declined to levels similar to other types of universities. Identifying factors influencing efficiency and technological progress in university production provides key insights into the future of the Land Grant system.Research and Development/Tech Change/Emerging Technologies, Teaching/Communication/Extension/Profession,

VALIDATION OF LIGHTSAY LEG POWER FORMULA

The purpose of this study was to compare the results obtained through Lightsey's formula for the calculation of approximate leg power from height data measured fro filmed standing vertical jump performances with those obtained from precise force-platform measures of the same performances

FLIGHT AS A MEASURE OF LEG POWER

A basic motor ability involved in many different motor tasks is anaerobic muscular power. Defined as the ability to rapidly generate and apply large amounts of force and thereby impart high velocity to the body, its segments and/or external objects, this ability is involved in the successful performance of virtually all running, jumping and throwing events for which muscle strength and speed are important