Impacts of tillage and application methods on atrazine and alachlor losses from upland fields: Research paper

The effects of tillage practises and the methods of chemical application on atrazine and alachlor losses through run-off were evaluated for five treatments: conservation (untilled) and surface (US), disk and surface, plow and surface, disk and preplant-incorporated, and plow and preplant-incorporated treatments. A rainfall simulator was used to create 63.5 mm h^-1 of rainfall for 60 min and 127 mm h^-1 for 15 min. Rainfall simulation occurred 24-36 h after chemical application. There was no significant difference in the run-off volume among the treatments but the untilled treatment significantly reduced erosion loss. The untilled treatments had the highest herbicide concentration and the disk treatments were higher than the plow treatments. The surface treatments showed a higher concentration than the incorporated treatments. The concentration of herbicides in the water decreased with time. Among the experimental sites, the one with sandy loam soil produced the greatest losses, both in terms of the run-off volume and herbicide loss. The US treatments had the highest loss and the herbicide incorporation treatments had smaller losses through run-off as the residue cover was effective in preventing herbicide losses. Incorporation might be a favorable method of herbicide application to reduce the herbicide losses by run-off.

Broadening generic skills development: Improving financial literacy of university students

Research has demonstrated the importance of financial literacy as one of the key life skills for sound financial decision-making. Despite the vast availability of educational resources, young adults were consistently found to have low levels of financial capability. Of particular concern is that many of these young people do not have adequate money skills to manage their freedom during university time, which may contribute to suboptimal financial behaviours. This study surveyed university students by assessing their financial literacy and perception of the financial education they received in school. Illiteracy across different domains of financial topics was evident. Results also indicate that majority of respondents viewed that high school has not taught them financial knowledge that will prepare them for adult life. Accordingly, it is proposed that graduate skills development in higher education should be broadened to incorporate financial literacy to help university students to navigate the financial maze.

Volatility transmission in global financial markets

This paper considers the transmission of volatility in global foreign exchange, equity and bond markets. Using a multivariate GARCH framework which includes measures of realised volatility as explanatory variables, significant volatility and news spillovers are found to occur on the same trading day between Japan, Europe, and the United States. All markets exhibit significant degrees of asymmetry in terms of the transmission of volatility associated with good and bad news. There are also strong links between diffusive volatilities in all three markets, whereas jumpactivity is only importantwithin the equitymarkets. The results of this paper deepen our understanding of how news and volatility are propagated through global financial markets.

Identifying the financial barriers to deliberative, affordable apartment development in Australia

Purpose The purpose of this paper is to identify the financial barriers to the supply of affordable apartments in Australia and examine whether demand aggregation and ‘deliberative development’ (self-build) can form a new affordable housing ‘structure of provision’. Design/methodology/approach Market design, an offshoot of game theory, is used to analyse the existing apartment development model, with ‘deliberative development’ proposed as an innovative alternative. Semi-structured interviews with residential development financiers are used to evaluate whether deliberative development could obtain the requisite development finance. Findings Our investigation into the financial barriers of a deliberative development model suggest that while there are hurdles, these can be addressed if key risks in the exchange process can be mitigated. Hence, affordability can be enhanced by ‘deliberative development’ replacing the existing speculative development model. Research implications Market design is a new innovative theoretical approach to understanding the supply of housing, offering practical solutions to affordable apartment supply in Australia. Originality/value This research identifies financial barriers to the supply of affordable apartments; introduces theoretical understandings gained from market design as an innovative solution; provides evidence that a new structure of building provision based on ‘deliberative development’ could become a key means of achieving more affordable and better designed apartments.

Improved Algorithms for Reservoir Capacity Calculation Incorporating Storage-Dependent Losses and Reliability Norm

Two algorithms that improve upon the sequent-peak procedure for reservoir capacity calculation are presented. The first incorporates storage-dependent losses (like evaporation losses) exactly as the standard linear programming formulation does. The second extends the first so as to enable designing with less than maximum reliability even when allowable shortfall in any failure year is also specified. Together, the algorithms provide a more accurate, flexible and yet fast method of calculating the storage capacity requirement in preliminary screening and optimization models.

