Traceability in the U.S. Food Supply: An Application of Transaction Cost Analysis

Suboptimal supply of food and agricultural traceability is framed in a transaction cost analysis. We propose a model that considers the variables of opportunism potential, agency costs, uncertainty, asset specificity, frequency, and transaction costs. The model is then applied to the development of a typology of feasible governance modes – market, hybrid, firm, or public bureau, considering levels of transaction costs and competencies of private firms. Theoretical and practical implications are discussed and future research opportunities are suggested.traceability supply, transaction cost economics, agency theory, Agribusiness,

Quantile Regression in Risk Calibration

Financial risk control has always been challenging and becomes now an even harder problem as joint extreme events occur more frequently. For decision makers and government regulators, it is therefore important to obtain accurate information on the interdependency of risk factors. Given a stressful situation for one market participant, one likes to measure how this stress affects other factors. The CoVaR (Conditional VaR) framework has been developed for this purpose. The basic technical elements of CoVaR estimation are two levels of quantile regression: one on market risk factors; another on individual risk factor. Tests on the functional form of the two-level quantile regression reject the linearity. A flexible semiparametric modeling framework for CoVaR is proposed. A partial linear model (PLM) is analyzed. In applying the technology to stock data covering the crisis period, the PLM outperforms in the crisis time, with the justification of the backtesting procedures. Moreover, using the data on global stock markets indices, the analysis on marginal contribution of risk (MCR) defined as the local first order derivative of the quantile curve sheds some light on the source of the global market risk.CoVaR, Value-at-Risk, quantile regression, locally linear quantile regression, partial linear model, semiparametric model

Modeling on Heterogeneous Structure in Acceleration Regime of Gas-Solid Riser Flows

Recent measurement of solid concentration in gas-solid riser flows by Electric Capacitance Tomography (ECT) reveals a strong heterogeneous structure, typically represented by a core-annulus-wall zone pattern. In this paper we present a mechanistic model in which the formation of the heterogeneous structure is due to the radial migration of solid flow from the wall toward center as well as due to the non-uniform acceleration of solids across the cross-section near the bottom of the riser. Firstly we present the general governing equations and discuss problem closure; then a simplified model with one-way flow coupling between the wall region and the core-annulus region is proposed to simulate the formation and development process of heterogeneous flow structures in the riser. Typical results of the three-zone flow structure along the riser are illustrated, which include the axial distributions of solids concentration and phase velocities in each zone, in addition to the pressure distributions. The model is also validated against the ECT measurements

Symmetry and designability for lattice protein models

Native protein folds often have a high degree of symmetry. We study the relationship between the symmetries of native proteins, and their designabilities -- how many different sequences encode a given native structure. Using a two-dimensional lattice protein model based on hydrophobicity, we find that those native structures that are encoded by the largest number of different sequences have high symmetry. However only certain symmetries are enhanced, e.g. x/y-mirror symmetry and $180^o$ rotation, while others are suppressed. If it takes a large number of mutations to destabilize the native state of a protein, then, by definition, the state is highly designable. Hence, our findings imply that insensitivity to mutation implies high symmetry. It appears that the relationship between designability and symmetry results because protein substructures are also designable. Native protein folds may therefore be symmetric because they are composed of repeated designable substructures.Comment: 13 pages, 10 figure

Nonlinear dynamic responses of shell structures using vector form intrinsic finite element method

In this paper, in order to compute nonlinear dynamic responses of shell structures, formulations of the internal forces of the shell element in vector form intrinsic finite element (VFIFE) method are developed. This novel shell element is named by VFIFE-DKT element. These elements are to compute internal forces from the deformations and the motion of the shell structures. The VFIFE method is a particle-based method. They have three key VFIFE processes such as the point value description, path element and convected material frame. Thus, the shell structure is represented by finite particles. Each particle is subjected to the external forces and internal forces. The particle satisfies the Newton’s Law. A fictitious reversed rigid body motion is used to remove the rigid body motion from the deformations of the element. The internal forces of the element in deformation coordinates satify the equilibrium equations. Through the numerical examples of the benchmark structures undergo extermly-large displacements, rotation and motion, the proposed procedures using the novel element demonstrates its accuracy and efficiency