Comparison of flag leaf and ear photosynthesis with biomass and grain yield of durum wheat under various water conditions and genotypes

Photosynthetic activity of cereals has traditionally been studied using leaves, thus neglecting the role of other organs such as ears. Here, we studied the effects of water status and genotypes on the photosynthetic activity of the flag leaf blade and the ear of durum wheat. The various parameters related to the photosynthetic activity were analysed in relation to the total above-ground plant biomass and grain yield at maturity. Four local varieties plus two cultivars adapted to the semiarid areas of South Morocco were grown in pots in a greenhouse. Five different water treatments were maintained from the beginning of stem elongation to maturity, when shoot biomass and grain yield were recorded. The net photosynthesis (A), stomatal conductance (gs) and transpiration (T) of the ear and the flag leaf were measured at anthesis. In both organs these factors decreased significantly with water deficit, whereas the A/T and A/gs ratios increased. The genotype effect was also significant for all traits studied. Whole-organ photosynthesis was much higher in the ear than in the flag leaf in well-watered conditions. As water stress developed, photosynthesis decreased less in the ear than in the flag leaf. Whole-ear photosynthesis correlated better than flag leaf photosynthesis with biomass and yield. Nevertheless, the relationships of the whole flag leaf with biomass and yield improved as the water stress became more severe, suggesting a progressive shift of yield from sink to source limitation. For all water regimes the ratios A/gs and A/T of the ear also showed a higher (negative) correlation with both biomass and yield than those of the flag leaf. The results indicate that the ear has a greater photosynthetic role than the flag leaf in determining grain yield, not only in drought but also in the absence of stress.

Risk management under a two-factor model of the term structure of interest rates

This paper presents several applications to interest rate risk managementbased on a two-factor continuous-time model of the term structure of interestrates previously presented in Moreno (1996). This model assumes that defaultfree discount bond prices are determined by the time to maturity and twofactors, the long-term interest rate and the spread (difference between thelong-term rate and the short-term (instantaneous) riskless rate). Several newmeasures of ``generalized duration" are presented and applied in differentsituations in order to manage market risk and yield curve risk. By means ofthese measures, we are able to compute the hedging ratios that allows us toimmunize a bond portfolio by means of options on bonds. Focusing on thehedging problem, it is shown that these new measures allow us to immunize abond portfolio against changes (parallel and/or in the slope) in the yieldcurve. Finally, a proposal of solution of the limitations of conventionalduration by means of these new measures is presented and illustratednumerically.

On the relevance of modeling volatility for pricing purposes

This paper presents a two-factor (Vasicek-CIR) model of the term structure of interest rates and develops its pricing and empirical properties. We assume that default free discount bond prices are determined by the time to maturity and two factors, the long-term interest rate and the spread. Assuming a certain process for both factors, a general bond pricing equation is derived and a closed-form expression for bond prices is obtained. Empirical evidence of the model's performance in comparisson with a double Vasicek model is presented. The main conclusion is that the modeling of the volatility in the long-term rate process can help (in a large amount) to fit the observed data can improve - in a reasonable quantity - the prediction of the future movements in the medium- and long-term interest rates. However, for shorter maturities, it is shown that the pricing errors are, basically, negligible and it is not so clear which is the best model to be used.

A two-mean reverting-factor model of the term structure of interest rates

This paper presents a two--factor model of the term structure ofinterest rates. We assume that default free discount bond prices aredetermined by the time to maturity and two factors, the long--term interestrate and the spread (difference between the long--term rate and theshort--term (instantaneous) riskless rate). Assuming that both factorsfollow a joint Ornstein--Uhlenbeck process, a general bond pricing equationis derived. We obtain a closed--form expression for bond prices andexamine its implications for the term structure of interest rates. We alsoderive a closed--form solution for interest rate derivatives prices. Thisexpression is applied to price European options on discount bonds andmore complex types of options. Finally, empirical evidence of the model'sperformance is presented.

