Consumption and portfolio rules whit stochastic hyperbolic discounting

We extend the classic Merton (1969, 1971) problem that investigates the joint consumption-savings and portfolio-selection problem under capital risk by assuming sophisticated but time-inconsistent agents. We introduce stochastic hyperbolic preferences as in Harris and Laibson (2013) and find closed-form solutions for Merton's optimal consumption and portfolio selection problem in continuous time. We find that the portfolio rule remains identical to the time-consistent solution with power utility and no borrowing constraints. However,the marginal propensity to consume out of wealth is unambiguously greater than the time-consistent, exponential case and,importantly, it is also more responsive to changes in risk. These results suggest that hyperbolic discounting with sophisticated agents offers promise for contributing to explaining important aspects of asset market data.

Nutrient distributions for Georges Bank and adjacent waters in 1979

In this report we describe the temporal and spatial distributions of inorganic nutrients over Georges Bank and in adjacent waters and discuss major features with respect to tbe nutrient environments of pbytoplankton. Nitrate and orthophosphorus were rapidly depleted from the surface layer of much of the study area in spring, but major differences were found between the shallow areas on Georges Bank and the surrounding stratified waters. In the "well-mixed" area of Georges Bank, the depletion encompassed the entire water column and ammonium became the dominant form of inorganic nitrogen throughout. Dissolved silicon was depleted slowly over central Georges Bank, reaching a minimum concentration in September while orthophosphorus gradually increased during the summer. The nutrient environment of phytoplankton over central Georges Bank may be described as vertically uniform but temporally changing in the relative availability of the various nutrients. In areas that undergo stratification (e.g., the central Gulf of Maine), a quasi-steady state was established as the surface water layer formed, consisting of declining nutrient gradients from below the euphotic layer to the top of the water column. These intergrading nutrient environments are relatively stable through time. Destratification reintroduced nutrients to depleted areas beginning in October; however, dissolved silicon was again depleted over shallow Georges Bank in late autumn though nitrate remained abundant. Slope water has been found to enter the bottom layer of the Gulf of Maine via the Northeast Channel. High nutrient concentrations observed in the bottom water of the Northeast Channel are consistent with this mechanism being the nutrient source for the Gulf of Maine. (PDF file contains 40 pages.)

Nutrient dynamics of seasonal tanks in the dry zone of Sri Lanka in relation to their hydrological regimes

Village tanks are put to a wide range of uses by the rural communities that depend on them for their survival. As the primacy of irrigation has decreased under these tanks due to a variety of climatic and economic reasons there is a need to reevaluate their use for other productive functions. The research presented in this paper is part of a programme investigating the potential to improve the management of living aquatic resources in order to bring benefits to the most marginal groups identified in upper watershed areas. Based on an improved typology of seasonal tanks, the seasonal changes and dynamics of various water quality parameters indicative of nutrient status and fisheries carrying capacity are compared over a period of one year. Indicators of Net (Primary) Productivity (NP): Rates of Dissolved Oxygen (DO) change, Total Suspended Solids (TSS): Total Suspended Volatile solids (TVSS) ratios are the parameters of principle interest. Based on these results a comparative analysis is made on two classes of ‘seasonal’ and ‘semi-seasonal’ tanks. Results indicate a broad correlation in each of these parameters with seasonal trends in tank hydrology. Highest productivity levels are associated with periods of declining water storage, whilst the lowest levels are associated with the periods of maximum water storage shortly after the NW monsoon. This variation is primarily attributed to dilution effects associated with depth and storage area. During the yala period, encroachment of the surface layer by several species of aquatic macrophyte also has progressively negative impacts on productivity. The most seasonal tanks show wider extremes in seasonal nutrient dynamics, overall, with less favourable conditions than the ‘semi-seasonal’ tanks. Never the less all the tanks can be considered as being highly productive with NP levels comparable to fertilised pond systems for much of the year. This indicates that nutrient status is not likely to be amongst the most important constraints to enhancing fish production. Other potential management improvements based on these results are discussed. [PDF contains 19 pages]

Global pressures, specific responses: effects of nutrient enrichment in streams from different biomes

13 p. + 2 p. (Erratum)

