Portfolio selection under higher moments using fuzzy multi-objective linear programming

Since asset returns have been recognized as not normally distributed, the avenue of research regarding portfolio higher moments soon emerged. To account for uncertainty and vagueness of portfolio returns as well as of higher moment risks, we proposed a new portfolio selection model employing fuzzy sets in this paper. A fuzzy multi-objective linear programming (MOLP) for portfolio optimization is formulated using marginal impacts of assets on portfolio higher moments, which are modelled by trapezoidal fuzzy numbers. Through a consistent centroid-based ranking of fuzzy numbers, the fuzzy MOLP is transformed into an MOLP that is then solved by the maximin method. By taking portfolio higher moments into account, the approach enables investors to optimize not only the normal risk (variance) but also the asymmetric risk (skewness) and the risk of fat-tails (kurtosis). An illustrative example demonstrates the efficiency of the proposed methodology comparing to previous portfolio optimization models.

Quantifying the potential impacts of increasing agricultural fragmentation on land value

Societal expectations from rural lands have traditionally focused on the production of food and fibre. Yet the perception of rural areas is changing and they are now seen in many instances to be capable of delivering multiple functions or non‐commodity outputs including land conservation and the preservation of biodiversity, contributing to the sustainable management of renewable natural resources and enhancing the socio‐economic viability of many areas . The overall multi‐functionality is constrained or favoured by biophysical and socio‐economic drivers. As these types of drivers vary spatially and temporally, so does the functionality of the landscape and heterogeneous patterns emerge. Associated with multiple functions at a single location are a variety of pressures which can manifest themselves as conflict between interacting land uses. One such conflict in rural zones is that between agricultural use and residential use. Warrnambool City Council (WCC) is a Local Government Area (LGA) in southwest Victoria where the debate surrounding the best use of rural land is currently being debated. In a region where agriculture has historically been the mainstay of the economy there is some resistance to unplanned conversion to residential use. Despite concerns and much strategy being discussed it appears an investigation quantifying the impacts of these conversions is yet to be done. This paper addresses the issue of the allocation of land by using GIS mapping to incorporate economic, social and environmental attributes, and applying a theoretical economic framework for the optimal allocation of land to the comprehensive data set. Marginal values of land for competing purposes are estimated and discussed. The method is relevant for other regions where the rural/residential interface and associated planning decisions are highly topical.

The effects of target length on the visual control of step length for hard and soft impacts

Adjustments to gait were examined when positioning the foot within a narrow target at the end of an approach for two impact conditions, hard and soft. Participants (6 M, 6 F) ran toward a target of three lengths along a 10-m walkway consisting of two marker strips with alternating black and white 0.5-m markings. Five trials were conducted for each target length and impact task, with trials block randomized between the 6 participants of each gender. A 50-Hz digital video camera panned and filmed each trial from an elevated position adjacent to the walkway. Video footage was digitized to deduce the gait characteristics. A linear speed/accuracy tradeoff between target length and approach time was found for both impact tasks (hard, r = 0.99, p < 0.01; soft, r = 0.96, p < 0.05). For the hard-impact task, visual control time increased linearly (r = 0.99, p < 0.05) when whole-body approach velocity decreased. Visual control time was unaffected by whole-body approach velocity in the soft-impact task. A constant tau-margin of 1.08 describes the onset of visual control when approaching a target while running, with the control of braking during visual control described by a tau-dot of –0.85. Further research is needed to examine the control of braking in different targeting tasks.

Impacts of an online-supported, resouce-based learning environment: does one size fit all?