Modelos de tasas de interes en Chile: una revisión

Con este trabajo revisamos los Modelos de niveles de las tasas de intereses en Chile. Además de los Modelos de Nivel tradicionales por Chan, Karoly, Longstaff y Lijadoras (1992) en EE. UU, y Parisi (1998) en Chile, por el método de Probabilidad Maximun permitimos que la volatilidad condicional también incluya los procesos inesperados de la información (el modelo GARCH ) y también que la volatilidad sea la función del nivel de la tasa de intereses (modelo TVP-NIVELE) como en Brenner, Harjes y la Crona (1996). Para esto usamos producciones de mercado de bonos de reconocimiento, en cambio las producciones mensuales medias de subasta PDBC, y la ampliación del tamaño y la frecuencia de la muestra a 4 producciones semanales con términos(condiciones) diferentes a la madurez: 1 año, 5 años, 10 años y 15 años. Los resultados principales del estudio pueden ser resumidos en esto: la volatilidad de los cambios inesperados de las tarifas depende positivamente del nivel de las tarifas, sobre todo en el modelo de TVP-NIVEL. Obtenemos pruebas de reversión tacañas, tal que los incrementos en las tasas de intereses no eran independientes, contrariamente a lo obtenido por Brenner. en EE. UU. Los modelos de NIVELES no son capaces de ajustar apropiadamente la volatilidad en comparación con un modelo GARCH (1,1), y finalmente, el modelo de TVP-NIVEL no vence los resultados del modelo GARCH (1,1)

Modelos de tasas de interes en Chile: una revisión

Con este trabajo revisamos los Modelos de niveles de las tasas de intereses en Chile. Además de los Modelos de Nivel tradicionales por Chan, Karoly, Longstaff y Lijadoras (1992) en EE. UU, y Parisi (1998) en Chile, por el método de Probabilidad Maximun permitimos que la volatilidad condicional también incluya los procesos inesperados de la información (el modelo GARCH ) y también que la volatilidad sea la función del nivel de la tasa de intereses (modelo TVP-NIVELE) como en Brenner, Harjes y la Crona (1996). Para esto usamos producciones de mercado de bonos de reconocimiento, en cambio las producciones mensuales medias de subasta PDBC, y la ampliación del tamaño y la frecuencia de la muestra a 4 producciones semanales con términos(condiciones) diferentes a la madurez: 1 año, 5 años, 10 años y 15 años. Los resultados principales del estudio pueden ser resumidos en esto: la volatilidad de los cambios inesperados de las tarifas depende positivamente del nivel de las tarifas, sobre todo en el modelo de TVP-NIVEL. Obtenemos pruebas de reversión tacañas, tal que los incrementos en las tasas de intereses no eran independientes, contrariamente a lo obtenido por Brenner. en EE. UU. Los modelos de NIVELES no son capaces de ajustar apropiadamente la volatilidad en comparación con un modelo GARCH (1,1), y finalmente, el modelo de TVP-NIVEL no vence los resultados del modelo GARCH (1,1)

Effects of crop and weed densities on the interactions between barley and Lolium rigidum in several Mediterranean locations

The effects of both barley and Lolium rigidum densities on weed growth and spike production and on crop yield were examined in five field experiments carried out in the Mediterranean drylands of Spain and Western Australia. The aim was to check the consistency of the competitiveness of the crop in different environmental and management conditions. L. rigidum reduced barley yields in most of the experiments (between 0 and 85%), the number of ears per m2 being the most affected. It was found that increasing the barley seeding rate did not reduce the crop losses but did limit weed biomass (between 5 and 61%) and spike production (between 24 and 85%). The variability observed in crop yield losses between sites and seasons was related to rainfall at the beginning of the season. The most sensitive component of yield to weed competition was the number of ears per plant.

Analysis of vineyard differential management zones and relation to vine development, grape maturity and quality

The objective of research was to analyse the potential of Normalized Difference Vegetation Index (NDVI) maps from satellite images, yield maps and grapevine fertility and load variables to delineate zones with different wine grape properties for selective harvesting. Two vineyard blocks located in NE Spain (Cabernet Sauvignon and Syrah) were analysed. The NDVI was computed from a Quickbird-2 multi-spectral image at veraison (July 2005). Yield data was acquired by means of a yield monitor during September 2005. Other variables, such as the number of buds, number of shoots, number of wine grape clusters and weight of 100 berries were sampled in a 10 rows × 5 vines pattern and used as input variables, in combination with the NDVI, to define the clusters as alternative to yield maps. Two days prior to the harvesting, grape samples were taken. The analysed variables were probable alcoholic degree, pH of the juice, total acidity, total phenolics, colour, anthocyanins and tannins. The input variables, alone or in combination, were clustered (2 and 3 Clusters) by using the ISODATA algorithm, and an analysis of variance and a multiple rang test were performed. The results show that the zones derived from the NDVI maps are more effective to differentiate grape maturity and quality variables than the zones derived from the yield maps. The inclusion of other grapevine fertility and load variables did not improve the results.

