EC77-865 Have It Your Way By Making A Will

Making a will is not the sad and gloomy picture painted by some people. Quite the contrary! A person who makes a will is creating his or her own blueprint for the future. A will, like life insurance, social security, or retirement plans, provides security and peace of mind. The person who has a will made can rest assured that property and loved ones will be taken care of precisely in the manner he or she desires. This publication presents basic information about wills, one of the most important documents a person can make or possess. This information can be useful both to those who have already made a will and those who have not.

Informational efficiency of the European Union emission allowance market

This thesis studies the informational efficiency of the European Union emission allowance (EUA) market. In an efficient market, the market price is unpredictable and profits above average are impossible in the long run. The main research problem is does the EUA price follow a random walk. The method is an econometric analysis of the price series, which includes an autocorrelation coefficient test and a variance ratio test. The results reveal that the price series is autocorrelated and therefore a nonrandom walk. In order to find out the extent of predictability, the price series is modelled with an autoregressive model. The conclusion is that the EUA price is autocorrelated only to a small degree and that the predictability cannot be used to make extra profits. The EUA market is therefore considered informationally efficient, although the price series does not fulfill the requirements of a random walk. A market review supports the conclusion, but it is clear that the maturing of the market is still in process.

Letter of Anne Seixas acknowledging $200 allowance

Digital image

Long Term Dynamics in CO2 Allowance Prices and Carbon Capture Investments

In this paper we analyse the behaviour of the EU market for CO2 emission allowances; specifically, we focus on the contracts maturing in the Kyoto Protocol's second period of application (2008 to 2012). We calibrate the underlying parameters for the allowance price in the long run and we also calibrate those from the Spanish wholesale electricity market. This information is then used to assess the option to install a carbon capture and storage (CCS) unit in a coal-fired power plant. We use a two-dimensional binomial lattice where costs and profits are valued and the optimal investment time is determined. In other words, we study the trigger allowance prices above which it is optimal to install the capture unit immediately. We further analyse the impact of several variables on the critical prices, among them allowance price volatility and a hypothetical government subsidy. We conclude that, at current permit prices, from a financial point of view, immediate installation does not seem justified. This need not be the case, though, if carbon market parameters change dramatically and/or a specific policy to promote these units is adopted.

Homestead fish pond and the environment in Nigeria

Homestead fish culture is a recent innovation for mass production of fish at backyard in Nigeria. The processes of pond construction often have resulted in soil disturbances, vegetation losses, and creation of new aquatic environment. The paper discusses homestead ponds in Nigeria, their potential impact on the environment which includes erosion, over flooding, pest and disease, accident risk, undesired fossil fuel production, vegetation destruction and fish genetic conservation, strategies for environmental management in relation to pond construction are suggested

Financial analysis of small-scale fish farming enterprises to alleviate poverty in homestead

This paper focuses on the financial analysis involved in setting up of fish farming on a small-scale in a homestead. About 0.5 acres of land was used for the construction of pond which as a stock of Clarias spp/ Heterobranchus spp and Tilapia spp at the ratio of one to three for a period of 12 months. The land/land development cost is N26,500.00, pond construction cost, N35,700.00, equipment cost, N2,650.00 and stock/Input requirement cost N155,727.00 while the revenue from sales is N376,000.00. A cash flow analysis is also calculated for the fish farm, which is N155,423.00 for first year cash flow, and appropriate profit/mosses were calculated for five-year production cycle of N1,036,515.00 million. At the end appreciable profit is realized from the enterprises. This type of enterprises is viable for small-scale farmers to practices and adopted for financial support for their family

Monoculture of three native air breathing fishes in homestead ditches and plastic barrels

