Risk, uncertainty and pasture investment decisions

The private decisions of farmers to invest in new technologies interest economists because these decisions influence the rate of farm productivity growth and the returns to public investment in agricultural research and development. Economic analysis of decisions to invest in new technologies on farms involves considering the effects of these decisions on the profitability and risk of the farm business. This is done routinely using whole-farm economic models and techniques such as stochastic simulation. Such analysis can be used to predict the extent to which a technology is likely to be adopted in equilibrium, when the consequences of adoption are known to all potential adopters. Until this equilibrium is reached, however, potential adopters of new technologies face uncertainty about the consequences of adoption. This alters expectations about the effects on profitability and risk of adoption, and hence alters investment decisions. The resolution of uncertainty over time through learning is therefore a key determinant of the rate at which new technologies are adopted, and hence should be represented in dynamic economic models which seek to explain these decisions.Farm Management,

Environmental Contamination and Industrial Real Estate Prices

This article is the winner of the Industrial Real Estate manuscript prize (sponsored by Society of Industrial and Office REALTORS) presented at the American Real Estate Society Annual Meeting. This article examines the effects of environmental contamination on the sales prices of industrial properties. Two general questions are addressed. The first is the extent to which sales prices may be impacted by contamination. The second is whether sales price effects due to contamination persist subsequent to the remediation of previously contaminated industrial properties. Using data on industrial property sales in Southern California, this study estimates sales price models that address these two questions. The results show that there are statistically significant impacts on property values in the period before and during remediation, but that these effects dissipate subsequent to cleanup.

Environmental Risk Perceptions of Commercial and Industrial Real Estate Lenders

This study analyzes the risk perceptions of commercial and industrial mortgage lenders related toenvironmental contamination. Two research questions are addressed. The first is whether perceived risks vary with a property’s remediation/cleanup status. The second is whether market conditions have an intervening effect on environmental risk. An analysis of national lender survey data found significant differences in perceived risk before, during and after cleanup, with most lenders unwilling to make a loan before cleanup and a majority willing to loan at typical rates and terms after cleanup. The study also found that strong market demand significantly reduces risk while weak demand increases risk.

Necessary Conditions for the Generic Global Rigidity of Frameworks on Surfaces

A result due in its various parts to Hendrickson, Connelly, and Jackson and Jord\'an, provides a purely combinatorial characterisation of global rigidity for generic bar-joint frameworks in $\mathbb{R}^2$. The analogous conditions are known to be insufficient to characterise generic global rigidity in higher dimensions. Recently Laman-type characterisations of rigidity have been obtained for generic frameworks in $\mathbb{R}^3$ when the vertices are constrained to lie on various surfaces, such as the cylinder and the cone. In this paper we obtain analogues of Hendrickson's necessary conditions for the global rigidity of generic frameworks on the cylinder, cone and ellipsoid.Comment: 13 page

Prediction of gas leakage of environmental control systems

Mathematical models of leakage configurations and various flow theories are presented with the substantive experimental test data to provide background material for future design and failure analysis. Normal-rate leakage and emergency, high-rate leakage are considered

Breaking through the glioblastoma micro-environment via extracellular vesicles

Glioblastoma (GBM) is the most common and most aggressive brain tumour. Prognosis remains poor, despite the combined treatment of radio- and chemotherapy following surgical removal. GBM cells coexist with normal non-neoplastic cells, including endothelial cells, astrocytes and immune cells, constituting a complex and dynamic tumour micro-environment (TME). Extracellular vesicles (EVs) provide a critical means of bidirectional inter-cellular communication in the TME. Through delivery of a diverse range of genomic, lipidomic and proteomic cargo to neighbouring and distant cells, EVs can alter the phenotype and function of the recipient cell. As such, EVs have demonstrated their role in promoting angiogenesis, immune suppression, invasion, migration, drug resistance and GBM recurrence. Moreover, EVs can reflect the phenotype of the cells within the TME. Thus, in conjunction with their accessibility in biofluids, they can potentially serve as a biomarker reservoir for patient prognosis, diagnosis and predictive therapeutic response as well as treatment follow-up. Furthermore, together with the ability of EVs to cross the blood–brain barrier undeterred and through the exploitation of their cargo, EVs may provide an effective mean of drug delivery to the target site. Unveiling the mechanisms by which EVs within the GBM TME are secreted and target recipient cells may offer an indispensable understanding of GBM that holds the potential to provide a better prognosis and overall quality of life for GBM patients

Stability of a premixed flame in stagnation-point flow against general disturbances

Previously, the stability of a premixed flame in a stagnation flow was discussed for a restricted class of disturbances that are self-similar to the basic undisturbed flow; thus, flame fronts with corrugations only in the cross stream direction were considered. Here, we consider a more general class of three-dimensional flame front perturbations which also permits corrugations in the streamwise direction. It is shown that, because of the stretch experienced by the flame, the hydrodynamic instability is limited only to disturbances of short wavelength. If in addition diffusion effects have a stabilizing influence, as would be the case of mixtures with Lewis number greater than one, a stretched flame could be absolutely stable. Instabilities occur when the Lewis number is below some critical value less than one. Neutral stability boundaries are presented in terms of the Lewis number, the strain rate, and the appropriate wavenumbers. Beyond the stability threshold, the two-dimensional self-similar modes always grow first. However, if disturbances of long wavelength are excluded, it is possible for the three-dimensional modes to be the least stable one. Accordingly, the pattern that will be observed on the flame front, at the onset of instability, will consist of either ridges in the direction of stretch or the more common three-dimensional cellular structure

Characterizing droplet combustion of pure and multi-component liquid fuels in a microgravity environment

The importance of understanding the effects of fuel composition, length scales, and other parameters on the combustion of liquid fuels has motivated the examination of simple flames which have easily characterized flow fields and hence, the potential of being modeled accurately. One such flame for liquid fuel combustion is the spherically symmetric droplet flame which can be achieved in an environment with sufficiently low gravity (i.e., low buoyancy). To examine fundamental characteristics of spherically symmetric droplet combustion, a drop tower facility has been employed to provide a microgravity environment to study droplet combustion. This paper gives a brief review of results obtained over the past three years under NASA sponsorship (grant NAG3-987)

The total nucleon-nucleon cross section at large N_c

It is shown that at sufficiently large $N_c$ for incident momenta which are much larger than the QCD, the total nucleon-nucleon cross section is independent of incident momentum and given by $\sigma^{\rm total}=2 \pi \log^2(N_c) / (m^2_{\pi})$. This result is valid in the extreme large $N_c$ regime of $\log(N_c) \gg 1$ and has corrections of relative order $\log (\log(N_c))/\log(N_c)$. A possible connection of this result to the Froissart-Martin bound is discussed.Comment: 4 page