Investment Under Demand Uncertainty: the Newsboy Problem Revisited.

In this article we study the effect of uncertainty on an entrepreneur who must choose the capacity of his business before knowing the demand for his product. The unit profit of operation is known with certainty but there is no flexibility in our one-period framework. We show how the introduction of global uncertainty reduces the investment of the risk neutral entrepreneur and, even more, that the risk averse one. We also show how marginal increases in risk reduce the optimal capacity of both the risk neutral and the risk averse entrepreneur, without any restriction on the concave utility function and with limited restrictions on the definition of a mean preserving spread. These general results are explained by the fact that the newsboy has a piecewise-linear, and concave, monetary payoff witha kink endogenously determined at the level of optimal capacity. Our results are compared with those in the two literatures on price uncertainty and demand uncertainty, and particularly, with the recent contributions of Eeckhoudt, Gollier and Schlesinger (1991, 1995).

Demand-driven type analysis for dynamically-typed functional languages

Thèse diffusée initialement dans le cadre d'un projet pilote des Presses de l'Université de Montréal/Centre d'édition numérique UdeM (1997-2008) avec l'autorisation de l'auteur.

Dietary supplement use and its impact on nutritional adequacy for British Columbia and Manitoba First Nations adults living on reserve.

Contexte: L'utilisation de suppléments alimentaires est répandue chez les populations américaines et canadiennes en général, mais on en sait peu sur la consommation de suppléments alimentaires dans la population autochtone canadienne. Objectif: L'objectif général de cette étude est de prendre en compte l'utilisation de suppléments alimentaires dans l'évaluation nutritionnelle des apports alimentaires des adultes des Premières nations vivant dans les réserves en Colombie-Britannique et Manitoba. Conception: Les données ont été recueillies par l’étude ‘First Nations Food, Nutrition, and Environment Study’ de 1103 (Colombie-Britannique) et 706 (Manitoba) adultes des Premières Nations âgés de 19 à 70 ans. L'étude a utilisé un rappel alimentaire des dernières 24 heures (avec un deuxième rappel pour un sous-échantillon) pour évaluer la diète alimentaire. L'utilisation de suppléments alimentaires et des antiacides ont été recueillis par un questionnaire de fréquence. En utilisant le logiciel SIDE pour tenir compte des variations intra-individuelles dans la prise alimentaire et la technique du bootstrap pour obtenir des estimations représentatives des différentes régions, l'utilisation de suppléments de la vitamine A, D, C et de calcium ont été intégrées aux estimations de la consommation alimentaire. Résultats: Environ 30% des adultes des Premières Nations de la Colombie-Britannique et seulement 13,2% des adultes des Premières Nations du Manitoba âgés entre 19-70 ans vivant dans les réserves ont déclaré utiliser au moins un supplément alimentaire durant les 30 jours précédents. Lors de l'examen des nutriments d'intérêt, un plus faible pourcentage de la population en a fait usage, de 14,8 à 18,5% en Colombie-Britannique et de 4,9 à 8% de la population du Manitoba. La prévalence de l'usage de tout supplément alimentaire était plus élevée chez les femmes que chez les hommes dans tous les groupes d'âge et augmente avec l'âge dans les deux sexes. La plus forte prévalence d'un apport insuffisant provenant de la nourriture a été observée pour la vitamine D et le calcium en Colombie-Britannique et Manitoba, variant de 75 à 100%, et de la vitamine A dans le Manitoba (73-96%). Après avoir examiné l'utilisation de suppléments alimentaires, plus des trois quarts des participants n’ont toujours pas réussi à répondre au besoin moyen estimatif pour ces nutriments. La vitamine C est l'oligo-élément avec le plus faible pourcentage sous le besoin moyen estimatif (avec au sans suppléments) pour la Colombie-Britannique et le Manitoba. Conclusion: La majorité des adultes des Premières nations de la Colombie-Britannique et du Manitoba, même après prise en compte de l'utilisation de suppléments alimentaires, avaient des apports en vitamines A, D et des apports de calcium sous les niveaux recommandés. L'utilisation de compléments alimentaires n'a pas contribué de façon significative à l'apport total en nutriments sélectionnés sauf pour la vitamine C dans certains groupes d'âge.

Ambiguity on the insurer's side: the demand for insurance

Empirical evidence suggests that ambiguity is prevalent in insurance pricing and underwriting, and that often insurers tend to exhibit more ambiguity than the insured individuals (e.g., [23]). Motivated by these findings, we consider a problem of demand for insurance indemnity schedules, where the insurer has ambiguous beliefs about the realizations of the insurable loss, whereas the insured is an expected-utility maximizer. We show that if the ambiguous beliefs of the insurer satisfy a property of compatibility with the non-ambiguous beliefs of the insured, then there exist optimal monotonic indemnity schedules. By virtue of monotonicity, no ex-post moral hazard issues arise at our solutions (e.g., [25]). In addition, in the case where the insurer is either ambiguity-seeking or ambiguity-averse, we show that the problem of determining the optimal indemnity schedule reduces to that of solving an auxiliary problem that is simpler than the original one in that it does not involve ambiguity. Finally, under additional assumptions, we give an explicit characterization of the optimal indemnity schedule for the insured, and we show how our results naturally extend the classical result of Arrow [5] on the optimality of the deductible indemnity schedule.

