POLICY RISK: AN EMPIRICAL ANALYSIS OF A MARKET FOR A GOVERNMENT-CREATED ASSET

This paper investigates the California dairy quota. The quota rate of return has been relatively high. The variability of returns is high relative to government bonds but not relative to the S&P500. Most of the returns are from monthly dividends, but most of the variability is from the capital gains.Livestock Production/Industries,

A STATIC POLICY FOR A DYNAMIC INDUSTRY: THE CALIFORNIA YOUNG ACT OF 1935

An economic history of the development of California dairy policies from 1935 to 1965 is used to support the hypothesis that the incompatibility of discrete policy changes for a dynamic industry generates deadweight losses. Combining quantitative industry data with legal and personal narratives provides evidence in support of the hypothesis.dairy policy, quota, agricultural history, Agricultural and Food Policy,

Explaining Variations in the Price of Dairy Quota: Flow Returns, Liquidity, Quota Characteristics, and Policy Risk

An econometric model based on the net present value model is used to examine factors that drive the variation of California dairy quota values over a 29-year period. The results suggest the price of quota is based on expected returns, variations in quota owner liquidity, and the risk of policy default. The dominant influence on the variation of the quota price was the historical variation in monthly flow of net benefits from owning quota. This analysis confirms that the rate of return to quota rises in periods of policy uncertainty.adaptive expectations, capitalization of policy, dairy policy, policy risk, quota, Demand and Price Analysis,

Sen and the art of educational maintenance: evidencing a capability, as opposed to an effectiveness, approach to schooling

There are few more widely applied terms in common parlance than ‘capability’. It is used (inaccurately) to represent everything from the aspiration to provide opportunity to notions of innate academic ability, with everything in between claiming apostolic succession to Amartya Sen, who (with apologies to Aristotle) first developed the concept. This paper attempts to warrant an adaptation of Sen’s capability theory to schooling and schooling policy, and to proof his concepts in the new setting using research involving 100 pupils from 5 English secondary schools and a schedule of questions derived from the capability literature. The findings suggest that a capability approach can provide an alternative to the dominant Benthamite school effectiveness paradigm, and can offer a sound theoretical framework for understanding better the assumed relationship between schooling and well-being

Hedonism and the experience machine

Money isn’t everything, so what is? Many government leaders, social policy theorists, and members of the general public have a ready answer: happiness. This paper examines an opposing view due to Robert Nozick, which centres on his experience-machine thought experiment. Despite the example's influence among philosophers, the argument behind it is riddled with difficulties. Dropping the example allows us to re-version Nozick's argument in a way that makes it far more forceful - and less dependent on people's often divergent intutions about the experience machine

Measurement of Z0 decays to hadrons, and a precise determination of the number of neutrino species

We have made a precise measurement of the cross section for e+e--->Z0-->hadrons with the L3 detector at LEP, covering the range from 88.28 to 95.04 GeV. From a fit to the Z0 mass, total width, and the hadronic cross section to be MZ0=91.160 +/- 0.024 (experiment) +/-0.030(LEP) GeV, [Gamma]Z0=2.539+/-0.054 GeV, and [sigma]h(MZ0)=29.5+/-0.7 nb. We also used the fit to the Z0 peak cross section and the width todetermine [Gamma]invisible=0.548+/-0.029 GeV, which corresponds to 3.29+/-0.17 species of light neutrinos. The possibility of four or more neutrino flavors is thus ruled out at the 4[sigma] confidence level.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/28683/3/0000500.pd