Not all university degrees yield the same return: private and social returns to higher education for males in Spain

In this paper we use micro data from the Spanish Family Expenditure Survey for 1990 to estimate, for the first time, the private and social rates of return of different university degrees in Spain. We compute internal rates of return and include investment on higher education financed by the public purse to estimate social rates of return. Our main finding is that, as presumed, there is large heterogeneity in rates of return amongst different university

Via-configurable transistor array: a regular design technique to improve ICs yield

Process variations are a major bottleneck for digital CMOS integrated circuits manufacturability and yield. That iswhy regular techniques with different degrees of regularity are emerging as possible solutions. Our proposal is a new regular layout design technique called Via-Configurable Transistors Array (VCTA) that pushes to the limit circuit layout regularity for devices and interconnects in order to maximize regularity benefits. VCTA is predicted to perform worse than the Standard Cell approach designs for a certain technology node but it will allow the use of a future technology on an earlier time. Ourobjective is to optimize VCTA for it to be comparable to the Standard Cell design in an older technology. Simulations for the first unoptimized version of our VCTA of delay and energy consumption for a Full Adder circuit in the 90 nm technology node are presented and also the extrapolation for Carry-RippleAdders from 4 bits to 64 bits.

Sink limitations to yield in wheat : how could it be reduced?

Further genetic gains in wheat yield are required to match expected increases in demand. This may require the identification of physiological attributes able to produce such improvement, as well as the genetic bases controlling those traits in order to facilitate their manipulation. In the present paper, a theoretical framework of source and sink limitation to wheat yield is presented and the fine-tuning of crop development as an alternative for increasing yield potential is discussed. Following a top-down approach, most crop physiologists have agreed that the main attribute explaining past genetic gains in yield was harvest index (HI). By virtue of previous success, no further gains may be expected in HI and an alternative must be found. Using a bottom-up approach, the present paper firstly provides evidence on the generalized sink-limited condition of grain growth, determining that for further increases in yield potential, sink strength during grain filling has to be increased. The focus should be on further increasing grain number per m2, through fine-tuning pre-anthesis developmental patterns. The phase of rapid spike growth period (RSGP) is critical for grain number determination and increasing spike growth during pre-anthesis would result in an increased number of grains. This might be achieved by lengthening the duration of the phase (though without altering flowering time), as there is genotypic variation in the proportion of pre-anthesis time elapsed either before or after the onset of the stem elongation phase. Photoperiod sensitivity during RSGP could be then used as a genetic tool to further increase grain number, since slower development results in smoother floret development and more floret primordia achieve the fertile floret stage, able to produce a grain. Far less progress has been achieved on the genetic control of this attribute. None of the well-known major Ppd alleles seems to be consistently responsible for RSGP sensitivity. Alternatives for identifying the genetic factors responsible for this sensitivity (e.g. quantitative trait locus (QTL) identification in mapping populations) are being considered.

Clustering of grape yield maps to delineate site-specific management zones

Zonal management in vineyards requires the prior delineation of stable yield zones within the parcel. Among the different methodologies used for zone delineation, cluster analysis of yield data from several years is one of the possibilities cited in scientific literature. However, there exist reasonable doubts concerning the cluster algorithm to be used and the number of zones that have to be delineated within a field. In this paper two different cluster algorithms have been compared (k-means and fuzzy c-means) using the grape yield data corresponding to three successive years (2002, 2003 and 2004), for a ‘Pinot Noir’ vineyard parcel. Final choice of the most recommendable algorithm has been linked to obtaining a stable pattern of spatial yield distribution and to allowing for the delineation of compact and average sized areas. The general recommendation is to use reclassified maps of two clusters or yield classes (low yield zone and high yield zone) and, consequently, the site-specific vineyard management should be based on the prior delineation of just two different zones or sub-parcels. The two tested algorithms are good options for this purpose. However, the fuzzy c-means algorithm allows for a better zoning of the parcel, forming more compact areas and with more equilibrated zonal differences over time.

