Profitability and technical efficiency of aquaculture systems in Pampanga, Philippines

We evaluate the profitability and technical efficiency of aquaculture in the Philippines. Farm-level data are used to compare two production systems corresponding to the intensive monoculture of tilapia in freshwater ponds and the extensive polyculture of shrimps and fish in brackish water ponds. Both activities are very lucrative, with brackish water aquaculture achieving the higher level of profit per farm. Stochastic frontier production functions reveal that technical efficiency is low in brackish water aquaculture, with a mean of 53%, explained primarily by the operator's experience and by the frequency of his visits to the farm. In freshwater aquaculture, the farms achieve a mean efficiency level of 83%. The results suggest that the provision of extension services to brackish water fish farms might be a cost-effective way of increasing production and productivity in that sector. By contrast, technological change will have to be the driving force of future productivity growth in freshwater aquaculture.

The trading profitability of forecasts of the gilt–equity yield ratio

Research has highlighted the usefulness of the Gilt–Equity Yield Ratio (GEYR) as a predictor of UK stock returns. This paper extends recent studies by endogenising the threshold at which the GEYR switches from being low to being high or vice versa, thus improving the arbitrary nature of the determination of the threshold employed in the extant literature. It is observed that a decision rule for investing in equities or bonds, based on the forecasts from a regime switching model, yields higher average returns with lower variability than a static portfolio containing any combinations of equities and bonds. A closer inspection of the results reveals that the model has power to forecast when investors should steer clear of equities, although the trading profits generated are insufficient to outweigh the associated transaction costs.

Autopoietic organization of firm: an illustration for the construction industry

Generally poor productivity, delays, low profitability and exceeded budgets are Common problems in modern construction management, however it seems that a basic obstacle lies far deeper in the understanding of a firm's fundamental mission, its existence. The main objective of this paper therefore is to examine the operational living of a construction firm and by doing that to reveal the key problem or the solution for a construction firm - its organization. A firm as a social system in which interactions between its constitutive components (employees) are surordinated to its maintenance (keeping a system alive) is an autopoietic social system. Two domains of external perturbations are uncovered to which a construction firm has to adapt (market driven and project driven perturbations). Constructed conceptual model of an autopoietic organization is based upon two necessary and sufficient operational domains that a firm has to create in order to become an autopoietic, adaptive social system. The first one is a domain of interactions between employees and other operationally external systems, which is representing an idea-generating domain of interactions. The second is employee's autonomous operational domain, which embodies employee's autonomy and individuality and represents a necessary condition for the establishment of an idea-generating domain. Finally, it is recognized that interactions within these four domains keep a construction firm alive.

Farming systems methodology for efficient resource management at the farm level: a review from an Indian perspective

Farming systems research is a multi-disciplinary holistic approach to solve the problems of small farms. Small and marginal farmers are the core of the Indian rural economy Constituting 0.80 of the total farming community but possessing only 0.36 of the total operational land. The declining trend of per capita land availability poses a serious challenge to the sustainability and profitability of farming. Under such conditions, it is appropriate to integrate land-based enterprises such as dairy, fishery, poultry, duckery, apiary, field and horticultural cropping within the farm, with the objective of generating adequate income and employment for these small and marginal farmers Under a set of farm constraints and varying levels of resource availability and Opportunity. The integration of different farm enterprises can be achieved with the help of a linear programming model. For the current review, integrated farming systems models were developed, by Way Of illustration, for the marginal, small, medium and large farms of eastern India using linear programming. Risk analyses were carried out for different levels of income and enterprise combinations. The fishery enterprise was shown to be less risk-prone whereas the crop enterprise involved greater risk. In general, the degree of risk increased with the increasing level of income. With increase in farm income and risk level, the resource use efficiency increased. Medium and large farms proved to be more profitable than small and marginal farms with higher level of resource use efficiency and return per Indian rupee (Rs) invested. Among the different enterprises of integrated farming systems, a chain of interaction and resource flow was observed. In order to make fanning profitable and improve resource use efficiency at the farm level, the synergy among interacting components of farming systems should be exploited. In the process of technology generation, transfer and other developmental efforts at the farm level (contrary to the discipline and commodity-based approaches which have a tendency to be piecemeal and in isolation), it is desirable to place a whole-farm scenario before the farmers to enhance their farm income, thereby motivating them towards more efficient and sustainable fanning.

