Price stabilization and the risk-averse firm

An analytically simple and tractable approach to firm-level welfare analysis of complete and partial mean-preserving price stabilization for producers with general risk-averse preferences facing a stochastic technology is developed. Necessary and sufficient conditions for price stabilization to be welfare enhancing are derived under different assumptions of the producer's preferences and the producer's technology. Existing stabilization results for the risk-averse firm are shown to be corollaries of these more general results.

Effects of Helicobacter pylori eradication among adults with intellectual disability

Background Compared to the general population, Helicobacter pylori infection is more common among adults with intellectual disability (ID) and is associated with greater levels of disability, maladaptive behaviour, and institutionalization. Little information exists about the effects of eradication therapy in this group, so we aimed to evaluate: (1) success of a standard H. pylori eradication protocol; (2) frequency of side-effects; and (3) impact of eradication on level of functional ability and maladaptive behaviour. Method A cohort of adults with ID underwent assessment of their levels of function and maladaptive behaviour, medical history, physical examination, and H. pylori testing using serology and faecal antigen tests. Some received standard H. pylori eradication therapy. Twelve months later, participants underwent repeat assessment, were grouped by change in H. pylori status and compared. Results Of 168 participants, 117 (70%) were currently infected with H. pylori at baseline, and 96 (82%) of the 117 were given standard H. pylori eradication therapy. The overall eradication rate was 61% but 31% reported side-effects. Institutional status of the participants, their level of behaviour or function, and number of comorbid medical conditions were not associated with failure of eradication. There were no statistically significant differences in level of behaviour or function, ferritin, or weight between the groups in whom H. pylori was eradicated or stayed positive. Conclusion Adults with ID have lower H. pylori eradication and higher side-effect rates than the general population. Levels of maladaptive behaviour and disability did not improve with eradication and thus greater levels of maladaptive behaviour or disability appear to be risk factors for, rather than consequences of, H. pylori infection.

Institutional governance systems and variations in national competitive advantage: An integrative framework

Creating competitive industries has become one of the key tasks of governments. Different adaptation outcomes in industries across nations cannot be accounted for fully simply by an emphasis on firm-level capabilities, market-driven policies, or state-level policies. We propose an integrative framework that draws on both the strategic management and political economy literature to explain variations in national industrial competitiveness.. We discuss differences with respect to institutional characteristics and capabilities, competitive outcomes, conditions of best fit, and who bears the cost of industry adaptation.

Developing a research framework for understanding the social realities, with special reference to Sri Lankan entrepreneurs

This paper identifies and examines issues of relevance for increasing effectiveness of entrepreneurial management research. These issues emerged from research into entrepreneurial behaviour and underlying motivations in Sri Lanka. Understanding of socially- and culturally-bound social actors, social actions and social outputs in entrepreneurial activity requires context-sensitivity, expressed through cognisance of institutional characteristics, the interface between cultural values and business, and historical and cultural forces which impact on entrepreneurship. We suggest that this requires exploration through bottom-up translations of actions consistent with the beliefs and values of the actors involved, employing qualitative methodology to ground the reality of human behaviour in deep-rooted cultural and social contexts. Thorough interpretation of holistic case studies that are capable of capturing the actors' viewpoints brings appropriate insights to the field of entrepreneurship.

Seasonal changes in the diel surfacing behaviour of the bimodally respiring turtle Rheodytes leukops

The purpose of this study was to determine whether a relationship existed between the diel surfacing trends of the bimodally respiring freshwater turtle Rheodytes leukops and daily fluctuations in specific biotic and abiotic factors: The, diel surfacing behaviour of adult R. leukops was recorded over four consecutive seasons (Austral autumn 2000 - summer 2001) within Marlborough Creek, central Queensland, Australia, using pressure-sensitive time-depth recorders. Additionally, diurnal variations in water temperature and aquatic Po-2 level, as well as the turtle's behavioural state (i.e., active versus resting), were monitored. In autumn and summer, surfacing frequency increased significantly during the daylight hours, with peak levels normally occurring around dawn (0500-0700) and. dusk (1700-1900). However, no consistent diel surfacing trend was recorded, for the turtles in winter or spring, owing to considerable variation among individual R. leukops. Diurnal surfacing trends recorded for R. leukops in, autumn and summer are attributed to periods of increased activity (possibly associated with foraging) during the daylight hours and not to daily variations in water temperature or aquatic Po-2 level. Turtles generally remained at a depth greater than 1 m throughout the day, where the effect of diel fluctuations in water temperature, (

