Pricing in International Markets: Lessons From The Economist

Export firms are often assumed to stabilize destination market prices in the face of nominal exchange rate changes in order to protect market share. We show that standard tests of such pricing to market fail to discriminate against the alternative hypothesis of menu costs. As a case study, we examine the characteristics and determinants of changes in the cover prices of The Economist magazine in a sample of twelve countries over the floating rate period. We find that, while the law of one price fails, there is no evidence of systematic attempts to offset nominal exchange rate movements. Instead, the findings are consistent with menu cost driven pricing behavior.

Geographical and Sectoral Shocks in the U.S. Business Cycle

We examine whether the aggregate U.S. business cycle is driven mainly by geographical" shocks (affecting all sectors within a state), or by sectoral shocks (affecting the same sector in all" states). We find that, at the level of an individual sector in an individual state growth are driven by the sector, not by the state: textiles in Texas moves more with textiles" elsewhere in the U.S. than with other sectors in Texas. But shocks to sector growth rates exhibit" a lower correlation across sectors compared to the correlation of shocks to state growth rates" across states. As a result, geographical shocks gain greater importance at higher levels of" aggregation. Finally, we find that changes in the volatility of the aggregate U.S. business cycle" reflect, to a roughly comparable degree, both changes in the volatility of state and sector business" cycles, and changes in their correlation across sectors and states.

Comparing Hemp Seed Yields (Cannabis sativa L.) of an On-Farm Scientific Field Experiment to an On-Farm Agronomic Evaluation Under Organic Growing Conditions in Lower Austria

Hemp seed yields of the variety Fedora-19 in an on-farm scientific field experiment on small plots and in an on-farm evaluation in 11 hemp fields under practical organic growing conditions in Lower Austria were compared to give a realistic view of the variability of yields. Dry matter seed yields from the on-farm field experiment ranged from 127 to 143 g/m2. Under practical growing conditions, yields ranged from 34 to 151 g/m2 in the sample plots. The reported hemp seed yield after combine harvesting, drying, and cleaning was between 324 kg/ha and 717 kg/ha. The results of the experiment show that harvesting by hand considerably influences yields. Yields of the manual harvest in sample plots indicate a high correlation with yields harvested by the combine harvester (R2 = 0.91). The commercial yield is 71% of the yields recorded in sample plots in the fields. Our data questions the transfer of results and conclusions drawn from the data of scientific field experiments that employ manual harvest to that of practical circumstances, and support the notion of on-farm research

Radar, Insect Population Ecology, and Pest Management

Discussions included: (1) the potential role of radar in insect ecology studies and pest management; (2) the potential role of radar in correlating atmospheric phenomena with insect movement; (3) the present and future radar systems; (4) program objectives required to adapt radar to insect ecology studies and pest management; and (5) the specific action items to achieve the objectives

Electrically Conductive Paints for Satellites

A program was conducted to develop and test electrically conductive paint coatings for spacecraft. A wide variety of organic and inorganic coatings were formulated using conductive binders, conductive pigments, and similar approaches. Z-93, IITRI's standard specification inorganic thermal control coating, exhibits good electrical properties and is a very space-stable coating system. Several coatings based on a conductive pigment (antimony-doped tin oxide) in silicone and silicate binders offer considerable promise. Paint systems using commercially available conductive polymers also appear to be of interest, but will require substantial development. Evaluations were made based on electrical conductivity, paint physical properties, and the stability of spectral reflectance in space environment testing

Hemp (Cannabis sativa L.) as a Resource for Green Cosmetics: Yield of Seeds and Fatty Acids Composition of 20 Varieties under the Growing Conditions of Organic Farming in Austria

The interest in hemp (non-drug Cannabis sativa L.) for skin care and cosmetic use is due to the high content of oil, especially unsaturated fatty acids in seed with technological and therapeutic effects. In a field trial on an organic farm, seed weight and content of fatty acids of 20 hemp varieties were surveyed on three different harvest dates. The dry matter seed yields ranged from 27-149 g m2. The varieties Ferimon-12, Fedora-19, and Bialobreszie produced high seed yields on all three harvest dates but yields were not significantly different from a large group of other varieties. Contents of palmitic acid range from 3.1 to 4.1%, of stearic acid from 0.1 to 1.9%, of oleic acid from 3.7 to 9.2%, of linoleic acid from 44.8 to 60.2%, of α-linolenic acid from 18.2 to 27.4%, and of γ-linolenic acid from 1.6 to 4.7%. The genotype has no significant influence on fatty acid content. All 20 varieties tested show high quantities of fatty acid depending on the harvest date, so that no variety can be favored. Results confirm that hemp is a very good source of fatty acids for skin care and cosmetic use

Radio Astronomical Polarimetry and the Lorentz Group

In radio astronomy the polarimetric properties of radiation are often modified during propagation and reception. Effects such as Faraday rotation, receiver cross-talk, and differential amplification act to change the state of polarized radiation. A general description of such transformations is useful for the investigation of these effects and for the interpretation and calibration of polarimetric observations. Such a description is provided by the Lorentz group, which is intimately related to the transformation properties of polarized radiation. In this paper the transformations that commonly arise in radio astronomy are analyzed in the context of this group. This analysis is then used to construct a model for the propagation and reception of radio waves. The implications of this model for radio astronomical polarimetry are discussed.Comment: 10 pages, accepted for publication in Astrophysical Journa