Entrepreneurial decision-making using the knightian uncertainty approach

The article discusses the behavioral aspects that affect the entrepreneurs' decision making under the Knightian uncertainty approach. Since the profit arising from entrepreneurial activity represents the reward of an immeasurable and subjective risk, it has been hypothesized that innovative entrepreneurs have excessive optimism and confidence, which leads them to invest in high-risk activities. A behavioral model of decision making under uncertainty is used to test the hypothesis of overconfidence. This model is based on Bayesian inference, which allows us to model the assumption that these entrepreneurs are overconfident. We conclude that, under the hypothesis of overconfidence, these entrepreneurs decide to invest, despite the fact that the expected utility model indicates the contrary. This theoretical finding could explain why there are a large number of business failures in the first years of activity.

CITRICULTURE ECONOMIC AND FINANCIAL EVALUATION UNDER CONDITIONS OF UNCERTAINTY

ABSTRACT The citriculture consists in several environmental risks, as weather changes and pests, and also consists in considerable financial risk, mainly due to the period ofreturn on the initial investment. This study was motivated by the need to assess the risks of a business activity such as citriculture. Our objective was to build a stochastic simulation model to achieve the economic and financial analysis of an orange producer in the Midwest region of the state of Sao Paulo, under conditions of uncertainty. The parameters used were the Net Present Value (NPV), the Modified Internal Rate of Return(MIRR), and the Discounted Payback. To evaluate the risk conditions we built a probabilistic model of pseudorandom numbers generated with Monte Carlo method. The results showed that the activity analyzed provides a risk of 42.8% to reach a NPV negative; however, the yield assessed by MIRR was 7.7%, higher than the yield from the reapplication of the positive cash flows. The financial investment pays itself after the fourteenth year of activity.

When emergent countries reform global governance of climate change: Brazil under Lula

Due to its recent economic success, Brazil is considered an emerging country, but is it an emerging power concerning global environmental governance? This article argues that although Brazil has a sui generis profile, it can only be considered an emerging power in some environmental regimes, such as global climate change. Thus, international relations theory needs more analytical instruments to assess the impact of emerging powers in global environmental governance

Brazilian foreign policy under President Lula (2003-2010): an overview

Foreign Minister of Brazil since 2003, Ambassador Celso Amorim outlines the main guidelines and accomplishments of Brazil's foreign policy under President Luiz Inácio Lula da Silva. The article provides a full-fledged, although not exhaustive, narrative of a number of diplomatic initiatives championed by Brazil over the last eight years: from the gathering of the group of developing countries in a World Trade Organization (WTO) meeting in Cancun to the negotiations that led to the Declaration of Tehran, as well as the challenges the country has been facing as its international weight grows.

Climate governance in an international system under conservative hegemony: the role of major powers

In the last five years, climate change has been established as a central civilizational driver of our time. As a result of this development, the most diversified social processes - as well as the fields of science which study them - have had their dynamics altered. In International Relations, this double challenge could be explained as follows: 1) in empirical terms, climate change imposes a deepening of cooperation levels on the international community, considering the global common character of the atmosphere; and 2) to International Relations as a discipline, climate change demands from the scientific community a conceptual review of the categories designed to approach the development of global climate governance. The goal of this article is to discuss in both conceptual and empirical terms the structure of global climate change governance, through an exploratory research, aiming at identifying the key elements that allow understanding its dynamics. To do so, we rely on the concept of climate powers. This discussion is grounded in the following framework: we now live in an international system under conservative hegemony that is unable to properly respond to the problems of interdependence, among which - and mainly -, the climate issue.

Evaluation of respiratory parameters in minimally processed lettuce grown under organic or conventional system

The increased preference for minimally processed vegetables has been attributed to the health benefits associated with fresh produce and the demand for ready-to-eat salads. In this paper, lettuce (Lactuca sativa L.) was evaluated for the effects of different cropping systems on the respiratory properties. Lettuce was packaged in low density polyethylene bags and stored in a refrigerator at 4 ºC. The concentration of carbon dioxide and oxygen inside the package was monitored during the storage at zero, three, six, eight, ten and twelve days by gas chromatography. Dry matter variation was measured gravimetrically up to day fourteen of storage. Values of respiratory rate for conventional lettuce increased from day 1 to 3 and remained low, while respiratory rate of the organic lettuce increased three-fold up to day 8, stabilizing at a high level. Variation in dry matter during storage also resulted from differences between the two cultivation systems. The highest content of dry matter was achieved by organic lettuce.

