Cost and Efficiency in Alberta Dairy Production

This study investigates the relationships between farm size, milk yield, cost of production, and technical efficiency in the Alberta dairy industry. Estimates of a stochastic production frontier are obtained with two alternative methods; an iterative "average frontier: (AF) procedure and a maximum-likelihood composed error (CE) term method. An index of technical efficiency is calculated for every herd in the sample, with the AF method resulting in an average efficiency ratio of 85 percent, and the CE method producing an average efficiency ratio of 83 percent. Regressions of production cost on milk output, herd size, and efficiency are used to test for the effects of size economies, yield economies, and technical efficiency on production cost. These results suggest that herd expansion, on average, would lower the average cost of production throughout the province. Romain and Lambert use a similar method in a study of Quebec and Ontario dairy farmers which shows a limited potential to exploit economies of herd size. While not a formal test of the similarity of the two industries, the results of this study indicate a significant difference between the optimal structure of dairy production in Alberta and Quebec. Such regional differences will have important implications for the possible reapportionment of the national milk market, whether by regulatory or free-market mechanisms.Livestock Production/Industries,

Economic Performance in Alberta Dairy: An Application of the Mimic Model

Dairy production at the farm-level is undergoing a rapid transformation in preparation for more open competition in the future. However, the means by which dairy farms can best improve their economic performance is of some question. Using measures of allocative, technical, and overall efficiency as indicators of a latent "performance" variable, this study specifies and estimates a multiple-indicator, multiple-cause (MIMIC) model of Alberta dairy production. Variables thought to "cause" performance include herd size, milk yield, breeding and veterinary expense, capital-to-labour ratio, concentrate-to-forage ratio, and operator experience. The results show that gains in performance may be made through increased capital intensity, greater spending on breeding and herd health, and, albeit marginally, through increased milk yields. Despite current trends toward larger dairy herds, this may not be a fruitful avenue for future improvements in dairy efficiency.Livestock Production/Industries,

AGRICULTURAL COOPERATIVES AND RISK MANAGEMENT:IMPACT ON FINANCIAL PERFORMANCE

Agricultural cooperatives, like all agribusinesses, operate in an inherently risky environment. Many risk management tools exist, but agricultural cooperatives have been slow to adopt sophisticated risk management practices. Using simulation methods, this paper presents insight into how both traditional and innovative risk management practices effect the distribution of key financial variables for agricultural cooperatives.Agribusiness,

RISK MANAGEMENT TECHNIQUES FOR AGRICULTURAL COOPERATIVES: AN EMPIRICAL EVALUATION

While not ignoring risk, agricultural cooperatives tend to accommodate risk through the holding of internal capital reserves rather than engage in active risk management. A lack of information regarding the risk, returns, and the effect on cooperative financial performance of both traditional and innovative risk management strategies is likely a constraint to the adoption of active risk management by cooperatives. In this research, we examine the influence of alternative risk management strategies on cooperative financial performance, namely the return on assets (ROA) of grain merchandising cooperatives of various sizes. Strategies include traditional exchange traded futures and options strategies, an over-the-counter revenue swap, throughput insurance, and combinations of price and throughput strategies. Each of these strategies, for small, medium, and large size firms, are evaluated using a range of procedures including techniques which rely on mean-variance efficiency as well as evaluation procedures which help determine the ability of a strategy to mitigate downside risk. The results of the simulation exercise provide considerable support for the routine buying of at-the-money put options in setting a commodity floor price. The results also support the use, and perhaps the development, of insurance on cooperative throughput if the insurance product is used in conjunction with a price risk management strategy, in essence providing a hedge against downfalls in revenue. Over-the-counter revenue swaps, while intuitively appealing, did not perform well on average relative to more traditional exchange traded products. This result is especially important given the added counter party risk associated with such contracts. However, in some cases, the revenue swap, as well routine hedging with futures, performed better under a Value-at-Risk evaluation criteria than with a mean-variance criteria. Hence, it is important for cooperative managers to consider these results in the context of the risk management goals.Agribusiness,

With flying colours: pilot performance with colour-coded head-up flight symbology

The manipulation of colour in display symbology design has long been recognised as a method to improve operator experience and performance. Recent developments in colour head-up display (HUD) and helmet-mounted display (HMD) technology underline the necessity to understand the human factors considerations of symbology colour coding against conventional monochrome symbology formats. In this low-fidelity desktop human-in-the-loop experiment, the colour of flight symbology on an overlaid symbology set was coded as a redundant cue to indicate the accuracy of professional and non-professional pilots’ flight profile across a range of simulated flight manoeuvres. The main finding of this study was that colour coding flight symbology supported the manual flying performance of both professional and non-professional pilots. Notably, colour-coding of the bank indicator and airspeed tape minimised performance error during turning and altitude change manoeuvres, respectively. The usability of colour coded symbology was also rated higher than the monochrome symbology. We conclude that colour coded HUD/HMD symbology is preferred by the user and may improve performance during low workload manual flying tasks. A fuller understanding of performance and workload effects will require future studies to employ higher workload flying tasks and examine the utility of colour coding within higher fidelity environments