Recent Developments in In Situ Nutrient Sensors: applications and future directions, Savannah, Georgia, December 11-13, 2006: workshop proceedings

The Alliance for Coastal Technologies (ACT) convened a Workshop on "Recent Developments in In Situ Nutrient Sensors: Applications and Future Directions" from 11-13 December, 2006. The workshop was held at the Georgia Coastal Center in Savannah, Georgia, with local coordination provided by the ACT partner at the Skidaway Institute of Oceanography (University System of Georgia). Since its formation in 2000, ACT partners have been conducting workshops on various sensor technologies and supporting infrastructure for sensor systems. This was the first workshop to revisit a topic area addressed previously by ACT. An earlier workshop on the "State of Technology in the Development and Application of Nutrient Sensors" was held in Savannah, Georgia from 10-12 March, 2003. Participants in the first workshop included representatives from management, industry, and research sectors. Among the topics addressed at the first workshop were characteristics of "ideal" in situ nutrient sensors, particularly with regard to applications in coastal marine waters. In contrast, the present workshop focused on the existing commercial solutions. The in situ nutrient sensor technologies that appear likely to remain the dominant commercial options for the next decade are reagent-based in situ auto-analyzers (or fluidics systems) and an optical approach (spectrophotometric measurement of nitrate). The number of available commercial systems has expanded since 2003, and community support for expanded application and further development of these technologies appears warranted. Application in coastal observing systems, including freshwater as well as estuarine and marine environments, was a focus of the present workshop. This included discussion of possible refinements for sustained deployments as part of integrated instrument packages and means to better promote broader use of nutrient sensors in observing system and management applications. The present workshop also made a number of specific recommendations concerning plans for a demonstration of in situ nutrient sensor technologies that ACT will be conducting in coordination with sensor manufacturers.[PDF contains 40 pages]

Nutrient-phytoplankton interrelationships in the Eastern Tropical Pacific Ocean

ENGLISH: Near surface nutrient distributions in the eastern tropical Pacific Ocean, using data from the EASTROPAC Expedition of 1967-68 and pre~EASTROPAC data, are described. Nutrient concentrations were maximal along the equator, in the Peru Current and its offshore extension, and in the Costa Rica Dome and westward tensions of this feature. Nutrient-poor water was found north of the equator well offshore. In this water nitrate was often undetectable (<0.1 µg-at/liter) at the surface, but phosphate and silicic acid concentrations were moderate. Enrichment experiments showed that nitrogen was the primary limiting nutrient in poor water even though large amounts of organic N were found. Half saturation constants (K s ) were determined for ammonium-supported phytoplankton growth. These data were used to calculate near-surface primary productivity values which compared favorably with 14C values. Assimilation ratio measurements indicated that algae were not extremely nitrogen-deficient. Laboratory-determined K, values for phosphate and silicic acid indicated that these nutrients were rarely limiting. In rich water, chlorophyll levels were less than expected from nutrient levels, and this anomaly may be related to limitation by nutrients other than nitrogen (N), phosphorus (P), or silicon (Si), or to grazing. SPANISH: Se describe la distribución subsuperficial de los nutrientes en el Océano Pacífico oriental tropical, empleando los datos de la Expedición EASTROPAC de 1967~68 y datos anteriores a éstos. La concentración de nutrientes fue máxima a lo largo del ecuador, en la Corriente del Perú, en su prolongación mar afuera, en el Domo de Costa Rica y en las prolongaciones occidentales de esta característica. Se encontraron aguas pobres en nutrientes al norte del ecuador y bastante mar adentro. En estas aguas el nitrato era casi imperceptible (<0.1 µg-at/litro) en la superficie, pero las concentraciones de fosfato y ácido silícico fueron moderadas. Los experimentos de enriquecimiento indicaron que el nitrógeno era el principal nutriente limitante en aguas pobres, aun cuando se encontraron grandes cantidades de nitrógeno orgánico. Se determinaron las constantes de saturación media (K s ) para el desarrollo del fitoplancton sostenido por el amonio. Estos datos se emplearon para calcular los valores de la productividad primaria cerca a la superficie que pueden compararse favorablemente con los valores del 14C. Las medidas de la proporción de asimilación indican que las algas no tenían una deficiencia extremada de nitrógeno. Los valores determinados en el laboratorio de K, para el fosfato y ácido silícico indicaron que estos nutrientes limitaron rara vez la producción. En aguas ricas, los niveles de clorofila fueron inferiores a lo esperado según los niveles nutritivos y esta anomalía puede relacionarse a la alimentación o a la escasez de otros nutrientes distintos al nitrógeno (N), fósforo (P) o silicio (Si).