Postharvest quality of cocona (Solanum sessiliflorum Dunal) stored under ambient condition

Cocona (Solanum sessiliflorum Dunal) is an important genetic resource that has been traditionally used for a variety of purposes, including food, medical and cosmetics applications. The objective of this study was evaluated the quality and the period of postharvest shelf life of cocona 'Mosquet", through the physical, chemical and physiological characterization of fruits stored under the ambient conditions. Physiologically mature fruits were harvested from an orchard, washed with tap water and soaked in a solution of the fungicide Prochloraz (49.5 g/100 L of water) for 5 minutes. After air drying, the fruits were packed in plastic containers and stored at 24 ± 2 ºC and relative humidity 60 ± 5% for 15 days. The fruits developed a respiratory climacteric respiratory patern and remained fit for consumption up to day 6 of storage, that is, without visual symptoms of loss of water and firmness. At this stage, the fruits showed firmness of 117,42 kPa, soluble solids of 6.62º Brix and citric acid of 1.22 %.

Tillering and forage accumulation in Marandu grass under different grazing intensities

Studies of plant responses to defoliation are important to develop pasture management strategies. The objective of this study was to evaluate the population density of basal, aerial and reproductive tillers, tiller appearance and mortality rates, forage accumulation and sward structure in Marandu grass pastures under different grazing intensities. The experimental period was from January to June 2006, divided in three seasons: summer, autumn and winter. The pastures were continuously grazed using variable stocking rates. The grazing intensities corresponded to 15, 30 and 45 cm of sward height. The experiment was arranged in a complete randomized block design with three treatments and two replicates. The sward heights were measured twice a week. The response variables were: forage accumulation, forage mass and its morphological components; and population densities of basal (TPDb), aerial (TPDa) and reproductive (TPDr) tillers. The highest TPDb (P > 0.05) was recorded for the shortest sward pasture, and the highest TPDr (P<0.05) for the tallest sward pasture. Swards showed a tiller size/density compensation mechanism and, consequently, the forage accumulation was similar (P > 0.05) among the grazing intensities. Pasture with a sward height of 35 cm had 94% of sun light interception. The highest variations in forage accumulation and sward structure were more influenced by seasonal differences than by grazing intensities. Pastures of Marandu grass showed large flexibility in grazing management, which allowed it to be maintained at sward heights between 15 and 35 cm.

Soybean growth and yield under cover crops

The use of cover crops in no-tillage systems can provide better conditions for the development of soybean plants with positive effects on grain yield and growth analysis techniques allow researchers to characterize and understand the behavior of soybean plants under different straw covers. Thus, the aim of this study was to characterize, using growth analysis, yield components and agronomic performance of soybean under common bean, Brachiaria brizantha and pearl millet straws. The experiment was performed on a soil under cerrado in the municipality of Santo Antônio de Goiás, GO. The experiment was arranged in a randomized complete block design with three treatments (cover crops) and five replications. Soybean grain yield was lower in the B. brizantha straw treatment (3,708 kg ha-1) than both in the pearl millet (4.772 kg ha-1) and common bean straw treatments (5,200 kg ha-1). The soybean growth analysis in B. brizantha, pearl millet and common bean allowed characterizing the variation in the production of dry matter of leaves, stems, pods and total and leaf area index that provided different grain yields. The cover crop directly affects the soybean grain yield.

