Selectivity of Metsulfuron Methyl to Six Common Littoral Species in Florida

Many Central Florida lakes, particularly those in the Kissimmee River watershed, are maintained 0.5 to 1.0 m lower than historic (pre-1960) levels during the summer hurricane season for flood control purposes. These lower water levels have allowed proliferation and formation of dense monotypic populations of pickerelweed ( Pontederia cordata L.) and other broadleaf species that out compete more desirable native grasses (Hulon, pers. comm., 2002). Due to the limited availability of data on the effects of metsulfuron methyl on wetland plants, particularly in Florida, the present study was carried out with the objective of testing its phytotoxicity on six wetland species, to determine the feasibility of its use for primary pickerelweed control.

Common Cenozoic Echinoids from Florida

(1 poster)

Analysis of volatility transmissions in integrated and interconnected markets: The case of the Iberian and French markets

This paper models the mean and volatility spillovers of prices within the integrated Iberian and the interconnected Spanish and French electricity markets. Using the constant (CCC) and dynamic conditional correlation (DCC) bivariate models with three different specifications of the univariate variance processes, we study the extent to which increasing interconnection and harmonization in regulation have favoured price convergence. The data consist of daily prices calculated as the arithmetic mean of the hourly prices over a span from July 1st 2007 until February 29th 2012. The DCC model in which the variances of the univariate processes are specified with a VARMA(1,1) fits the data best for the integrated MIBEL whereas a CCC model with a GARCH(1,1) specification for the univariate variance processes is selected to model the price series in Spain and France. Results show that there are significant mean and volatility spillovers in the MIBEL, indicating strong interdependence between the two markets, while there is a weaker evidence of integration between the Spanish and French markets. We provide new evidence that the EU target of achieving a single electricity market largely depends on increasing trade between countries and homogeneous rules of market functioning.

Common Coastal Plants in Florida: a guide to planting and maintenance

(PDF has 125 pages.)

Long memory in return structures from developed markets

[En]The present study aimed at investigating the existence of long memory properties in ten developed stock markets across the globe. When return series exhibit long memory, the series realizations are not independent over time and past returns can help predict future returns, thus violating the market efficiency hypothesis. It poses a serious challenge to the supporters of random walk behavior of the stock returns indicating a potentially predictable component in the series dynamics. We computed Hurst-Mandelbrot’s Classical R/S statistic, Lo’s statistic and semi parametric GPH statistic using spectral regression. The findings suggest existence of long memory in volatility and random walk for logarithmic return series in general for all the selected stock market indices. Findings are in line with the stylized facts of financial time series.

Lessons from the breeding program on common carp in Hungary

Common carp is one of the most important cultured freshwater fish species in the world. Its production in freshwater areas is the second largest in Europe after rainbow trout. Common carp production in Europe was 146,845 t in 2004 (FAO Fishstat Plus 2006). Common carp production is concentrated mainly in Central and Eastern Europe. In Hungary, common carp has been traditionally cultured in earthen ponds since the late 19th century, following the sharp drop in catches from natural waters, due to the regulation of main river systems. Different production technologies and unintentional selection methods resulted in a wide variety of this species. Just before the intensification of rearing technology and the exchange of stocking materials among fish farms (early sixties), “landraces” of carp were collected from practically all Hungarian fish farms into a live gene bank at the Research Institute for Fisheries, Aquaculture and Irrigation (HAKI) at Szarvas (Bakos and Gorda 1995; Bakos and Gorda 2001). In order to provide highly productive hybrids for production purposes starting from 1964, different strains and crosses between Hungarian landraces were created and tested. During the last 40 years, approximately 150 two-, three-, and four-line hybrids were produced. While developing parental lines, methods of individual selection, inbreeding, backcrossing of lines, gynogenesis and sex reversal were used. This breeding program resulted in three outstanding hybrids: “Szarvas 215 mirror” and “Szarvas P31 scaly” for pond production, and “Szarvas P34 scaly” for angling waters. Besides satisfying the needs of industry, the live gene bank helped to conserve the biological diversity of Hungarian carp landraces. Fifteen Hungarian carp landraces are still maintained today in the gene bank. Through exchange programs fifteen foreign carp strains were added to the collection from Central and Eastern Europe, as well as Southeast Asia (Bakos and Gorda 2001). Besides developing the methodology to maintain live specimens in the gene bank, the National Carp Breeding Program has been initiated in cooperation with all the key stakeholders in Hungary, namely the National Association of Fish Producers (HOSZ), the National Institute for Agricultural Quality Control (OMMI), and the Research Institute for Fisheries, Aquaculture and Irrigation (HAKI). In addition, methodologies or technologies for broodstock management and carp performance testing have been developed. This National Carp Breeding Program is being implemented successfully since the mid-1990s.