Ambiguity on the insurer's side: the demand for insurance

Empirical evidence suggests that ambiguity is prevalent in insurance pricing and underwriting, and that often insurers tend to exhibit more ambiguity than the insured individuals (e.g., [23]). Motivated by these findings, we consider a problem of demand for insurance indemnity schedules, where the insurer has ambiguous beliefs about the realizations of the insurable loss, whereas the insured is an expected-utility maximizer. We show that if the ambiguous beliefs of the insurer satisfy a property of compatibility with the non-ambiguous beliefs of the insured, then there exist optimal monotonic indemnity schedules. By virtue of monotonicity, no ex-post moral hazard issues arise at our solutions (e.g., [25]). In addition, in the case where the insurer is either ambiguity-seeking or ambiguity-averse, we show that the problem of determining the optimal indemnity schedule reduces to that of solving an auxiliary problem that is simpler than the original one in that it does not involve ambiguity. Finally, under additional assumptions, we give an explicit characterization of the optimal indemnity schedule for the insured, and we show how our results naturally extend the classical result of Arrow [5] on the optimality of the deductible indemnity schedule.

STUDIES ON THE QUALITY AND PROCESS CONTROL FACTORS DURING THE PRODUCTION AND STORAGE OF SALTED DRIED FISH PRODUCTS

In this study the quality and process control factors during the production and storage of salted dried fish products. The study reveals that quantity of dry fish production in the state is decreasing and dry fish processing industry should be encouraged by central and state governments. The dry and wet salting may be carried out to a period of 4 to 8 hours respectively and time may depend on temperature, size, and concentration of medium. Demand is an unavoidable factor for sale of fish. The packed dry salted lots kept at room temperature are useful only for 20 days. The refrigerator- stored lots had more storage life and nutritional content are good up to 3 months. The cold storage stored dry salted lot had more storage life than the wet salted lot. The use of preservatives in salting is encouraged to reduce pH. The low temperature preservation maintains the nutritional value and quality for long period. It further encourages the labeling of nutritional value of dry fish as in tinned products.

Culture and Nutritional Enrichment of the Rotifer Brachionus Rotundiformis ( Tschugunoff ) for the Rearing of Marine Fin Fish and Shrimp Larvae

The present study is an attempt to standardize the environmental condition like pH, salinity and photoperiod, and also the feed for the maximum production of rotifers. Considering the deficiency of essential fatty acids in rotifers, enrichment experiments were carried out and fatty acids profile were analysed. Attempts were made to improve the production of clown fish (Amphiprion sebae) juveniles using enriched rotifers. Attempts were also made to rear various larval stages of Penaeus monodon with enriched rotifers as a substitute for Artemia nauplii.

Nutritional responses in Indian white shrimp Fenneropenaeus indicus to varying protein: energy combinations in compounded artificial feeds

Department of Marine Biology, Microbiology and Biochemistry, Cochin University of Science and Technology

Studies on Synthesis And Nutritional Evaluation of Prawn Feeds

Chemical Oceanography Division, School of Marine Sciences, Cochin University of Science and Technology

Process Optimization for Mass Production of Marine Yeast Candida sp. S 27 and its Nutritional Characterization

The main source of protein for human and animal consumption is from the agricultural sector, where the production is vulnerable to diseases, fluctuations in climatic conditions and deteriorating hydrological conditions due to water pollution. Therefore Single Cell Protein (SCP) production has evolved as an excellent alternative. Among all sources of microbial protein, yeast has attained global acceptability and has been preferred for SCP production. The screening and evaluation of nutritional and other culture variables of microorganisms are very important in the development of a bioprocess for SCP production. The application of statistical experimental design in bioprocess development can result in improved product yields, reduced process variability, closer confirmation of the output response to target requirements and reduced development time and overall cost.The present work was undertaken to develop a bioprocess technology for the mass production of a marine yeast, Candida sp.S27. Yeasts isolated from the offshore waters of the South west coast of India and maintained in the Microbiology Laboratory were subjected to various tests for the selection of a potent strain for biomass production. The selected marine yeast was identified based on ITS sequencing. Biochemical/nutritional characterization of Candida sp.S27 was carried out. Using Response Surface Methodology (RSM) the process parameters (pH, temperature and salinity) were optimized. For mass production of yeast biomass, a chemically defined medium (Barnett and Ingram, 1955) and a crude medium (Molasses-Yeast extract) were optimized using RSM. Scale up of biomass production was done in a Bench top Fermenter using these two optimized media. Comparative efficacy of the defined and crude media were estimated besides nutritional evaluation of the biomass developed using these two optimized media.