Cajá-flavored drinks: a proposal for mixed flavor beverages and a study of the consumer profile

Mixed flavor beverages represent a trend that is gaining the allegiance of potential fruit juice consumers. The present study proposed to prepare mixed flavor beverages and verify their consumer acceptance. Cajá beverage (sample A) was used as the standard. The other beverages were prepared by mixing the cajá-flavored product with other flavors: strawberry (B), pineapple (C), jabuticaba (D), mango (E) and cashew (F). The consumer profiles in the two regions studied were similar. Overall beverages B, A and F were the most accepted, with scores of 7.7, 6.4 and 6.2, respectively. Internal Preference Mapping showed that most of the consumers were located near beverages A, B and F, confirming the acceptance results. The consumers indicated appearance and flavor as the most appreciated characteristics in beverages A, B and F. Beverages A, B and F presented higher total soluble solids contents and viscosities than the other beverages. Consumer segmentation did not depend on the different levels of familiarity with the cajá flavor. Thus the preparation of mixed flavor beverages of cajá-strawberry and cajá-cashew is an excellent proposal because it presents flavors with good potential for marketing in different regions of Brazil.

Fish consumption preferences and factors influencing it

Fish consumption preferences are affected by individuals’ socioeconomic characteristics. The aims of the present paper were (i) to obtain information on fish consumption level and frequency; (ii) to investigate the associations between the socioeconomic characteristics of consumers and their preferences; and (iii) to examine the influence of determinants on fish consumption. Data were gathered through a questionnaire completed by a total of 127 randomly selected individuals from different socioeconomic backgrounds from the Antakya, Turkey. The average consumption was found to be 2.98 kg/person/year for fish. Anchovies, gilt-head sea bream, and sea bass were reported as the most consumed three species, respectively. Significant differences in fish consumption were found among age groups, gender groups, and education groups, as well as between marital statuses. A majority of the consumers eat fish once a month throughout the year or only during the winter months. Fish consumption level and frequency were significantly positively correlated with education (p<0.01), income (p<0.05) and total meat consumption (p<0.01). The stepwise multiple regression model explained 41.7% (p<0.01) of the total variance for fish consumption. The amount and frequency of the consumption in the region, which is very far below the world and Turkey average especially for lower socioeconomic groups and for less-consumed fish species, can be increased by certain policies, such as training, advertising and different marketing strategies. Moreover, consumption should be distributed equally throughout the year instead of consuming only in certain seasons.

Characterization and nutritional value of precooked products of kiwicha grains (Amaranthus caudatus)

AbstractKiwicha has significant nutritional characteristics. It is commonly used as a puffed product, but there is little research on the lamination process. In this paper, the physical, functional properties, chemical composition and acceptability of the precooked kiwicha grains were studied. Puffed (PK) and laminated kiwicha (LK) were made. Puffed amaranth (CPA) was used as a commercial reference standard. The raw grain (RG) showed a higher bulk density (0.85 g/ml) than in PK (0.18 g/ml) and LK (0.38 g/ml). Both products had a good expansion. The yellow index decreased in PK (50.92) and LK (45.87) respect to RG (65.64). The largest was CPA (58.54). In all the products, the precooking increased the index of absorption, solubility and swelling power. Also, they showed major pasting temperature, low peak viscosity and breakdown viscosity. In both formulated products, the content of total, soluble and insoluble dietary fibre decreased during the precooking process. The content of protein was optimal (between 14.57-14.59 g/100g). PK had high acceptability (5.84), preference (84.48%), purchase (38.79%) and consumption (43.96%) intention. The lowest was CPA. This work demonstrates that it’s feasible to make precooked products with good quality characteristics, chemical composition and acceptability for the development of new products.

Influence of heat treatment on the sensory and physical characteristics and carbohydrate fractions of french-fried potatoes (Solanum tuberosum L.)