Atlas and zoogeography of common fishes in the Bering Sea and northeastern Pacific

The geographic and depth frequency distribution of 124 common demersal fish species in the northeastern Pacific were plotted from data on me at the Northwest and Alaska Fisheries Center (NWAFC), National Marine Fisheries Service. The data included catch records of fishes and invertebrates from 24,881 samples taken from the Chukchi Sea, throughout the Bering Sea, Aleutian Basin, Aleutian Archipelago, and the Gulf of Alaska, and from southeastern Alaska south to southern California. Samples were collected by a number of agencies and institutions over a 30-year period (1953-83), but were primarily from NWAFC demersal trawls. The distributions of all species with 100 or more occurrences in the data set were plotted by computer. Distributions plotted from these data were then compared with geographic and depth-range limits given in the literature. These data provide new range extensions (geographic, depth, or both) for 114 species. Questionable extensions are noted, the depth ranges determined for 95% of occurrences, and depths of most frequent occurrence are recorded. Ranges of the species were classified zoogeographically, according to life zone, and with regard to the depth zone of greatest occurrence. Because most species examined have broad geographic ranges, they do not provide the best information for testing the validity of proposed zoogeographic province boundaries. Because of the location of greatest sampling effort and methods used in sampling, most fIShes examined were eastern boreal Pacific, sublittoral-bathyal (outer shelf) species. (PDF file contains 158 pages.)

Investment prospects in the production of the common carp (Cyprinus carpio) fingerlings in freshwater ponds

Since the introduction of Common carp Cyprinus carpio in Oyo State (Nigeria) from Israel in 1964, various local breeding methods have been employed in carp rearing to improve the survival rate at all stages of development during breeding. The physico-chemical parameters of the ponds which were simultaneously investigated for carp rearing in this study includes temperature (t), dissolved oxygen (DO) and hydrogen-ion concentration (pH). However, high rates of water displacement in the breeding ponds were unfavourable to the development of zooplankton which play important role in the food web of C. carpio. The survival rates of 15.88-69.50% and 19.60-33.83% obtained for the egg-hatchling and hatchling-fingerling stages respectively were encouraging. A breeding performance of this magnitude was found to be viable, breaking even in the fourth year. However, an increase in size of this trial project would be more profitable and increase fingerling supply as well as provide employment opportunities. This study thereby provides some baseline information on some local techniques and progress in the propagation of C. carpio and scope for further improvement

An appraisal of the efficiency of fish marketing system in Lake Chad basin

Fish products from the Chad Basin Lake play important role in meeting fish protein needs of Nigeria: they contribute not less than 25% of the total domestic fish supply and are significant in determining the availability of processed products and reduction of post-harvest losses. Processors, marketers and consumers are the major actors in appraising a marketing system. The results show that most sellers (4-7.5%) are within the age range of 30-39 years. Desires for more earnings led the markets to diversify their business activities to food stuff trading (37.5%), dried meat/livestock sales (37.5%), farming (12.5%), and transportation (12.5%). 65% of traders dispose off their products mostly in the mornings and evenings, 70% of the products are sold smoked while 50% of products are sold to individual consumers. Lake Chad fish products have a long distribution chain. There is also a high degree of buyers and sellers concentration in the primary fish markets and secondary (urban) markets. The products have a vertical regional movement with southern traders (82.5%) dominating the business, thus making the products popular all over Nigeria. Product differentiation with imperfect pricing policy is common occurrence. Lake Chad fish marketing system has distortions that impede its efficiency, recommendations are made on how to ensure a better efficiency of the system

Markets and microstructure

This document contains three papers examining the microstructure of financial interaction in development and market settings. I first examine the industrial organization of financial exchanges, specifically limit order markets. In this section, I perform a case study of Google stock surrounding a surprising earnings announcement in the 3rd quarter of 2009, uncovering parameters that describe information flows and liquidity provision. I then explore the disbursement process for community-driven development projects. This section is game theoretic in nature, using a novel three-player ultimatum structure. I finally develop econometric tools to simulate equilibrium and identify equilibrium models in limit order markets.

In chapter two, I estimate an equilibrium model using limit order data, finding parameters that describe information and liquidity preferences for trading. As a case study, I estimate the model for Google stock surrounding an unexpected good-news earnings announcement in the 3rd quarter of 2009. I find a substantial decrease in asymmetric information prior to the earnings announcement. I also simulate counterfactual dealer markets and find empirical evidence that limit order markets perform more efficiently than do their dealer market counterparts.

In chapter three, I examine Community-Driven Development. Community-Driven Development is considered a tool empowering communities to develop their own aid projects. While evidence has been mixed as to the effectiveness of CDD in achieving disbursement to intended beneficiaries, the literature maintains that local elites generally take control of most programs. I present a three player ultimatum game which describes a potential decentralized aid procurement process. Players successively split a dollar in aid money, and the final player--the targeted community member--decides between whistle blowing or not. Despite the elite capture present in my model, I find conditions under which money reaches targeted recipients. My results describe a perverse possibility in the decentralized aid process which could make detection of elite capture more difficult than previously considered. These processes may reconcile recent empirical work claiming effectiveness of the decentralized aid process with case studies which claim otherwise.