An ex-ante evaluation of the economic impact of Bt cotton adoption by spanish farmers facing the EU cotton sector reform

Cotton production in the European Union (EU) is limited to areas of Greece and Southern Spain (Andalusia). The 2004 reform of the EU cotton policy severely affected the profitability of the crop. In this article we analyze how the introduction of genetically modified (GM), insect-resistant cotton varieties (Bt cotton) might help EU cotton farmers to increase profitability and therefore face the cotton policy reform. We first study farmers’ attitudes toward adoption of Bt cotton varieties through a survey conducted in Andalusia (Southern Spain). The results show a positive attitude of Andalusian cotton farmers toward the Bt cotton varieties. Second, we perform an ex-ante analysis of the effects of introducing Bt cotton in Andalusia. Finally, we integrate the analysis of the effects of Bt cotton with the analysis of the EU cotton reform. Our results show that despite the significant economic benefits of Bt cotton, the current policy reform is likely to jeopardize the profitability of cotton production in the EU.

Biosecurity in agriculture: an economic analysis of coexistence of professional and hobby production

One component of biosecurity is protection against invasive alien species, which are one of the most important threats worldwide to native biodiversity and economic profitability in various sectors, including agriculture. However, agricultural producers are not homogeneous. They may have different objectives and priorities, use different technologies, and occupy heterogeneous parcels of land. If the producers differ in terms of their attitude towards invasive pests and the damages they cause, there are probably external effects in the form of pest spread impacts and subsequent damages caused. We study such impacts in the case of two producer types: profit-seeking professional producers and utility-seeking hobby producers. We show that the hobby producer, having first set a breeding ground for the pest, under-invests in pest control. We also discuss potential policy instruments to correct this market failure and highlight the importance of considering different stakeholders and their heterogeneous incentives when designing policies to control invasive alien species.

Forage production and nutrient availability in small-scale dairy systems in central Mexico using linear programming and partial budgeting

Small-scale dairy systems play an important role in the Mexican dairy sector and farm planning activities related to resource allocation have a significant impact on the profitability of such enterprises. Linear programming is a technique widely used for planning and ration formulation, and partial budgeting is a technique for assessing the impact of changes on the profitability of an enterprise. This study used both methods to optimise land use for forage production and nutrient availability, and to evaluate the economic impact of such changes in small-scale Mexican dairy systems. The model showed satisfactory performance when optimal solutions were compared with the traditional strategy. The strategy using fresh ryegrass, maize silage and oat hay, and the strategy using a combination of alfalfa hay, maize silage, fresh ryegrass and oat hay appeared attractive options for providing a better nutrient supply and maintaining a higher stocking rate throughout the year than the traditional strategy.

The need of sustainable buildings construction in the Kingdom of Bahrain

This thesis is aimed to initiate implementing sustainable building construction in the kingdom of Bahrain, i.e. Building-Integration PhotoVoltaic (BIPV) or Wind Energy (BIWE). It highlights the main constrains that discourage such modern concept in building and construction. Three groups have been questioned using a questionnaire. These are the policy and decision makers, the leading consultants and the contractors. The main constrains of the dissemination of BIVP and BIWE, according to the policy and decision makers, are: lack of knowledge and awareness of the public in sustainable technology, low cost of electricity, low cost of gas and oil and difficulty in applying local environmental taxes. The consultants had attributed the constrains to ignorance of life cycle cost of PV and Wind turbines systems, lack of education and knowledge in sustainable design, political system, shortage of markets importing sustainable technologies and client worries in profitability and pay-back period. The contractors are found to be very enthusiastic and ready to take over any sustainable building project and prefer to have a construction manger to coordinate between the design and contracting team. Design and Build is found the favorable procurement method in Bahrain for conducting BIPV or BIWE projects.

Technology trajectories, innovation, and the growth of biomimetics

Publication rate of patents can be a useful measure of innovation and productivity in science and technology. Patenting activity in new technological fields follows a sigmoid (S-shaped) path. Qualitative and quantitative models in management and economics literature explain why such patterns of productivity may occur. TRIZ analysis suggests that patents are generated in bursts during the evolution of a product and that they are at different levels of inventiveness. The tendency is for the inventiveness to reduce as the product is more mature. This makes it possible to guess at the lifetime stage of a product and gauge its maturity and profitability. An analysis of patenting activity and other measures of inventiveness in the emerging field of biomimetics was presented, and future trends in biologically-inspired innovation was discussed.

