VALUING AGRICULTURAL MORTGAGE-BACKED SECURITIES

A model to value Federal Agricultural Mortgage Corporation (Farmer Mac) agricultural mortgage-backed securities (AMBS) is developed and numerically solved. The results suggest prepayment penalties currently being used by Farmer Mac reduce yields on AMBS considerably. Even with prepayment penalties, it can be advantageous for profit maximizing mortgagors to optimally prepay or even default on agricultural mortgages. The model is used to quantify prepayment and default risk by valuing the embedded options in the mortgages. Monte Carlo simulation is also used to determine the probability to optimal prepayment given the term structure assumption used to develop the model.agricultural mortgage-backed securities, default, dynamic programming, simulation, prepayment, Agricultural Finance, G13, G21,

Multifactorial analysis of human blood cell responses to clinical total body irradiation

Multiple regression analysis techniques are used to study the effects of therapeutic radiation exposure, number of fractions, and time on such quantal responses as tumor control and skin injury. The potential of these methods for the analysis of human blood cell responses is demonstrated and estimates are given of the effects of total amount of exposure and time of protraction in determining the minimum white blood cell concentration observed after exposure of patients from four disease groups

Intersexual conflict influences female reproductive success in a female-dispersing primate

In group-living mammals, individual efforts to maximize reproductive success result in conflicts and compromises between the sexes. Females utilize counterstrategies to minimize the costs of sexual coercion by males, but few studies have examined the effect of such behaviors on female reproductive success. Secondary dispersal by females is rare among group-living mammals, but in western gorillas, it is believed to be a mate choice strategy to minimize infanticide risk and infant mortality. Previous research suggested that females choose males that are good protectors. However, how much female reproductive success varies depending on male competitive ability and whether female secondary dispersal leads to reproductive costs or benefits has not been examined. We used data on 100 females and 229 infants in 36 breeding groups from a 20-year long-term study of wild western lowland gorillas to investigate whether male tenure duration and female transfer rate had an effect on interbirth interval, female birth rates, and offspring mortality. We found that offspring mortality was higher near the end of males’ tenures, even after excluding potential infanticide when those males died, suggesting that females suffer a reproductive cost by being with males nearing the end of their tenures. Females experience a delay in breeding when they dispersed, having a notable effect on birth rates of surviving offspring per female if females transfer multiple times in their lives. This study exemplifies that female counterstrategies to mitigate the effects of male-male competition and sexual coercion may not be sufficient to overcome the negative consequences of male behavior

Standard comparison test procedures for initiator output

Standard test procedures for initiators of explosive device

Thin-film flow in helically wound rectangular channels with small torsion

Laminar gravity-driven thin-film flow down a helically-wound channel of rectangular cross-section with small torsion in which the fluid depth is small is considered. Neglecting the entrance and exit regions we obtain the steady-state solution that is independent of position along the axis of the channel, so that the flow, which comprises a primary flow in the direction of the axis of the channel and a secondary flow in the cross-sectional plane, depends only on position in the two-dimensional cross-section of the channel. A thin-film approximation yields explicit expressions for the fluid velocity and pressure in terms of the free-surface shape, the latter satisfying a non-linear ordinary differential equation that has a simple exact solution in the special case of a channel of rectangular cross-section. The predictions of the thin-film model are shown to be in good agreement with much more computationally intensive solutions of the small-helix-torsion Navier–Stokes equations. The present work has particular relevance to spiral particle separators used in the mineral-processing industry. The validity of an assumption commonly used in modelling flow in spiral separators, namely that the flow in the outer region of the separator cross-section is described by a free vortex, is shown to depend on the problem parameters

The Stochastic Dynamics of Rectangular and V-shaped Atomic Force Microscope Cantilevers in a Viscous Fluid and Near a Solid Boundary

Using a thermodynamic approach based upon the fluctuation-dissipation theorem we quantify the stochastic dynamics of rectangular and V-shaped microscale cantilevers immersed in a viscous fluid. We show that the stochastic cantilever dynamics as measured by the displacement of the cantilever tip or by the angle of the cantilever tip are different. We trace this difference to contributions from the higher modes of the cantilever. We find that contributions from the higher modes are significant in the dynamics of the cantilever tip-angle. For the V-shaped cantilever the resulting flow field is three-dimensional and complex in contrast to what is found for a long and slender rectangular cantilever. Despite this complexity the stochastic dynamics can be predicted using a two-dimensional model with an appropriately chosen length scale. We also quantify the increased fluid dissipation that results as a V-shaped cantilever is brought near a solid planar boundary.Comment: 10 pages, 15 images, corrected equation (8

Follicle Structure Influences the Availability of Oxygen to the Oocyte in Antral Follicles

The ability of an oocyte to successfully mature is highly dependent on intrafollicular conditions, including the size and structure of the follicle. Here we present a mathematical model of oxygen transport in the antral follicle. We relate mean oxygen concentration in follicular fluid of bovine follicles to the concentration in the immediate vicinity of the cumulus-oocyte complex (COC). The model predicts that the oxygen levels within the antral follicle are dependent on the size and structure of the follicle and that the mean level of dissolved oxygen in follicular fluid does not necessarily correspond to that reaching the COC