AbstractThe aim of this study was to analyze the impact that heat treatment with salts and freezing processes on the sensory, instrumental, and physico-chemical characteristics of fried potatoes of the Monalisa cultivar. The potatoes were blanched in distilled water (P); sodium chloride solution (B1); calcium chloride solution (B2), and a solution with both of these salts (B3). They were then pre-cooked and frozen for 24 hours and for 30 days. After frying, sensory characteristics were analyzed (color, texture, flavor, oiliness), along with overall preference and instrumental determinations of texture, color, and oil content. Further tests were conducted on the sample with the best results in the sensory analysis (B1), along with sample P as a control, to determine granule microstructure, carbohydrate fractions, glycemic index, and glycemic load. Blanching B3, despite reducing oil absorption and providing less oiliness, obtained lesser overall preference. Freezing for 30 days increased the lightness, except for when sodium chloride was used, which intensified the color yellow. The use of sodium chloride did not interfere with the type of starch granules, nor with the formation of resistant starch; however, longer freezing time reduced the glycemic index and concentrated the dietary fiber content. All samples exhibited low glycemic index and moderate glycemic loads.

Study on creation of an indocalamus leaf flavor

Abstract Flavors represent a small but significant segment of food industry. Sensory characteristics play an important role in the process of consumer acceptance and preference. Indocalamus leaf takes on a pleasant odor and indocalamus leaf flavor can be used in many products. However, indocalamus leaf flavor formula has not been reported. Therefore, developing an indocalamus leaf flavor is of significant interests. Note is a distinct flavor or odor characteristic. This paper concentrates on preparation and creation of indocalamus leaf flavor according to the notes of indocalamus leaf. The notes were obtained by smelling indocalamus leaf, and the results showed that the notes of indocalamus leaf flavor can be classified as: green-leafy note, sweet note, beany note, aldehydic note, waxy note, woody note, roast note, creamy note, and nutty note. According to the notes of indocalamus leaf odor, a typical indocalamus leaf flavor formula was obtained. The indocalamus leaf flavor blended is pleasant, harmonious, and has characteristics of indocalamus leaf odor.

Effects of whole-wheat flour and bordeaux grape pomace (Vitis labrusca L.) on the sensory, physicochemical and functional properties of cookies

Abstract Grape pomace, which is derived from the skin and seeds, is the residue from the production of grape juice and wine. It corresponds to up to 20% of the total volume and it contains a high level of dietary fibers and bioactive compounds. In the Brazilian market, there is no product containing grape pomace as a replacement for conventional wheat flour. Thus, this study aimed to assess the effects of whole-wheat flour and organic Bordeaux grape pomace (Vitis labrusca L.) on the sensory, physicochemical and functional properties of cookies using response surface methodology (RSM). The regression models indicated that the addition of whole-wheat and organic grape pomace decreased (p < 0.0001) the water activity and significantly increased the content of fibers, hardness, brittleness, antioxidant activity and total phenolic content of the cookies. The RSM models presented suitable R2 and R2adj values (> 65% of explained data variability), except for brittleness. The sensory evaluation results revealed that no significant differences (p > 0.05) were observed for the cookie samples, implying that the addition of grape pomace and whole-wheat flour did not negatively affect the preference of cookies.

Can future systemic financial risks be quantified?: ergodic vs nonergodic stochastic processes

Different axioms underlie efficient market theory and Keynes's liquidity preference theory. Efficient market theory assumes the ergodic axiom. Consequently, today's decision makers can calculate with actuarial precision the future value of all possible outcomes resulting from today's decisions. Since in an efficient market world decision makers "know" their intertemporal budget constraints, decision makers never default on a loan, i.e., systemic defaults, insolvencies, and bankruptcies are impossible. Keynes liquidity preference theory rejects the ergodic axiom. The future is ontologically uncertain. Accordingly systemic defaults and insolvencies can occur but can never be predicted in advance.