Sediment and nutrient losses from exotic Pinus plantation management operations under simulated rainfall

Rainfall simulation experiments were carried out to measure runoff and soil water fluxes of suspended solids, total nitrogen, total phosphorus, dissolved organic carbon and total iron from sites in Pinus plantations on the coastal lowlands of south-eastern Queensland subjected to various operations (treatments). The operations investigated were cultivated and nil-cultivated site preparation, fertilised site preparation, clearfall harvesting and prescribed burning; these treatments were compared with an 8-y-old established plantation. Flow-weighted mean concentrations of total nitrogen and total phosphorus in surface runoff from the cultivated and nil-cultivated site-preparation, clearfall harvest, prescribed burning and 8-y-old established plantation treatments were very similar. However, both the soil water and the runoff from the fertilised site preparation treatment contained more nitrogen (N) and phosphorus (P) than the other treatments - with 3.10 mg N L-1 and 4.32 mg P L-1 (4 and 20 times more) in the runoff. Dissolved organic carbon concentrations in runoff from the nil-cultivated site-preparation and prescribed burn treatments were elevated. Iron concentrations were highest in runoff from the nil-cultivated site-preparation and 8-y-old established plantation treatments. Concentrations of suspended solids in runoff were higher from cultivated site preparation and prescribed burn treatments, and reflect the great disturbance of surface soil at these sites. The concentrations of all analytes were highest in initial runoff from plots, and generally decreased with time. Total nitrogen (mean 7.28, range 0.11-13.27 mg L-1) and total phosphorus (mean 11.60, range 0.06-83.99 mg L-1) concentrations in soil water were between 2 and 10 times greater than in surface runoff, which highlights the potential for nutrient fluxes in interflow (i.e. in the soil above the water table) through the general plantation area. Implications in regard to forest management are discussed, along with results of larger catchment-scale studies.

Parameterizing Unconditional Skewness in Models for Financial Time Series

In this paper we consider the third-moment structure of a class of time series models. It is often argued that the marginal distribution of financial time series such as returns is skewed. Therefore it is of importance to know what properties a model should possess if it is to accommodate unconditional skewness. We consider modeling the unconditional mean and variance using models that respond nonlinearly or asymmetrically to shocks. We investigate the implications of these models on the third-moment structure of the marginal distribution as well as conditions under which the unconditional distribution exhibits skewness and nonzero third-order autocovariance structure. In this respect, an asymmetric or nonlinear specification of the conditional mean is found to be of greater importance than the properties of the conditional variance. Several examples are discussed and, whenever possible, explicit analytical expressions provided for all third-order moments and cross-moments. Finally, we introduce a new tool, the shock impact curve, for investigating the impact of shocks on the conditional mean squared error of return series.

Cooking in the ungra area: Fuel efficiency, energy losses, and opportunities for reducing firewood consumption

Cooking efficiency and related fuel economy issues have been studied in a particular rural area of India. Following a description of the cooking practices and conditions in this locale, cooking efficiency is examined. A cooking efficiency of only 6% was found. The use of aluminium rather than clay pots results in an increased efficiency. In addition, cooking efficiency correlates very well with specific fuel consumption. The latter parameter is much simpler to analyse than cooking efficiency. The energy losses during cooking are examined in the second part of this case study. The major energy losses are heating of excess air, heat carried away by the combustion products, heat transmitted to the stove body and floor, and the chemical energy in charcoal residue. The energy loss due to the evaporation of cooking water is also significant because it represents about one-third of the heat reaching the pots.

An experimental analysis of information acquisition in prediction markets

We study which factors in terms of trading environment and trader characteristics determine individual information acquisition in experimental asset markets. Traders with larger endowments, existing inconclusive information, lower risk aversion, and less experience in financial markets tend to acquire more information. Overall, we find that traders overacquire information, so that informed traders on average obtain negative profits net of information costs. Information acquisition and the associated losses do not diminish over time. This overacquisition phenomenon is inconsistent with predictions of rational expectations equilibrium, and we argue it resembles the overdissipation results from the contest literature. We find that more acquired information in the market leads to smaller differences between fundamental asset values and prices. Thus, the overacquisition phenomenon is a novel explanation for the high forecasting accuracy of prediction markets.