Strength-ductility behaviour of Al-Si-Cu-Mg casting alloys in T6 temper

A comparative study of the mechanical properties of 20 experimental alloys has been carried out. The effect of different contents of Si, Cu, Mg, Fe and Mn, as well as solidification rate, has been assessed using a strength-ductility chart and a quality index-strength chart developed for the alloys. The charts show that the strength generally increases and the ductility decreases with an increasing content of Cu and Mg. Increased Fe (at Fe/Mn ratio 0.5) dramatically lowers the ductility and strength of low Si alloys. Increased Si content generally increases the strength and the ductility. The increase in ductility with increased Si is particularly significant when the Fe content is high. The charts are used to show that the cracking of second phase particles imposes a limit to the maximum achievable strength by limiting the ductility of strong alloys. The (Cu + Mg) content (at.%), which determines the precipitation strengthening and the volume fraction of Cu-rich and Mg-rich intermetallics, can be used to select the alloys for given strength and ductility, provided the Fe content stays below the Si-dependent critical level for the formation of pre-eutectic alpha-phase particles or beta-phase plates.

Modelling the behaviour of the new issue market

This paper analyses the time series behaviour of the initial public offering (IPO) market using an equilibrium model of demand and supply that incorporates the number of new issues, average underpricing, and general market conditions. Model predictions include the existence of serial correlation in both the number of new issues and the average level of underpricing, as well as interactions between these variables and the impact of general market conditions. The model is tested using 40 years of monthly IPO data. The empirical results are generally consistent with predictions.

Human behaviour modelled as a statistico-deterministic turing machine

'Free will' and its corollary, the concept of individual responsibility are keystones of the justice system. This paper shows that if we accept a physics that disallows time reversal, the concept of 'free will' is undermined by an integrated understanding of the influence of genetics and environment on human behavioural responses. Analysis is undertaken by modelling life as a novel statistico-deterministic version of a Turing machine, i.e. as a series of transitions between states at successive instants of time. Using this model it is proven by induction that the entire course of life is independent of the action of free will. Although determined by prior state, the probability of transitions between states in response to a standard environmental stimulus is not equal to 1 and the transitions may differ quantitatively at the molecular level and qualitatively at the level of the whole organism. Transitions between states correspond to behaviours. It is shown that the behaviour of identical twins (or clones), although determined, would be incompletely predictable and non-identical, creating an illusion of the operation of 'free will'. 'Free will' is a convenient construct for current judicial systems and social control because it allows rationalization of punishment for those whose behaviour falls outside socially defined norms. Indeed, it is conceivable that maintenance of ideas of free will has co-evolved with community morality to reinforce its operation. If the concept is free will is to be maintained it would require revision of our current physical theories.

Explaining variations in the knowledge economy in three small wealthy countries

At a broad level, it has been shown that different institutional contexts, policy regimes and business systems affect the kinds of activities in which a nation specialises. This paper is concerned with the way in which different national business systems affect the nature of participation of a nation in the knowledge economy. The paper seeks to explain cross-national variations in the knowledge economy in the Australia, Denmark and Sweden with reference to dominant characteristics of the business system. Although Australia, Denmark and Sweden are all small wealthy countries, they each have quite distinctive business systems. Australia has been regarded as a variant of the competitive business system and has generally been described as an entrepreneurial economy with a large small firm population. In contrast Sweden has a coordinated business system that has favoured large industrial firms. The Danish variant of the coordinated model, with its well-developed vocational training system, is distinguishable by its large population of networked small and medium size enterprises. The three countries also differ significantly on two dimensions of participation in the knowledge economy. First, there is cross-national variation in patterns of specialisation in knowledge intensive industries and services. Second, the institutional infrastructure of the knowledge economy (or the existing stock of knowledge and competence in the economy, the potential for generation and diffusion a new knowledge and the capacity for commercialisation of new ideas) differs across the three countries. This paper seeks to explain variations in these two dimensions of the knowledge economy with reference to characteristics of the business system in the three countries.