This paper reports on the use of an online, resource-based learning (RBL) approach in first year psychology at Deakin University. Differences between on- and off-campus students that emerged are examined in the context of the learning goals and study approaches of the two student groups and their attitudes to using computers. Unlike the on-campus students who were less positive about working with computers and reported confusion about how and what to study for the unit, the off-campus students reported feeling confident they had a good study strategy and were more positive about computers. The off-campus students also reported that they spent more time working with electronic resources and attached greater value to them. While all students valued the prescribed resources, the off-campus students found some of the optional, electronic resources valuable because they added to the learning experience. These students also reported greater use of the computer-mediated communication available as part of the online learning environment, and valued this functionality more highly than did the on-campus students. These findings highlight the need to take into account learner characteristics when designing learning environments that cater for individual differences and preferences. While online-supported RBL approaches have the potential to cater to the diverse needs of students, learning environments need to be designed, structured and delivered so the learning experience can be customized to the needs of different student cohorts, while preserving the overarching, pedagogical goals.

An evaluation of the role and impacts of alien finfish in Asian inland aquaculture

Asia dominates global aquaculture production accounting for over 80% of the total and the mainstay in Asian aquaculture is finfish. Over the years, Asia has experienced a number of inter-continental and intra-continental transfers/introductions/translocation of finfish species, between nations and watersheds, beyond their natural range of distribution, primarily for aquaculture development. In this article all such species are referred to as alien species. An attempt is made to evaluate the importance of the production of alien species in selected Asian nations, using statistics of the Food and Agriculture Organization. Also, negative effects, if any, based on literature surveys, of alien species in relation to displacement of indigenous species, and on biodiversity and/or genetic diversity together with associated pathogen transfers are evaluated. The major alien species, based on their significance to Asian inland aquaculture considered, are the tilapias, catfish, Chinese and Indian major carps and common carp. It is estimated that currently alien species account for nearly 12% of the cultured finfish production (2.6 million tonnes) in Asia, valued at US$ 2.59 billion, and the contribution exceeds 40% when Asian countries excluding China are taken into consideration. Inland finfish aquaculture in some Asian nations, such as Indonesia and the Philippines, is predominated by alien species, and in some others, e.g. Bangladesh and India, the contribution from alien species has been increasing steadily. It is suggested that overall alien finfish species have done little ecological harm to native flora and fauna. However, in the wake of increasing anthropogenic development taking place in watersheds the resulting environments are often made unconducive to indigenous species but not to some alien species, thereby potentially and indirectly making the latter invasive.

Balancing environmental impacts and benefits of wastewater reuse

Wastewater reuse is being widely promulgated to help address the global freshwater resource crisis. It can assist in reducing extraction of freshwater from the environment, and reuse of wastewater lessens the need for environmental discharge, which is clearly beneficial to receiving waters. But the practice itself also has the potential to be detrimental to natural and human environments: soil structure can become degraded, aquifers may be polluted, and human health may be threatened. The challenge facing natural resource managers is to identify the potential benefits and risks, and to achieve an appropriate balance. This paper describes environmental benefits and threats concomitant with the reuse of wastewater. We frequently draw upon examples from China and Australia-two countries that face particularly daunting water resource
challenges-but the principles can be.extended far beyond these geographical bounds and are applicable to
many parts of the world.

Incorporating environmental impacts into productivity analysis: the case for nitrogen leaching in the Australian dairy industry

This paper examines how the adoption of a system's perspective to the use of both marketed and public resources can be incorporated into an analysis of productivity measurement.  A biophysical model is used to measure the environmental inputs which are combined with conventional marketed inputs to develop a Malmquist Productivity Index to determine social productivity growth over the perios under study.  The analysis is applied to data collected from selected farms in south west Victoria and includes a measure of leaching and run-off as a proxy measure of the impact the application of fertilizers has on ground and surface water.  Although the sample is small, the results show measured productivity growth differs when environmental factors are considered.

Monitoring ecological impacts: concepts and practice in flowing waters

Monitoring Ecological Impacts provides the tools needed to design  assessment programs that can reliably monitor, detect and allow  management of human impacts on the natural environment. The procedures described are well-grounded in inferential logic. Step-by-step guidelines and flow diagrams provide clear and useable protocols, which are applicable to real situations.