Penetration resistance in a latosol under different moisture and penetration speeds

The soil penetration resistance has been used to represent the compaction situation and several authors have attempted to relate the cone index (CI) with the bulk density. The importance of using the CI as source of information for decisions in agricultural activities, livestock and forestry manner, has become increasingly larger, which requires more knowledge about the penetrometers and penetrographs behavior. This study aimed to verify, in controlled laboratory conditions, the influence of soil water content and cone penetration rate to obtain the cone index, when density variation occurs. The soil was compacted by compression through a universal press cylinder which was specially designed to produce the test specimens. Bulk densities were determined from samples taken from the test specimens and their moisture content. The CI values obtained were between 0.258 and 4.776 MPa, measured in 4 moistures and 7 soil densities with 3 penetration speeds. It was concluded that the determination of IC is strongly influenced by the soil moisture but the penetration speed variation, used in this study, was not sufficient to influence the IC determination. However, the decrease in soil water content may increase the sensitiveness to detect a variation in bulk density by the use of cone index.

Maize nitrogen fertilization in two crop rotation systems under no-till

The objective of this study was to evaluate split nitrogen (N) fertilization of maize applied in band at sowing and top dressing with and without crop rotation, under no-till. The experiment was conducted with six N rates at sowing (0, 20, 30, 40, 50 and 60 kg ha-1) combined with three rates in top dressing (40, 70, 100 kg ha-1) and two management systems: after five cropping sequences of maize and crop rotation (maize + soybean + oat + soybean + corn) in a randomized block design with four replications. The crop rotation system increased yield in approximately 7% in relation to the area without rotation. The split of nitrogen fertilization, in rates above 39 and 54 kg ha-1 at sowing and 70 and 40 kg ha-1 in top dressing, resulted in yield higher than that obtained with the application of 100 kg ha-1 in top dressing. Grain yield was higher with the rates 50 and 70 kg ha-1 of N compared with that obtained with 20 and 100 kg ha-1 at sowing and top dressing, respectively. The rate 70 kg ha-1 of N resulted in the highest yield at the lowest cost compared with the revenues and costs incurred with the rates 40 and 100 kg ha-1.

Selection of full-sib families of Panicum maximum Jacq under low light conditions

The silvopastoral system is a viable technological alternative to extensive cattle grazing, however, for it to be successful, forage grass genotypes adapted to reduced light need to be identified. The objective of this study was to select progenies of Panicum maximum tolerant to low light conditions for use in breeding programs and to study the genetic control and performance of some traits associated with shade tolerance. Six full-sib progenies were evaluated in full sun, 50% and 70% of light reduction in pots and subjected to cuttings. Progeny genotypic values ​​(GV) increased with light reduction in relation to plant height (H) and specific leaf area (SLA). The traits total dry mass accumulation (DM) and leaf dry mass accumulation (LDM) had GV higher in 50% shade and intermediate in 70% shade. The GV of tiller number (TIL) and root dry mass accumulation (RDM) decreased with light reduction. The highest positive correlations were obtained for the traits H and RDM with SLA and DM; the highest negative correlations were between TIL and SLA and RDM, and H and LDM. The progenies showed higher tolerance to 50% light reduction and, among them, two stood out and will be used in breeding programs. It was also found that it is not necessary to evaluate some traits under all light conditions. All traits had high broad sense heritability and high genotypic correlation between progenies in all light intensities. There is genetic difference among the progenies regarding the response to different light intensities, which will allow selection for shade tolerance

Soil chemical properties affected by cover crops under no-tillage system

The use of cover crops in no-tillage systems (NTS) can significantly improve the soil's fertility. Thus, a study was performed to evaluate changes in chemical properties of soil caused by cover crops in a no-tillage system. The field experiment consisted of the following crop rotation: cover crops/rice/cover crops/rice. The experimental design was in randomized blocks with three replications. Treatments consisted of four cover crops (Brachiaria brizantha(Hochst. ex A. Rich.) Stapf. cv. Marandu, Brachiaria ruziziensis R. Germ. and C.M. Evrard, Panicum maximum Jacq. cv. Colonião, and Pennisetum glaucum(L.) R. Br. cv. BN-2) and fallow (control treatment). Soil samples were collected at the beginning of the summer crop in Oct 2007, Oct 2008 and Oct 2009 at 0-5 cm soil depth. The use of cover crops provided for a significant increase in the level of nutrients, soil organic matter, cation exchange capacity, and base saturation in the soil. Soil fertility improved from the first to second year with the growing of cover crops. The soil under cover crops P. glaucum, B. ruziziensis, and B. brizantha showed higher fertility than the area under fallow.