Communication in coral reef fish: the role of ultraviolet colour patterns in damselfish territorial behaviour

Many coral reef fish possess ultraviolet (UV) colour patterns. The behavioural significance of these patterns is poorly understood and experiments on this issue have not been reported for free-living reef fish in their natural environment. The damselfish Pomacentrus amboinensis has UV facial patterns, and spectroradiometric ocular media measurements show that it has the potential for UV vision. To test the potential behavioural significance of the UV patterns, I studied the response of males, in natural territories on the reef and in aquaria, to two conspecific intruders, one presented in a UV-transmitting (UV+) container and the other in a UV-absorbing (UV-) one. Territory owners attacked intruders viewed through UV+ filters significantly more often and for longer than intruders viewed through the UV- filter. In general, the results of the field experiment confirmed those of the laboratory experiment. The results support the hypothesis that P. amboinensis males are sensitive to UV light and that reflectance patterns, which appear in high contrast only in UV, modulate the level of aggressive behaviour. A recent survey showed that many predatory fish may not have UV vision and the use of UV colours in select species of reef fish may therefore serve as a 'private communication channel'. (C) 2004 The Association for the Study of Animal Behaviour. Published by Elsevier Ltd. All rights reserved.

Purchasing behaviour for non-prescription medicines

Background: The non-prescription medicine, market is constantly challenges. With changes to scheduling and market dynamics, a need for current Australian data on medicines purchasing behaviour was identified. Objectives: This survey aimed to report on the purchasing behaviour of non-prescription medicine customers, the medicines bought and influences on medicine sales. Methods: Researchers were stationed in 15 community pharmacies in southeast Queensland during mid-August 2004. Interview and observational data were collected for all eligible medicine purchases -over approximately 35 hours per pharmacy. Results: Data were collected for 3017 medicines purchased by 2583 customers. Most purchases were made by females (65%) and customers aged 26-35 years (25.8%). Pharmacy assistants alone provided advice in 58% of sales. Two thirds of purchases were for self use. In two thirds of cases, customers had a particular brand in mind; this was highly correlated with previous purchases. Pharmacy staff were highly influential in first time purchases. Conclusions: This study reports a high level of involvement and influence of pharmacy staff in medicine selection.

Client fish ectoparasite loads and cleaner shrimp Urocaridella sp c hunger levels affect cleaning behaviour

Cleaning is a classic example of mutualism and determining the factors that maintain the balance between the costs and benefits for mutualist partners can assist our understanding of how cleaning relationships are maintained. Optimal foraging theory suggests two factors that might help to maintain the relationship between cleaners and their clients: client ectoparasite load and cleaner hunger levels. The ecological relevance and importance of foraging by cleaner fish in marine systems has been demonstrated repeatedly, yet there is little information available on this behaviour in cleaner shrimp. To determine whether cleaner shrimp base their choice of client fish on food patch quality (i.e. client fish ectoparasite load) we offered the yellow-beaked cleaner shrimp Urocaridella sp. c a choice of parasitized and unparasitized rock cods, Cephalopholis cyanostigma. To determine whether cleaner shrimp hunger levels influence cleaning time, we manipulated hunger levels in Urocaridella sp. c and examined their behaviour towards parasitized client fish. Cleaner shrimp preferred parasitized to unparasitized client fish and food-deprived cleaner shrimp cleaned parasitized rock cods more frequently than satiated cleaner shrimp did. Therefore, variations in client fish ectoparasite load and cleaner shrimp hunger level are two factors that affect the balance in this mutualism. Finally, our results meet some of the assumptions of biological market theory, a framework used to understand cooperative interactions, and thus this framework is suggested for future studies on this cleaning system.