Entrepreneurial opportunities, implicit contracts and market making for complex consumer goods

This article extends the theory of entrepreneurial opportunity exploitation, outlining how under certain conditions, opportunity exploitation is dependent on market making innovations. Where adverse selection and moral hazard characterize markets, consumers are likely to withdraw regardless of product quality. In order to overcome consumer resistance, entrepreneurs must signal credible commitments. But because consumers purchase without fully specifying requirements, entrepreneurs' commitments take the partial form of implicit contracts, creating strong mutual commitments to repeated transactions. These commitments enable novel markets to function, but introduce additional costs. This article illustrates the theory with the historic case of Singer in sewing machines

Exploitation of Geostationary Earth Radiation Budget data using simulations from a numerical weather prediction model: Methodology and data validation

We describe a new methodology for comparing satellite radiation budget data with a numerical weather prediction (NWP) model. This is applied to data from the Geostationary Earth Radiation Budget (GERB) instrument on Meteosat-8. The methodology brings together, in near-real time, GERB broadband shortwave and longwave fluxes with simulations based on analyses produced by the Met Office global NWP model. Results for the period May 2003 to February 2005 illustrate the progressive improvements in the data products as various initial problems were resolved. In most areas the comparisons reveal systematic errors in the model's representation of surface properties and clouds, which are discussed elsewhere. However, for clear-sky regions over the oceans the model simulations are believed to be sufficiently accurate to allow the quality of the GERB fluxes themselves to be assessed and any changes in time of the performance of the instrument to be identified. Using model and radiosonde profiles of temperature and humidity as input to a single-column version of the model's radiation code, we conduct sensitivity experiments which provide estimates of the expected model errors over the ocean of about ±5–10 W m−2 in clear-sky outgoing longwave radiation (OLR) and ±0.01 in clear-sky albedo. For the more recent data the differences between the observed and modeled OLR and albedo are well within these error estimates. The close agreement between the observed and modeled values, particularly for the most recent period, illustrates the value of the methodology. It also contributes to the validation of the GERB products and increases confidence in the quality of the data, prior to their release.

Neolithic woodland composition and exploitation in the Southern Levant: a comparison between archaeobotanical remains from WF16 and present day woodland at Hammam Adethni

Excavations at the Pre-Pottery Neolithic site of WF16 in the Southern Levant produced an archaeobotanical assemblage constituted by plant macro-fossils and wood charcoal. As with all such assemblages, its species composition will most likely provide a biased reflection of those within the Neolithic woodland that had been exploited owing to cultural selection and differential preservation. As a means of facilitating its interpretation, a survey was undertaken of a relatively undisturbed patch of gallery woodland associated with a permanent water course at Hammam Adethni, approximately four kilometres south-east of WF16. The substantial overlap of the species within this woodland and those in the archaeobotanical assemblage suggests that this present-day woodland provides an analogue for that of the Neolithic and may therefore indicate what other plant resources the inhabitants of WF16 may have exploited, but which have left no archaeological trace. The interpretation of the results is supported by a comparative study of wood charcoal from present-day Bedouin hearths in Wadi Faynan.

Haploids in flowering plants: origins and exploitation

The first haploid angiosperm, a dwarf form of cotton with half the normal chromosome complement, was discovered in 1920, and in the ninety years since then such plants have been identified in many other species. They can occur either spontaneously or can be induced by modified pollination methods in vivo, or by in vitro culture of immature male or female gametophytes. Haploids represent an immediate, one-stage route to homozygous diploids and thence to F(1) hybrid production. The commercial exploitation of heterosis in such F(1) hybrids leads to the development of hybrid seed companies and subsequently to the GM revolution in agriculture. This review describes the range of techniques available for the isolation or induction of haploids and discusses their value in a range of areas, from fundamental research on mutant isolation and transformation, through to applied aspects of quantitative genetics and plant breeding. It will also focus on how molecular methods have been used recently to explore some of the underlying aspects of this fascinating developmental phenomenon.

Benchmarking or business opportunity: Using milk recording data to expose your clients' weaknesses

Routine milk recording data, often covering many years, are available for approximately half the dairy herds of England and Wales. In addition to milk yield and quality, these data include production events that can be used to derive objective Key Performance Indicators (KPI) describing a herd's fertility and production. Recent developments in information systems give veterinarians and other technical advisers access to these KPIs on-line. In addition to reviewing individual herd performance, advisers can establish local benchmark groups to demonstrate the relative performance of similar herds in the vicinity. The use of existing milk recording data places no additional demands on farmer's time or resources. These developments could also readily be exploited by universities to introduce veterinary undergraduates to the realities of commercial dairy production.

Exploration vs exploitation in differential evolution

Differential Evolution (DE) is a tool for efficient optimisation, and it belongs to the class of evolutionary algorithms, which include Evolution Strategies and Genetic Algorithms. DE algorithms work well when the population covers the entire search space, and they have shown to be effective on a large range of classical optimisation problems. However, an undesirable behaviour was detected when all the members of the population are in a basin of attraction of a local optimum (local minimum or local maximum), because in this situation the population cannot escape from it. This paper proposes a modification of the standard mechanisms in DE algorithm in order to change the exploration vs. exploitation balance to improve its behaviour.