THE RETURNS TO AGRICULTURAL RESEARCH IN MAINE: THE CASE OF A SMALL NORTHEASTERN EXPERIMENT STATION

Estimates of the marginal internal rate of return to expenditures for research by the Maine Agricultural Experiment Station are presented. Estimates are performed using ridge regression under an array of specifications, including alternative functional forms, lag structures, costs of public funds, and variable specifications. The results are consistent with many previous results that imply an underinvestment in agricultural research.Research and Development/Tech Change/Emerging Technologies,

A Simulation Analysis of the Relationship between Retail Sales and Shopping Center Rents

This article examines the variation in rents per square foot among regional shopping centers in the United States in response to variation in retail sales per square foot. The analysis breaks new ground by treating base and percentage rents as endogenous functions of retail sales. The analysis further distinguishes between de facto, if not de jure, fixed and percentage leases, and between new versus existing leases. Simulation results suggest that shopping center rents can easily increase in the short-run as retail sales decrease, or they can easily decrease as retail sales increase. In addition, the results suggest that shopping center rents per square foot generally react more aggressively to an increase in retail sales per square foot over time than to a decrease in retail sales per square foot, all else equal

The Effect of Firm Characteristics on the Use of Percentage Retail Leases

Choice of lease payments has been widely studied in the literature. There are three—not necessarily exclusive—explanations that have received attention. The first attributes the choice of fixed versus percentage lease payments to risk-sharing preferences. The second explanation views percentage-of-sales lease agreements as a way discriminating monopolists can appropriate economic rents. The third attributes percentage-of-sales lease agreements to a metering and bonding argument. This paper examines the proposition that the choice of percentage retail leases is driven in part by managements\u27 desire to circumvent the cost of violating debt covenant restrictions. The evidence presented here supports the prediction that retail firms with higher debt–asset ratios are more likely to adopt percentage lease agreements

A Simulation Analysis of the Relationship between Retail Sales and Shopping Center Rents

This article examines the variation in rents per square foot among regional shopping centers in the United States in response to variation in retail sales per square foot. The analysis breaks new ground by treating base and percentage rents as endogenous functions of retail sales. The analysis further distinguishes between de facto, if not de jure, fixed and percentage leases, and between new versus existing leases. Simulation results suggest that shopping center rents can easily increase in the short-run as retail sales decrease, or they can easily decrease as retail sales increase. In addition, the results suggest that shopping center rents per square foot generally react more aggressively to an increase in retail sales per square foot over time than to a decrease in retail sales per square foot, all else equal.

MARKETING CHARACTERISTICS ASSOCIATED WITH SEAFOOD COUNTERS IN GROCERY STORES

This study provides a benchmark analysis of seafood counter characteristics corresponding to the peaking of per capita seafood demand in the U.S. Logistic regression results show separate seafood counters are less likely in small stores, in rural stores, and in stores in low or medium income areas. Chain stores and stores with a significant number of non-white customers were more likely to have a seafood counter. Stores in the East South Central region were less likely, and stores in New England more likely, to have a seafood counter. The likelihood that stores will develop seafood counters was related to differences in sales volume, floor space, urban/rural location, income level of clients and regional location. Continuing innovations in marketing technology of seafood counters are likely to provide expanded marketing opportunities in the future.Marketing,

TB135: The Estimation of the Returns to Agricultural Research and Extension in Maine: 1951-1985

The purpose of this report is to determine a statistical estimate of the returns to agricultural research at the Maine Agricultural Experiment Station during the period 1950 through 1986. The approach taken here follows most of the recent literature regarding the estimation of returns to agricultural research, by estimating an econometric production function and deriving an internal rate of return on both research and extension expenditures within the state of Maine. This estimate is derived using ridge regression techniques. The approach taken here differs somewhat from much of the returns to research literature in that it focuses on a single state, while most other work in this area considers the country as a whole. In addition the estimates here take explicit account of benefits accruing from outside of the state.https://digitalcommons.library.umaine.edu/aes_techbulletin/1071/thumbnail.jp

Airborne sulfur trace species intercomparison campaign: Sulfur dioxide, dimethylsulfide, hydrogen sulfide, carbon disulfide, and carbonyl sulfide

Results from an airborne intercomparison of techniques to measure tropospheric levels of sulfur trace gases are presented. The intercomparison was part of the NASA Global Tropospheric Experiment (GTE) and was conducted during the summer of 1989. The intercomparisons were conducted on the Wallops Electra aircraft during flights from Wallops Island, Virginia, and Natal, Brazil. Sulfur measurements intercompared included sulfur dioxide (SO2), dimethylsulfide (DMS), hydrogen sulfide (H2S), carbon disulfide (CS2), and carbonyl sulfide (OCS). Measurement techniques ranged from filter collection systems with post-flight analyses to mass spectrometer and gas chromatograph systems employing various methods for measuring and identifying the sulfur gases during flight. Sampling schedules for the techniques ranged from integrated collections over periods as long as 50 minutes to one- to three-minute samples every ten or fifteen minutes. Several of the techniques provided measurements of more than one sulfur gas. Instruments employing different detection principles were involved in each of the sulfur intercomparisons. Also included in the intercomparison measurement scenario were a host of supporting measurements (i.e., ozone, nitrogen oxides, carbon monoxide, total sulfur, aerosols, etc.) for purposes of: (1) interpreting results (i.e., correlation of any noted instrument disagreement with the chemical composition of the measurement environment); and (2) providing supporting chemical data to meet CITE-3 science objectives of studying ozone/sulfur photochemistry, diurnal cycles, etc. The results of the intercomparison study are briefly discussed