Quantifying the Scope for Efficiency Defense in Merger Control: The Werden-Froeb-Index

In both US and EU merger control, merger-specific efficiencies are recognized as a possible defense for horizontal mergers that raise competition concerns. We introduce the Werden-Froeb-index (WFI) to assist in evaluating these efficiencies. The index measures the average reduction in marginal costs required to restore pre-merger equilibrium prices and quantities after the merger is consummated. It has low information requirements and can deal with any number of firms in price- or quantity-competition merging fully or partially, and a large class of demand and cost functions. We show how the WFI complements Phase I merger inquiries as a screening mechanism.

Distress in couples coping with cancer: A meta-analysis and critical review of role and gender effects

Research concerning distress in couples coping with cancer was integrated using meta-analysis and narrative critical appraisal. Individual levels of distress were determined more by gender than by the role of being the person with cancer versus that person's partner. That is, women reported consistently more distress than men regardless of their role (standardized mean difference = 0.31). The association between patient and partner distress within couples was only moderate (r = .29) but is sufficient to warrant further consideration of the notion that these couples react as an emotional system rather than as individuals. It is noteworthy that this association is not moderated by gender. With a general lack of comparison groups, the question of how much distress can be ascribed to the cancer experience cannot be answered decisively; elevations in distress are probably modest. We critically discuss these results, identify important unanswered questions, and indicate directions for future research. Attention needs to be directed toward factors other than cancer as direct influences of distress in these couples and to mediators and moderators of the cancer experience. (PsycINFO Database Record (c) 2008 APA, all rights reserved)

A laboratory experiment on the heuristic switching model

© 2018 Elsevier B.V. We present results from the first laboratory experiment on the seminal heuristic switching model introduced by Brock and Hommes (1997, 1998). Subjects choose between two alternatives, a sophisticated and stabilizing, but costly, heuristic, and a destabilizing, but cheap, heuristic, and are paid according to the performance of the chosen heuristic. Aggregate choices determine the evolution of a state variable and, consequently, the performance of both heuristics. Theoretically, an increase in the costs for the stabilizing heuristic generates instability and leads to endogenous fluctuations in both the state variable and the fraction of agents using that heuristic. We vary the costs of the stabilizing heuristic in the experiment and find that the predictions of the heuristic switching model are partially confirmed. For low costs the dynamics are stable. For high costs, the dynamics initially are unstable and exhibit the type of bubbles and crashes emblematic for the heuristic switching model. However, over time the pattern of bubbles and crashes disappears and the dynamics become more stable. We estimate a standard discrete choice model on aggregate choice data and observe that subjects have a tendency to become less sensitive to payoff differences when the environment is less stable, which has important implications for the application of heuristic switching models

Inhibiting Dhurrin Biosynthesis Effects on Stocker Cattle Daily Gains

Climate change has made resilient crops more valuable in many agricultural production systems. Sorghum is an important resilient grain and forage crop due to its high drought tolerance and ability to thrive in low-N environments. All current commercial sorghum varieties produce the cyanogenic glucoside dhurrin. Cell maceration causes the conversion of dhurrin to hydrogen cyanide (HCN), which is toxic to animals. Toxicity symptoms range from labored breathing and convulsions to death within minutes. The dhurrin biosynthesis pathway was altered to inhibit dhurrin production by a mutation that inactivated CYP79A1, the first enzyme in the pathway. The dhurrin-free phenotype eliminates the risk of hydrogen cyanide (HCN) poisoning in animals; however, agronomic performance and livestock responses when the dhurrin-free is grazed has not been studied. This study focused on the impacts of the cyp79a1 mutation on sorghum forage production and utilization. Over two months, weight gains were compared for stocker calves grazing either a dhurrin-free hybrid and a conventional hybrid (S&W SP4105). Presence or absence of HCN, nutritional quality, and yields were also determined before and throughout the grazing trial. The dhurrin-free hybrid and SP4105 had equivalent biomass yields (kg ha-1) throughout the trial. The dhurrin-free hybrid’s neutral detergent fiber and acid detergent fiber were 35 and 20 mg g-1 lower, respectively, when compared to SP4105 on the first sampling date (P-value \u3c 0.1). Rumen degradable protein and total digestible nutrients were higher as well for the dhurrin-free, but the two hybrids were similar by the second sampling date for nutritional quality. Average daily gain was similar between the dhurrin-free hybrid and the conventional sorghum hybrid. Taken together, dhurrin-free sorghum has many beneficial aspects as a forage; no fear of HCN toxicity and competitive weight gains of stocker calves, with excellent biomass yields and forage quality