A teoria da perspectiva e as mudanças de preferência no mainstream: um prospecto Lakatoseano

The theory of the perspective and the changes of preference in the mainstream: a Lakatosean prospect. For many decades over the 20th Century, the mainstream of economics adopted a normative and axiomatic theory of individual behavior in which maximizing procedures were carried out by rationally unbounded agents. This status has been challenged on many grounds and alternative views from fields like psychology have found a way into the core of economics research frontier. Prospect theory, developed by psychologists Daniel Kahneman and Amos Tversky since the 1970s, has provided a more empirical, inductive and descriptive theory of decision making. It has made significant inroads into mainstream microeconomics, shaking the habits of some of its practitioners. This paper first takes stock of its main developments and then uses a Lakatosian framework to draw out its negative and positive heuristics. In what follows, its heuristics are compared to those of traditional rational decision-making theories. The differences between them are highlighted, pointing to changes in the mainstream of the profession and to new opportunities for research.

Exclusão financeira no Brasil: uma análise regional exploratória

Financial exclusion in Brazil: a regional investigation. Despite the fact that after the second half of the nineties the studies of financial exclusion have gained strength among the studies about poverty and regional and social inequalities, a few studies about this problem had appear in the Brazilian economic literature. The present work aims to contribute to this discussion by doing a regional investigation about the phenomenon of financial exclusion inside Brazil. The main hypothesis of the study is that this phenomenon is not disassociated of the space in which it happens. Thought of the use of proxies two dimensions of financial exclusion had been studied: the access to financial services and the suitability of it.

Public-private partnership investments in dry ports – Russian logistics markets and risks