Absorption spectrum of the quasar HS1603+3820 I. Observations and data analysis

We present the analysis of multi-wavelength observations of bright quasar HS1603+3820: the optical data taken with the MMT and Keck telescopes, and X-ray data obtained with the Chandra X-ray Observatory. The optical spectra contain a very large number of absorption lines from numerous heavy elements. We derived X-ray properties of HS1603. The quasar has the optical-to-X-ray slope index alpha_ox of 1.70, which is on the high end of the typical range for radio quiet QSOs. We found 49 individual heavy element absorption clouds, which can be grouped into eleven distinct systems. We determined column densities and redshifts of the individual components. Absorbers from the associated system which is likely spatially closest to the QSO show large CIV to HI column density ratio, reaching ca.20.Comment: Accepted for publication in A&A, 17 pages, 11 figures, 5 table

Supreme Court Voting Behavior: 1994 Term

This Article attempts, through statistical analysis, to identify the ideological leanings of the United States Supreme Court during the October 1994 Term. Although generally perceived as a conservative institution, the Court this Term adopted a more liberal stance in its approach to First Amendment, statutory civil rights, jurisdictional and federalism issues, and in litigation involving the federal government. Furthermore, in close cases that were decided by a one-Justice majority, the Court overwhelmingly adopted a more liberal result. Justice Kennedy remained the most influential Justice, his vote determining the outcome in over 80% of these close cases. While some of this liberal movement may be attributed to the nature of the agenda pursued by the Clinton administration, it is too broad-based to be discounted entirely. Regression analysis, moreover, reveals that there are several positive correlations (and one negative correlation) in the voting patterns of the five longest-tenured Justices

Playing by white rules of racial equality:student athlete experiences of racism in British university sport

Inequalities related to racial identity are consistently reported across social institutions, not least education, and sport. These inequalities consistently challenge ‘post-race’ narratives that rationalise racism down to individual prejudices and poor decision-making. This paper presents part of the findings from a wider a twelve-month research project commissioned by British University and Colleges Sport (BUCS) to explore race equality. This wider research privileged the voices of non-White students and staff in an exploration of race and equality in British UK university sport. ‘Non-white’ was chosen as a race identifier to focus on Whiteness, the normalised, raceless power that reproduces itself both knowingly and unknowingly, to ensure racial ‘others’ remain subordinate. This paper presents the findings of the student voices. In this study a research team of academic and student researchers explored the experiences of 38 students across five universities. Generating case studies from each university, the data was analysed from an Intersectional and Critical Race Theory perspective. Two core themes relating to negotiating Whiteness were developed from the data analysis which reflected experiences of university sport as predominantly White spaces; ‘Play by the Rules’ and ‘Keep You Guessing’. Racial abuse was subtle, camouflaged in comments and actions that happened momentarily and hence were implausible to capture and evidence. For incidents to be addressed, evidence had to meet a ‘beyond doubt’ standard. Students were required to consciously negotiate racial bias and abuse to ensure they did not provide a justification for abuse. Navigating racialisation and stereotypes, plus White denial, was additional emotional labour for students. This mechanism of silencing the victim served to normalise racism for both the abused and perpetrator. The conclusion explores potential ways of disrupting these mechanisms of Whiteness in placing students’ welfare at the heart of university sport

Digestibility of Dry-Rolled Corn, Wet Corn Gluten Feed, and Alfalfa Hay in Receiving and Finishing Diets

Crude protein of wet corn gluten feed is degraded extensively in the rumen. Thus, protein supplementation is an important consideration when feeding wet corn gluten feed, especially in receiving diets

Modeling payback from research into the efficacy of left-ventricular assist devices as destination therapy

Objectives: Ongoing developments in design have improved the outlook for left-ventricular assist device (LVAD) implantation as a therapy in end-stage heart failure. Nevertheless, early cost-effectiveness assessments, based on first-generation devices, have not been encouraging. Against this background, we set out (i) to examine the survival benefit that LVADs would need to generate before they could be deemed cost-effective; (ii) to provide insight into the likelihood that this benefit will be achieved; and (iii) from the perspective of a healthcare provider, to assess the value of discovering the actual size of this benefit by means of a Bayesian value of information analysis. Methods: Cost-effectiveness assessments are made from the perspective of the healthcare provider, using current UK norms for the value of a quality-adjusted life-year (QALY). The treatment model is grounded in published analyses of the Randomized Evaluation of Mechanical Assistance for the Treatment of Congestive Heart Failure (REMATCH) trial of first-generation LVADs, translated into a UK cost setting. The prospects for patient survival with second-generation devices is assessed using Bayesian prior distributions, elicited from a group of leading clinicians in the field. Results: Using established thresholds, cost-effectiveness probabilities under these priors are found to be low (.2 percent) for devices costing as much as £60,000. Sensitivity of the conclusions to both device cost and QALY valuation is examined. Conclusions: In the event that the price of the device in use would reduce to £40,000, the value of the survival information can readily justify investment in further trials