Asset price volatility and investment horizons: An experimental investigation

We study the effects of the investment horizon on asset price volatility using a Learning to Forecast laboratory experiment. We find that, for short investment horizons, participants coordinate on self-fulfilling trend-extrapolating predictions. Price deviations are then reinforced and amplified, possibly leading to large bubbles and crashes in asset prices. For longer investment horizons such bubbles do not emerge and price volatility tends to be lower. This is due to the fact that, for longer horizons, there is more dispersion in participants’ forecasts, and participants extrapolate trends in past prices to a lesser extent. We also show that, independent of the investment horizon, if the initial history of asset prices is already relatively stable before participants start their prediction task, price volatility remains small, with prices close to their fundamental values for the duration of the experiment

Evaluation of the Single Kernel Characterization System (SKCS) for Measurement of Sorghum Grain Attributes

The single kernel characterization system (SKCS) has been widely used in the wheat industry, and SKCS parameters have been linked to end-use quality in wheat. The SKCS has promise as a tool for evaluating sorghum grain quality. However, the SKCS was designed to analyze wheat, which has a different kernel structure from sorghum. To gain a better understanding of the meaning of SKCS predictions for grain sorghum, individual sorghum grains were measured for length, width, thickness (diameter), and weight by laboratory methods and by the SKCS. SKCS predictions for kernel weight and thickness were highly correlated to laboratory measurements. However, SKCS predictions for kernel thickness were underestimated by ≈20%. The SKCS moisture prediction for sorghum was evaluated by tempering seven samples with varying hardness values to four moisture levels. The moisture contents predicted by SKCS were compared with a standard oven method and, while correlated, SKCS moisture predictions were less than moisture measured by air oven, especially at low moisture content. Finally, SKCS hardness values were compared with hardness measured by abrasive decortication. A moderate (r = 0.67, P \u3c 0.001) correlation was observed between the hardness measurements. The SKCS predictions of kernel weight and diameter were highly correlated with laboratory measurement. Moisture prediction, however, was substantially lower by the SKCS than as measured by an air oven method. The SKCS should be suitable for measuring sorghum grain attributes. Further research is needed to determine how SKCS hardness predictions are correlated to milling properties of sorghum grain

Genetic analysis of feed quality and seed weight of sorghum inbred lines and hybrids using analytical methods and NIRS

Eight lines of grain sorghum and their F1 hybrids were evaluated for contents of crude protein (CP), fat (FAT), and starch (STA); protein digestibility (PD); and in vitro dry matter disappearance (IVDMD). The effect of seed weight (SW) on these traits and the potential use of near infrared reflectance spectroscopy (NIRS) to predict them also were investigated. The male lines included three normal-seeded lines (TX2737, TX435, and P954063) and two largeseeded lines (PL-1 and Eastin1). The female lines included commonU.S. seed parent lines (Wheatland, Redlan, and SA3042). The lines and their hybrids were grown under dryland conditions at Kansas State University experiment fields in Ashland and Belleville, Kansas, in 1999. The experiments were conducted using a randomized complete block design with four replications at each location. The effect of genotype was significant for all measured traits. The male parent lines were highly variable and expressed high levels of genetic variation in combining ability for CP, PD, STA, and SW. The female parents were genetically more uniform; however, significant general combining ability effects were noted for PD and SW. Significant negative correlations were noted between CP and STA and between SW and STA. Significant positive correlations were found between CP and SW and between FAT and IVDMD. Crude protein content was predicted accurately by NIRS. Fat content and IVDMD could not be predicted by NIRS. The NIRS equations based on ground samples were more accurate than those based on whole-seed samples