The investments have always been considered as an essential backbone and so-called ‘locomotive’ for the competitive economies. However, in various countries, the state has been put under tight budget constraints for the investments in capital intensive projects. In response to this situation, the cooperation between public and private sector has grown based on public-private mechanism. The promotion of favorable arrangement for collaboration between public and private sectors for the provision of policies, services, and infrastructure in Russia can help to address the problems of dry ports development that neither municipalities nor the private sector can solve alone. Especially, the stimulation of public-private collaboration is significant under the exposure to externalities that affect the magnitude of the risks during all phases of project realization. In these circumstances, the risk in the projects also is becoming increasingly a part of joint research and risk management practice, which is viewed as a key approach, aiming to take active actions on existing global and specific factors of uncertainties. Meanwhile, a relatively little progress has been made on the inclusion of the resilience aspects into the planning process of a dry ports construction that would instruct the capacity planner, on how to mitigate the occurrence of disruptions that may lead to million dollars of losses due to the deviation of the future cash flows from the expected financial flows on the project. The current experience shows that the existing methodological base is developed fragmentary within separate steps of supply chain risk management (SCRM) processes: risk identification, risk evaluation, risk mitigation, risk monitoring and control phases. The lack of the systematic approach hinders the solution of the problem of risk management processes of dry port implementation. Therefore, management of various risks during the investments phases of dry port projects still presents a considerable challenge from the practical and theoretical points of view. In this regard, the given research became a logical continuation of fundamental research, existing in the financial models and theories (e.g., capital asset pricing model and real option theory), as well as provided a complementation for the portfolio theory. The goal of the current study is in the design of methods and models for the facilitation of dry port implementation through the mechanism of public-private partnership on the national market that implies the necessity to mitigate, first and foremost, the shortage of the investments and consequences of risks. The problem of the research was formulated on the ground of the identified contradictions. They rose as a continuation of the trade-off between the opportunities that the investors can gain from the development of terminal business in Russia (i.e. dry port implementation) and risks. As a rule, the higher the investment risk, the greater should be their expected return. However, investors have a different tolerance for the risks. That is why it would be advisable to find an optimum investment. In the given study, the optimum relates to the search for the efficient portfolio, which can provide satisfaction to the investor, depending on its degree of risk aversion. There are many theories and methods in finance, concerning investment choices. Nevertheless, the appropriateness and effectiveness of particular methods should be considered with the allowance of the specifics of the investment projects. For example, the investments in dry ports imply not only the lump sum of financial inflows, but also the long-term payback periods. As a result, capital intensity and longevity of their construction determine the necessity from investors to ensure the return on investment (profitability), along with the rapid return on investment (liquidity), without precluding the fact that the stochastic nature of the project environment is hardly described by the formula-based approach. The current theoretical base for the economic appraisals of the dry port projects more often perceives net present value (NPV) as a technique superior to other decision-making criteria. For example, the portfolio theory, which considers different risk preference of an investor and structures of utility, defines net present value as a better criterion of project appraisal than discounted payback period (DPP). Meanwhile, in business practice, the DPP is more popular. Knowing that the NPV is based on the assumptions of certainty of project life, it cannot be an accurate appraisal approach alone to determine whether or not the project should be accepted for the approval in the environment that is not without of uncertainties. In order to reflect the period or the project’s useful life that is exposed to risks due to changes in political, operational, and financial factors, the second capital budgeting criterion – discounted payback period is profoundly important, particularly for the Russian environment. Those statements represent contradictions that exist in the theory and practice of the applied science. Therefore, it would be desirable to relax the assumptions of portfolio theory and regard DPP as not fewer relevant appraisal approach for the assessment of the investment and risk measure. At the same time, the rationality of the use of both project performance criteria depends on the methods and models, with the help of which these appraisal approaches are calculated in feasibility studies. The deterministic methods cannot ensure the required precision of the results, while the stochastic models guarantee the sufficient level of the accuracy and reliability of the obtained results, providing that the risks are properly identified, evaluated, and mitigated. Otherwise, the project performance indicators may not be confirmed during the phase of project realization. For instance, the economic and political instability can result in the undoing of hard-earned gains, leading to the need for the attraction of the additional finances for the project. The sources of the alternative investments, as well as supportive mitigation strategies, can be studied during the initial phases of project development. During this period, the effectiveness of the investments undertakings can also be improved by the inclusion of the various investors, e.g. Russian Railways’ enterprises and other private companies in the dry port projects. However, the evaluation of the effectiveness of the participation of different investors in the project lack the methods and models that would permit doing the particular feasibility study, foreseeing the quantitative characteristics of risks and their mitigation strategies, which can meet the tolerance of the investors to the risks. For this reason, the research proposes a combination of Monte Carlo method, discounted cash flow technique, the theory of real options, and portfolio theory via a system dynamics simulation approach. The use of this methodology allows for comprehensive risk management process of dry port development to cover all aspects of risk identification, risk evaluation, risk mitigation, risk monitoring, and control phases. A designed system dynamics model can be recommended for the decision-makers on the dry port projects that are financed via a public-private partnership. It permits investors to make a decision appraisal based on random variables of net present value and discounted payback period, depending on different risks factors, e.g. revenue risks, land acquisition risks, traffic volume risks, construction hazards, and political risks. In this case, the statistical mean is used for the explication of the expected value of the DPP and NPV; the standard deviation is proposed as a characteristic of risks, while the elasticity coefficient is applied for rating of risks. Additionally, the risk of failure of project investments and guaranteed recoupment of capital investment can be considered with the help of the model. On the whole, the application of these modern methods of simulation creates preconditions for the controlling of the process of dry port development, i.e. making managerial changes and identifying the most stable parameters that contribute to the optimal alternative scenarios of the project realization in the uncertain environment. System dynamics model allows analyzing the interactions in the most complex mechanism of risk management process of the dry ports development and making proposals for the improvement of the effectiveness of the investments via an estimation of different risk management strategies. For the comparison and ranking of these alternatives in their order of preference to the investor, the proposed indicators of the efficiency of the investments, concerning the NPV, DPP, and coefficient of variation, can be used. Thus, rational investors, who averse to taking increased risks unless they are compensated by the commensurate increase in the expected utility of a risky prospect of dry port development, can be guided by the deduced marginal utility of investments. It is computed on the ground of the results from the system dynamics model. In conclusion, the outlined theoretical and practical implications for the management of risks, which are the key characteristics of public-private partnerships, can help analysts and planning managers in budget decision-making, substantially alleviating the effect from various risks and avoiding unnecessary cost overruns in dry port projects.