Evaluation of Charges for Power Transmission and Losses in Bilateral Power Contracts

The paper presents a method for transmission loss charge allocation in deregulated power systems based on Relative Electrical Distance (RED) concept. Based on RED between the generator and load nodes and the predefined bilateral power contracts, charge evaluation is carried out. Generally through some power exchange mechanism a set of bilateral contracts are determined that facilitate bilateral agreements between the generation and distribution entities. In this paper the possible charges incurred in meeting loads like generation charge, transmission charge and charge due to losses are evaluated. Case studies have been carried out on a few practical equivalent systems. Due to space limitation results for a sample 5 bus system are presented considering ideal load/generation power contracts and deviated load/generation power contracts. Extensive numerical testing indicates that the proposed allocation scheme produces loss allocations that are appropriate and that behave in a physically reasonable manner.

Social enterprises: Examining accountability for social and financial performance

This research examined the influence commercial customers have on the social and financial accountability of social enterprises, specifically considering whether a dominant or diversified customer base impacts on social enterprise accountability. Findings revealed that social enterprise accountability was influenced by social enterprises' main stakeholder(s), not necessarily the dominant customer. Accountability practices focused on fulfilling social enterprises' main stakeholders' accountability demands, and reporting to them rather than reporting on performance to a broader range of stakeholders. This research enhances the understanding of stakeholder impact on social enterprises' accountability, and develops an understanding of accountability theory in a social enterprise context.

Losses of nitrogen in surface runoff from a plantation horticulture farm in coastal Queensland, Australia.

Surface losses of nitrogen from horticulture farms in coastal Queensland, Australia, may have the potential to eutrophy sensitive coastal marine habitats nearby. A case-study of the potential extent of such losses was investigated in a coastal macadamia plantation. Nitrogen losses were quantified in 5 consecutive runoff events during the 13-month study. Irrigation did not contribute to surface flows. Runoff was generated by storms at combined intensities and durations that were 20–40 mm/h for >9 min. These intensities and durations were within expected short-term (1 year) and long-term (up to 20 years) frequencies of rainfall in the study area. Surface flow volumes were 5.3 ± 1.1% of the episodic rainfall generated by such storms. Therefore, the largest part of each rainfall event was attributed to infiltration and drainage in this farm soil (Kandosol). The estimated annual loss of total nitrogen in runoff was 0.26 kg N/ha.year, representing a minimal loading of nitrogen in surface runoff when compared to other studies. The weighted average concentrations of total sediment nitrogen (TSN) and total dissolved nitrogen (TDN) generated in the farm runoff were 2.81 ± 0.77% N and 1.11 ± 0.27 mg N/L, respectively. These concentrations were considerably greater than ambient levels in an adjoining catchment waterway. Concentrations of TSN and TDN in the waterway were 0.11 ± 0.02% N and 0.50 ± 0.09 mg N/L, respectively. The steep concentration gradient of TSN and TDN between the farm runoff and the waterway demonstrated the occurrence of nutrient loading from the farming landscapes to the waterway. The TDN levels in the stream exceeded the current specified threshold of 0.2–0.3 mg N/L for eutrophication of such a waterway. Therefore, while the estimate of annual loading of N from runoff losses was comparatively low, it was evident that the stream catchment and associated agricultural land uses were already characterised by significant nitrogen loadings that pose eutrophication risks. The reported levels of nitrogen and the proximity of such waterways (8 km) to the coastline may have also have implications for the nearshore (oligotrophic) marine environment during periods of turbulent flow.

Gaseous Nitrogen Losses Following Soil Amendment with Biosolids under Controlled Conditions.

This paper quantifies gaseous N losses due to ammonia volatilisation and denitrification under controlled conditions at 30 degrees C and 75% to 150% of Field Capacity (FC). Biosolids were mixed with two contrasting soils from subtropical Australia at a rate designed to meet crop N requirements for irrigated cotton or maize (i.e., equivalent to 180 kg N ha(-1)). In the first experiment, aerobically (AE) and anaerobically (AN) digested biosolids were mixed into a heavy Vertosol soil and then incubated for 105 days. Ammonia volatilization over 72 days accounted for less than 4% of the applied NH4-N but 24% (AN) to 29% (AE) of the total applied biosolids' N was lost through denitrification in 105 days. In the second experiment AN biosolids with and without added polyacrimide polymer were mixed with either a heavy Vertosol or a lighter Red Ferrosol and then incubated for 98 days. The N loss was higher from the Vertosol with 16-29% of total N applied versus the Red Ferrosol with 7-10% of total N applied, while addition of polymer to the biosolids increased N loss from 7 to 10% and from 16 to 29% in the Red Ferrosol and Vertosol, respectively. A major product from the denitrification process was N-2 gas, accounting for >90% of the emitted N gases from both experiments. Our findings demonstrate that denitrification could be a major pathway of gaseous N losses under warm and moist conditions.