Measuring construction industry competitiveness: A holistic approach

The link between competitiveness and sustained prosperity of a nation, industry or firm, is a well established argument and serves as the basis for making policy decisions and directing strategic change. The importance of construction industry competitiveness is currently receiving considerable attention from countries such as Finland, Sweden and the UK. This paper critically reviews the existing measures of competitiveness, challenges productivity and profitability as the dominant measures of construction industry competitiveness and introduces a more holistic set of measures that addresses the needs of investors, employees, clients and overall society. The research also reports upon the application of this more holistic set of measures for measuring competitiveness and presents results for the Swedish construction industry. The paper principally sets out to present the preliminary findings of an ongoing research project, which will eventually compare the competitiveness of the Swedish construction industry with that of Finland and the UK.

Modelling requirements of supplier selection for benchmarking service provision

Supplier selection has a great impact on supply chain management. The quality of supplier selection also affects profitability of organisations which work in the supply chain. As suppliers can provide variety of services and customers demand higher quality of service provision, the organisation is facing challenges for making the right choice of supplier for the right needs. The existing methods for supplier selection, such as data envelopment analysis (DEA) and analytical hierarchy process (AHP) can automatically perform selection of competitive suppliers and further decide winning supplier(s). However, these methods are not capable of determining the right selection criteria which should be derived from the business strategy. An ontology model described in this paper integrates the strengths of DEA and AHP with new mechanisms which ensure the right supplier to be selected by the right criteria for the right customer's needs.

Improving the efficiency of energy utilization in cattle

The efficiency of energy utilisation in cattle is a determinant of the profitability of milk and beef production, as well as their environmental impact. At an animal level, meat and milk production by ruminants is less efficient than pig and poultry production, in part due to lower digestibility of forages compared with grains. However, when compared on the basis of human-edible inputs, the ruminant has a clear efficiency advantage. There has been recent interest in feed conversion efficiency (FCE) in dairy cattle and residual feed intake, an indicator of FCE, in beef cattle. Variation between animals in FCE may have genetic components, allowing selection for animals with greater efficiency and reduced environmental impact. A major source of variation in FCE is feed digestibility, and thus approaches that improve digestibility should improve FCE if rumen function is not disrupted. Methane represents a substantial loss of digestible energy from rations. Major determinants of methane emission are the amount of feed consumed and the proportions of forage and concentrates fed. In addition, feeding fat has long been known to reduce methane emission. A myriad of other supplements and additives are currently being investigated as mitigators of methane emission, but in many cases compounds effective in sheep are ineffective in lactating dairy cows. Ultimately, the adoption of ‘best practice’ in diet formulation and management may be the most effective option for reducing methane. In assessing the efficiency of energy use for milk and meat production by cattle, and their environmental impact, it is imperative that comparisons be made at a systems level, and that the wider social and economic implications of mitigation policy are considered.

Detecting intraday periodicities with application to high frequency exchange rates

Many recent papers have documented periodicities in returns, return volatility, bid–ask spreads and trading volume, in both equity and foreign exchange markets. We propose and employ a new test for detecting subtle periodicities in time series data based on a signal coherence function. The technique is applied to a set of seven half-hourly exchange rate series. Overall, we find the signal coherence to be maximal at the 8-h and 12-h frequencies. Retaining only the most coherent frequencies for each series, we implement a trading rule that is based on these observed periodicities. Our results demonstrate in all cases except one that, in gross terms, the rules can generate returns that are considerably greater than those of a buy-and-hold strategy, although they cannot retain their profitability net of transactions costs. We conjecture that this methodology could constitute an important tool for financial market researchers which will enable them to detect, quantify and rank the various periodic components in financial data better.

Do Integrated Arable Farming Systems provide a more sustainable form of agricultural production: the UK case

Integrated Arable Farming Systems (IAFS) projects utilise a range of novel and different farming techniques, often associated with optimising or reducing the use of inputs. Here, data is presented from the LINK-IFS project which suggests that, although input levels are being reduced, the overall profitability of the system can be maintained. The effect of thus reduction in inputs, however, in terms of impact on key environmental indicators is unclear.