In chapter four, I develop in more depth the empirical and computational means to estimate model parameters in the case study in chapter two. I describe the liquidity supplier problem and equilibrium among those suppliers. I then outline the analytical forms for computing certainty-equivalent utilities for the informed trader. Following this, I describe a recursive algorithm which facilitates computing equilibrium in supply curves. Finally, I outline implementation of the Method of Simulated Moments in this context, focusing on Indirect Inference and formulating the pseudo model.

Essays on economics networks

This thesis belongs to the growing field of economic networks. In particular, we develop three essays in which we study the problem of bargaining, discrete choice representation, and pricing in the context of networked markets. Despite analyzing very different problems, the three essays share the common feature of making use of a network representation to describe the market of interest.

In Chapter 1 we present an analysis of bargaining in networked markets. We make two contributions. First, we characterize market equilibria in a bargaining model, and find that players' equilibrium payoffs coincide with their degree of centrality in the network, as measured by Bonacich's centrality measure. This characterization allows us to map, in a simple way, network structures into market equilibrium outcomes, so that payoffs dispersion in networked markets is driven by players' network positions. Second, we show that the market equilibrium for our model converges to the so called eigenvector centrality measure. We show that the economic condition for reaching convergence is that the players' discount factor goes to one. In particular, we show how the discount factor, the matching technology, and the network structure interact in a very particular way in order to see the eigenvector centrality as the limiting case of our market equilibrium.

We point out that the eigenvector approach is a way of finding the most central or relevant players in terms of the “global” structure of the network, and to pay less attention to patterns that are more “local”. Mathematically, the eigenvector centrality captures the relevance of players in the bargaining process, using the eigenvector associated to the largest eigenvalue of the adjacency matrix of a given network. Thus our result may be viewed as an economic justification of the eigenvector approach in the context of bargaining in networked markets.

As an application, we analyze the special case of seller-buyer networks, showing how our framework may be useful for analyzing price dispersion as a function of sellers and buyers' network positions.

Finally, in Chapter 3 we study the problem of price competition and free entry in networked markets subject to congestion effects. In many environments, such as communication networks in which network flows are allocated, or transportation networks in which traffic is directed through the underlying road architecture, congestion plays an important role. In particular, we consider a network with multiple origins and a common destination node, where each link is owned by a firm that sets prices in order to maximize profits, whereas users want to minimize the total cost they face, which is given by the congestion cost plus the prices set by firms. In this environment, we introduce the notion of Markovian traffic equilibrium to establish the existence and uniqueness of a pure strategy price equilibrium, without assuming that the demand functions are concave nor imposing particular functional forms for the latency functions. We derive explicit conditions to guarantee existence and uniqueness of equilibria. Given this existence and uniqueness result, we apply our framework to study entry decisions and welfare, and establish that in congested markets with free entry, the number of firms exceeds the social optimum.

Synopses of research on shrimps: 1. The common shrimp species of Sierra Leone's coastal waters: their distribution, abundance and size composition

The authors present quantitative information on the shrimp resources of Sierra Leone waters. Four of the nine species present have been studied, of which Paenaeus duorarum notialis is dominant in the fishery. Synoptic surveys were undertaken in June 1977, and March 1978, to determine the abundance of the shrimp stock on the inshore shelf. The temperature-salinity-depth curves for the fishing ground show the existence of three water masses. The majority of fish caught were sciaenids, with some sparids also being taken. Detailed discussion of distribution and abundance of individual species of shrimp is given. The surveys have shown that the Banana Islands are the most productive shrimp grounds in the country, and the authors believe that they can support a viable shrimp industry for several years to come at present rates of exploitation

An integrated design approach to power systems : from power flows to electricity markets

Power system is at the brink of change. Engineering needs, economic forces and environmental factors are the main drivers of this change. The vision is to build a smart electrical grid and a smarter market mechanism around it to fulfill mandates on clean energy. Looking at engineering and economic issues in isolation is no longer an option today; it needs an integrated design approach. In this thesis, I shall revisit some of the classical questions on the engineering operation of power systems that deals with the nonconvexity of power flow equations. Then I shall explore some issues of the interaction of these power flow equations on the electricity markets to address the fundamental issue of market power in a deregulated market environment. Finally, motivated by the emergence of new storage technologies, I present an interesting result on the investment decision problem of placing storage over a power network. The goal of this study is to demonstrate that modern optimization and game theory can provide unique insights into this complex system. Some of the ideas carry over to applications beyond power systems.