Comparative performance of the stable isotope signatures of carbon, nitrogen and oxygen in assessing early vigour and grain yield in durum wheat

The present paper studied the performance of the stable isotope signatures of carbon (δ13C), nitrogen (δ15N) and oxygen (δ18O) in plants when used to assess early vigour and grain yield (GY) in durum wheat growing under mild and moderate Mediterranean stress conditions. A collection of 114 recombinant inbred lines was grown under rainfed (RF) and supplementary irrigation (IR) conditions. Broad sense heritabilities (H2) for GY and harvest index (HI) were higher under RF conditions than under IR. Broad sense heritabilities for δ13C were always above 0·60, regardless of the plant part studied, with similar values for IR and RF trials. Some of the largest genetic correlations with GY were those shown by the δ13C content of the flag leaf blade and mature grains. Under both water treatments, mature grains showed the highest negative correlations between δ13C and GY across genotypes. Flag leaf δ13C was negatively correlated with GY only under RF conditions. The δ13C in seedlings was negatively correlated, under IR conditions only, with GY but also with early vigour. The sources of variation in early vigour were studied by stepwise analysis using the stable isotope signatures measured in seedlings. The δ13C was able to explain almost 0·20 of this variation under RF, but up to 0·30 under IR. In addition, nitrogen concentration in seedlings accounted for another 0·05 of variation, increasing the amount explained to 0·35. The sources of variation in GY were also studied through stable isotope signatures and biomass of different plant parts: δ13C was always the first parameter to appear in the models for both water conditions, explaining c. 0·20 of the variation. The second parameter (δ15N or N concentration of grain, or biomass at maturity) depended on the water conditions and the plant tissue being analysed. Oxygen isotope composition (δ18O) was only able to explain a small amount of the variation in GY. In this regard, despite the known and previously described value of δ13C as a tool in breeding, δ15N is confirmed as an additional tool in the present study. Oxygen isotope composition does not seem to offer any potential, at least under the conditions of the present study.

Tomato response to a high light transmission greenhouse film

Increasing greenhouse light transmission has a positive effect not only in Northern latitudes but in Mediterranean countries as well. A greenhouse, H2, with a tetrafluoroethylene copolymer 60 microns film, (Asahi Glass company, Aflex) characterised by its high light transmission and durability was compared to another greenhouse with a co-extruded film considered as a control, H1. Tomato crop response to the increase in light during winter and summer with high temperature and light was evaluated. Light transmission in H2 remained very high in spite of the observed dust accumulation and the low angle of incidence of the winter solar radiation. Transmissivity was clearly higher for H2 (81 to 83 % throughout the season) than in the control (around 63 %). The rest of the climatic parameters were similar in both greenhouses, either in the winter or in the summer evaluations. In spite of the high solar radiation in H2, the summer temperature could be maintained at the desired levels by using evaporative cooling. Accumulated tomato yield and quality was better in the H2 greenhouse (15 % more for the winter crop and 27% more for the summer crop). Fruit size was bigger in the winter crop. As an overall conclusion, the use of high light transmissive films in Mediterranean areas is very convenient for many vegetable crops. This is valid not only in winter but in summer, provided the greenhouse has good ventilation or evaporative cooling to overcome the increase in sensible heat caused by this increase in light..

In Search of a theory of debt management

A growing literature integrates theories of debt management into models of optimal fiscal policy. One promising theory argues that the composition of government debt should be chosen so that fluctuations in the market value of debt offset changes in expected future deficits. This complete market approach to debt management is valid even when the government only issues non-contingent bonds. A number of authors conclude from this approach that governments should issue long term debt and invest in short term assets. We argue that the conclusions of this approach are too fragile to serve as a basis for policy recommendations. This is because bonds at different maturities have highly correlated returns, causing the determination of the optimal portfolio to be ill-conditioned. To make this point concrete we examine the implications of this approach to debt management in various models, both analytically and using numerical methods calibrated to the US economy. We find the complete market approach recommends asset positions which are huge multiples of GDP. Introducing persistent shocks or capital accumulation only worsens this problem. Increasing the volatility of interest rates through habits partly reduces the size of these simulations we find no presumption that governments should issue long term debt ? policy recommendations can be easily reversed through small perturbations in the specification of shocks or small variations in the maturity of bonds issued. We further extend the literature by removing the assumption that governments every period costlessly repurchase all outstanding debt. This exacerbates the size of the required positions, worsens their volatility and in some cases produces instability in debt holdings. We conclude that it is very difficult to insulate fiscal policy from shocks by using the complete markets approach to debt management. Given the limited variability of the yield curve using maturities is a poor way to substitute for state contingent debt. The result is the positions recommended by this approach conflict with a number of features that we believe are important in making bond markets incomplete e.g allowing for transaction costs, liquidity effects, etc.. Until these features are all fully incorporated we remain in search of a theory of debt management capable of providing robust policy insights.