Yield losses in grain sorghum due to rust infection

Although rust (caused by Puccinia purpurea) is a common disease in Australian grain sorghum crops, particularly late in the growing season (April onwards), its potential to reduce yield has not been quantified. Field trials were conducted in Queensland between 2003 and 2005 to evaluate the effect of sorghum rust on grain yield of two susceptible sorghum hybrids (Tx610 and Pride). Rust was managed from 28-35 days after sowing until physiological maturity by applying oxycarboxin (1 kg active ingredient/100 L of water/ha) every 10 days. When data were combined for the hybrids, yield losses ranged from 13.1% in 2005 to 3.2% in 2003 but differences in yield the between sprayed and unsprayed treatments were statistically significant (P a parts per thousand currency signaEuro parts per thousand 0.05) only in 2005. Final area under the disease progress curve (AUDPC) values reflected the yield losses in each year. The higher yield loss in 2005 can be attributed primarily to the early development of the rust epidemic and the higher inoculum levels in spreader plots at the time of planting of the trials.

Determinants of farmer retirement and farm succession in Finland

In the past decade, the Finnish agricultural sector has undergone rapid structural changes. The number of farms has decreased and the average farm size has increased when the number of farms transferred to new entrants has decreased. Part of the structural change in agriculture is manifested in early retirement programmes. In studying farmers exit behaviour in different countries, institutional differences, incentive programmes and constraints are found to matter. In Finland, farmers early retirement programmes were first introduced in 1974 and, during the last ten years, they have been carried out within the European Union framework for these programmes. The early retirement benefits are farmer specific and de-pend on the level of pension insurance the farmer has paid over his active farming years. In order to predict the future development of the agricultural sector, farmers have been frequently asked about their future plans and their plans for succession. However, the plans the farmers made for succession have been found to be time inconsistent. This study estimates the value of farmers stated succession plans in predicting revealed succession decisions. A stated succession plan exists when a farmer answers in a survey questionnaire that the farm is going to be transferred to a new entrant within a five-year period. The succession is revealed when the farm is transferred to a suc-cessor. Stated and revealed behaviour was estimated as a recursive Binomial Probit Model, which accounts for the censoring of the decision variables and controls for a potential correlation between the two equations. The results suggest that the succession plans, as stated by elderly farmers in the questionnaires, do not provide information that is significant and valuable in predicting true, com-pleted successions. Therefore, farmer exit should be analysed based on observed behaviour rather than on stated plans and intentions. As farm retirement plays a crucial role in determining the characteristics of structural change in agriculture, it is important to establish the factors which determine an exit from farming among eld-erly farmers and how off-farm income and income losses affect their exit choices. In this study, the observed choice of pension scheme by elderly farmers was analysed by a bivariate probit model. Despite some variations in significance and the effects of each factor, the ages of the farmer and spouse, the age and number of potential successors, farm size, income loss when retiring and the location of the farm together with the production line were found to be the most important determi-nants of early retirement and the transfer or closure of farms. Recently, the labour status of the spouse has been found to contribute significantly to individual retirement decisions. In this study, the effect of spousal retirement and economic incentives related to the timing of a farming couple s early retirement decision were analysed with a duration model. The results suggest that an expected pension in particular advances farm transfers. It was found that on farms operated by a couple, both early retirement and farm succession took place more often than on farms operated by a single person. However, the existence of a spouse delayed the timing of early retirement. Farming couples were found to co-ordinate their early retirement decisions when they both exit through agricultural retirement programmes, but such a co-ordination did not exist when one of the spouses retired under other pension schemes. Besides changes in the agricultural structure, the share and amount of off-farm income of a farm family s total income has also increased. In the study, the effect of off-farm income on farmers retirement decisions, in addition to other financial factors, was analysed. The unknown parameters were first estimated by a switching-type multivariate probit model and then by the simulated maxi-mum likelihood (SML) method, controlling for farmer specific fixed effects and serial correlation of the errors. The results suggest that elderly farmers off-farm income is a significant determinant in a farmer s choice to exit and close down the farm. However, off-farm income only has a short term effect on structural changes in agriculture since it does not significantly contribute to the timing of farm successions.