Six on-farm trials were conducted from 1 August to 23 November 2004 in two different environments such as homestead ditches (10 to 17 square meters) and plastic barrels (240 liters) to develop techniques for nonoculture [sic] of climbing perch, Anabas testudineus, stinging catfish, Heteropneustes fossilis and walking catfish, Clarias batrachus for poor and landless people who have no access to pond. Stocking density for ditch was 10 fry/square meter while that for barrel was 20 fry/cubic meter. The fishes were fed with 3-test diets viz. low-cost formulated feed (rice bran 20%, wheat meal 10%, mustered [sic] oil cake 35%, poultry offal 35%), live foods (chopped snails and clams), and a commercial feed (Saudi-Bangla feed, starter 3: first month and grower-1: subsequent two months) and designated as T1, T2 and T3, respectively. Feeding rate was the same in all the treatments viz. 10% of body weight (first two months), 8% (third month) and 6% (fourth month). T1 and T2 had three replications while T3 had two replications. Water temperature was recorded weekly while fish growth was monitored monthly. After 4 months' rearing, H. fossilis and C. batrachus in ditches and barrels attained higher average weight in T2 followed by T3 and T1 while A. testudineus in barrels also attained higher average weight in T2. The variation in net weight gain by A. testudineus in ditch fed test diets T2 and T3 was not significantly different (P>0.05) though the net gain in both T2 and T3 was significantly (P<0.05) higher than that of T1. The yield of climbing perch as obtained from T1, T2 and T3 was 988, 1136 and 1185 kg/ha, respectively while that stinging catfish was 395, 242 and 444 kg/ha and walking catfish was 1605, 2,099 and 1,654 kg/ha respectively. All the three species showed significantly lower growth rate in barrels than in ditches.

Balancing Cost and Emissions Certainty: An Allowance Reserve for Cap-and-Trade

On efficiency grounds, the economics community has to date tended to emphasize price-based policies to address climate change - such as taxes or a "safety-valve" price ceiling for cap-and-trade - while environmental advocates have sought a more clear quantitative limit on emissions. This paper presents a simple modification to the idea of a safety valve - a quantitative limit that we call the allowance reserve. Importantly, this idea may bridge the gap between competing interests and potentially improve efficiency relative to tax or other price-based policies. The last point highlights the deficiencies in several previous studies of price and quantity controls for climate change that do not adequately capture the dynamic opportunities within a cap-and-trade system for allowance banking, borrowing, and intertemporal arbitrage in response to unfolding information.

A model for radiation-induced bystander effects, with allowance for spatial position and the effects of cell turnover

Bystander effects, whereby cells that are not directly exposed to ionizing radiation exhibit adverse biological effects, have been observed in a number of experimental systems. A novel stochastic model of the radiation-induced bystander effect is developed that takes account of spatial location, cell killing and repopulation. The ionizing radiation dose- and time-responses of this model are explored, and it is shown to exhibit pronounced downward curvature in the high dose-rate region, similar to that observed in many experimental systems, reviewed in the paper. It is also shown to predict the augmentation of effect after fractionated delivery of dose that has been observed in certain experimental systems. It is shown that the generally intractable solution of the full stochastic system can be considerably simplified by assumption of pairwise conditional dependence that varies exponentially over time. (C) 2004 Elsevier Ltd. All rights reserved.

Effect of feed space allowance and period of access to food on dairy cow performance

Two experiments were conducted to examine the ‘long-term’ effect of feed space allowance and period of access to feed on dairy cow performance. In Experiment 1, three horizontal feed space allowances (20, 40 and 60 cm cow−1) were examined over a 127-d period (14 cows per treatment). In Experiment 2, 48 dairy cows were used in a continuous design (10-week duration) 2 × 2 factorial design experiment comprising two horizontal feed space allowances (15 and 40 cm cow−1), and two periods of access to feed (unrestricted and restricted). With the former, uneaten feed was removed at 08·00 h, while feeding took place at 09·00 h. With the latter, uneaten feed was removed at 06·00 h, while feeding was delayed until 12·00 h. Mean total dry-matter (DM) intakes were 19·0, 18·7 and 19·3 kg cow−1 d−1 with the 20, 40 and 60 cm cow−1 treatments in Experiment 1, and 18·1 and 18·2 kg cow−1 d−1 with the ‘restricted feeding time’ treatments, and 17·8 and 18·1 kg d−1 with the ‘unrestricted feeding time’ treatments (15 and 40 cm respectively) in Experiment 2. None of milk yield, milk composition, or end-of-study live weight or condition score were significantly affected by treatment in either experiment (P > 0·05), while fat + protein yield was reduced with the 15-cm treatment in Experiment 2 (P < 0·05). When access to feed was restricted by space or time constraints, cows modified their time budgets and increased their rates of intake.

Newspaper Clipping - Fields' homestead

A newspaper clipping describing a fire at the Fields' homestead near Queenston. The caption describes the house as where "Sir Isaac Brock slept the night before he was killed".