Nutrient digestibility and growth response of rainbow trout (Salmo gairdneri ) fed different carbohydrate types

Seven groups of fingerling rainbow trout (S. gairdneri ) were fed for 10 weeks on 0%, 10%, 20% and 30% of cassava or rice in isonitrogenous diets. Optimum growth and food utilization was at 20% dietary cassava. High fiber content of the control diet did not suppress protein digestibility in this group. Rather, at all levels, protein digestibility was good and remained between 84.4% and 90.1%. However, in the control group, carbohydrate digestibility was very poor. The cassava diets which had the highest digestible energy as carbohydrate produced the best growth performance, food utilization and protein sparing. At the levels studied, the dietary carbohydrates produced no hyperglycamic effect on the fish

Digestibility and nutrient utilization of soybean milk concentrate based diets in Oreochromis niloticus

The digestibility and utilisation of two fresh soybean milk concentrate based diets, two stale soybean milk concentrate based diets and two Fishman based diets serving as control, at optimal (30%) and suboptimal (20%) protein levels were evaluated in Oreochromis niloticus. The diets were as follows: Diet I (control) - fishmeal based diet at 30% crude protein, Diet II (control) Fishman based diet at 20% crude protein, Diet III - fresh soybean milk concentrate based diet at 30% crude protein, Diet IV - fresh soybean milk concentrate based diet at 20%, Diet V - stale soybean milk concentrate based diet at 30% crude protein, Diet VI-stale soybean milk concentrate based diet at 20%. Dry matter digestibility differed not significantly with variation in diets (P:0.05). A significant variation was recorded in the protein, lipid and ash digestibility. Proteins were more digestible at optimum than suboptimum level. Ash digestibility was lowest of all the nutrients. Variations in the utilisation of the diets in terms of weight gain, specific growth rate, food conversion ration, protein efficiency ration and apparent net protein utilization were insignificant (P: 0.05). All diets compared favourably with the standard control diet Diet I. This findings suggest the suitability of stale soybean milk concentrate utilisation as protein supplements in the diets of late fry Oreochromis niloticus

Digestibility and nutrient utilisation of soybean bran-based diets in Nile tilapia Oreochromis niloticus

The digestibility and utilisation of two soybean bran-based diets and two fishmeal-based diets serving as control, at optimal (30%) and suboptimal (20%) protein levels were evaluated in Oreochromis niloticus. These were Diet I (Control)-fishmeal based diet at 30% crude protein, Diet II (Control) - fishmeal based diet at 20% crude protein, Diet III - hydrolysed Soybean Bran based diet at 30% crude protein, Diet IV - hydrolysed Soybean Bran based diet at 20%. Dry matter digestibility differed insignificantly with variation in diets (P<0.05). There was significant variation in the protein (p 20.05), lipid and ash digestibility. Protein was more digestible at optimum level than sub-optimum level, while lipid and ash digestibility did not vary with their inclusion levels. Variation in the utilisation of the diets was significant (P<0.05) except for survival. It was observed that the best diet was Diet 1, closely followed by Diet II with highest values of mean final weight, specific growth rate, protein efficiency ratio and the apparent net protein utilisation. The high digestibility values of Diets III and IV suggests their inclusion in fish diet to spare protein for growth

Water quality and nutrient dynamics - Lake Victoria, Kenya

Limnological studies in Lake Victoria (Kenyan portion) have been sporadic. Water quality and nutrient dynamics studies are being undertaken in fifteen sampling sites that have been divided into four ecological zones namely: Nyanza Gulf, Rusinga Channel, open waters inshore and open waters. The ongoing study will show how the physical and chemical paramenters affect fish distribution and abundance.

Nutritional habits and food consumption pattern of fishing communities around Lake Kainji, Nigeria

The findings are presented of a nutrition survey carried out in the framework of the Nigerian-German Kainji Lake Fisheries Promotion Project in March/April 1995. The major aim of the study was to obtain closer information on the food habits and food consumption patterns of the fishing population, especially the quantification of fish and small fish in particular, consumed at the household level. A standardized questionnaire was used to collect relevant information on demographic, education and occupational profiles; the information was collected in 39 villages in the southern sector of Kainji Lake. (PDF contains 75 pages)

Effects of fermented fluted pumpkin leaf (Telfaria occidentalis) on the growth and nutrient utilization of Clarias (Clarias gariepinus)

Clarias (Clarias gariepinus) (Burshell, 1821) fingerlings were fed isonitrogenous diets (38.9% crude protein) with fermented fluted pumpkin leaves (FFPL) replacing different proportion (0,50,75,100%) of extruded soybean meal (ESM) for 8 weeks. Growth responses at the different substitution levels measured. Increasing FFPL intake resulted in better weight gains and higher specific growth rates (SGR) of 0.29, 0.36 and 0.38% per day respectively. The increase in growth from feeding diets containing 75% and 100% of the ESM replaced with FFPL were significantly higher (P<0.05) than those of other diets. Further more fish tissue protein deposition consistently increased with increasing level of FFPL concentration in their diets. Fish fed diets where whole ESM was replace 100% FFPL gave the best overall response in terms of their weight gain, food conversion ratio, protein efficiency ratio, and specific growth rate. Economic considerations indicate the replacement of ESM with FFPL, which is a cheaper ingredient in feeds for Clarias

The impact of varying nutrient regimes in earthen freshwater ponds on the comparative ecology of diurnally occurring candidate live feeds

The daytime composition and relative abundance of zooplankton species were studied in three treatments of two replicate earthen ponds each with nutrient sources and water replenishment regimes. Treatment -A (200m super(2) surface area supplied 900kgha super(-1) pig manure only). Treatment -B (200m super(2) surface area supplied 70kgha super(-1) month super(-1) pig manure, 50kgha super(-1) month super(-1) N.P.K. [15:15:15] and 30kgha super(-1) month super(-1) Urea) and Treatment-C (1500m2 surface area supplied 1150kgha super(-1) month super(-1) commercial grade 40% crude protein compounded feed). Water replenishment for Treatment A was daily tidal deluge from the New Calabar River while that for treatment B and C was from column-well and occasional rains. No zooplankton species were recovered from the pig-manure only treatment (A) while only Diffugia constricta and Difflugia urceolata were the two protozoans that occurred together in treatments B (combined fertilization) and C (compounded feed only) in contrast, Difflugia acuminate and three rotifers, Collurella uncinata, Diurella stylata and Keratella quadrata occurred only treatment B. similarly, Arcella arenaria, Arcella costata, Centropyxis aculeate, Difflugia pyriformis, Branchionus calyciflorus, Lepadella patella, Polyarthra trigla and Onchocanmptus mohammedi were recovered from treatment C. Arcella costata was the most abundant zooplankton in the entire experiment, while Arcella arenaria was very abundant in treatment C, Collurella uncinata was very abundant in treatment B. The inference is that combined fertilization of earthen freshwater ponds tend to be more suitable for the culture of rotifers such as Brachionus calyciflorus, popular in fish larva nursery, while those supplied compounded feed could be used to produce protozoans where desirable

Cheese consumption and prevalence of overweight and obesity in a Basque adult population: a crosssectional study

[EN] Studies have reported a negative association between dairy product consumption and weight status. However, not as much research has focused on cheese; therefore, the aim of this study was to study the association between cheese intake and overweight and obesity in a representative Basque adult population. A food frequency questionnaire (FFQ) was obtained from a random sample of 1081 adults (530 males and 551 females, 17–96 years old). Cheese consumption data were expressed as g/1000 kcal/day. The prevalence of overweight/obesity was higher in men (55.1%) than in women (35.4%) (p50.001). Participants with low or moderate intake of fresh and processed cheese demonstrated a higher prevalence of excess weight, compared with those with higher consumption. The confounding variables selected in multivariate analysis were occupational status and age in both genders; and place of residence in men. In conclusion, negative associations were found between consumption of some types of cheese and overweight and obesity in this population.