Specific Market Conditions Research Articles

Reduced protein intake during the weaner period has variable effects on subsequent growth and carcass composition of pigs

In total, 960 pigs (480 castrated males and 480 gilts), selected at ~28 days of age, were used to investigate the effect of restricting protein intake for a short period between 4 and 14 weeks of age. Pigs were selected over an 8-week period in groups of 120 pigs (three pens of 20 castrated males and three pens of 20 gilts per week). Pigs were given ad libitum access to commercial diets from weaning to slaughter. Pens of 20 pigs of each sex were allocated to one of six treatments: control (no restriction), restriction from 4 to 7 weeks of age, restriction from 7 to 10 weeks of age, restriction from 10 to 14 weeks of age, restriction from 4 to 10 weeks of age or a restriction from 4 to 14 weeks of age. During the period of restriction, pigs were offered ad libitum commercial diets that had been reduced in dietary lysine to digestible energy ratio by ~15%. Restricting protein intake between 7 and 10, 4 and 10 and 4 and 14 weeks of age reduced daily gain during the period of restriction. Pigs restricted from 7 to 10 weeks of age had reduced average daily feed intake (5.6%) from 7 to 10 weeks, followed by a reduction in average daily feed intake (5.5%) and improved feed efficiency (6.1%) in the subsequent period from 10 to 17 weeks of age. Daily gain for the entire experimental period was similar for all treatment groups, except those restricted from 7 to 10 weeks of age (3.9% lower than the controls), although there was no treatment effect on carcass weight. Interestingly, backfat was reduced by 10% in these animals compared with the controls, which may be economically beneficial in markets where producers are paid on backfat and carcass weight, such as those selling domestically in the Australian market. Economic benefits of reduced feed costs during both the restriction and realimentation periods were also observed when pigs were restricted from 10 to 14 weeks of age. Any economic benefits from short periods of protein restriction will vary depending on the specific market conditions and the local cost of feed protein sources.

The impact of market price volatility on consumer satisfaction with lowest‐price refunds

PurposeDespite retailers' growing use of lowest‐price refund policies, little is understood about how consumer satisfaction is influenced by them. This paper examines the potential role of market price volatility and store image on consumers' satisfaction of stores offering a lowest‐price refund.Design/methodology/approachBetween‐subject experimental design is used in which subjects are presented with simulated shopping scenarios. In the shopping simulation lowest price refunds are provided to the subjects under different price volatility and store image conditions. Consumer satisfaction is then measured.FindingsResults indicate that when market price volatility is high consumer satisfaction with lowest‐price refunds tends to be significantly higher for stores with a good image than stores with a poor image. As market price volatility increases, consumer perceptions of value increases for stores with a good image, while it declines for stores with a poor image.Research limitations/implicationsThe results of the study are limited by the simulated shopping methodology that is used and the absence of field shopping behavior and covariate satisfaction and refund data from retail stores.Practical implicationsDespite receiving the same outcome, different consumers' satisfaction with lowest‐price refunds may be highly influenced by the environment. Generally, both market price volatility and store image influence consumer satisfaction.Originality/valueBy identifying specific market conditions that influence consumer satisfaction with lowest‐price refunds, it may be critical for certain retailers to mobilize their refund programs.

Policy, technology, and management strategies for achieving sustainable agricultural intensification

AbstractConsiderable agreement exists among researchers, development practitioners, and policymakers regarding the goals of sustainable agricultural intensification (SAI). They include: achieving agricultural productivity growth, household food security, and improved rural livelihoods and employment, while simultaneously mitigating environmental degradation. However, the multiplicity of these objectives, as well as the choice of approaches to achieving them and the site‐ and context‐specificity of specific technological and institutional interventions, assures that the research and policy challenges to achieving SAI will remain considerable. This article summarizes the contributions of the articles in this Special Issue in four areas of the literature. First, labor market constraints, the labor intensity of specific agricultural technologies and practices, and labor's substitutability, or complementarity, with other inputs are shown to widely influence their viability and related input efficiencies. Second, the articles identify specific tradeoffs and synergistic relationships that arise in the attainment of these multiple goals stemming from technologies, management practices, and policies introduced under specific agroclimatic, market, and institutional conditions. Third, these papers contribute to the literature on agricultural technology adoption by furnishing additional empirical evidence on the determinants and effects of investment behavior and adoption of specific technologies and management practices. Finally, the articles in this Special Issue emphasize that there is no single policy nor technological, management, or institutional innovation that unambiguously promotes SAI. Preferred policies must be contextualized and sensitive to initial biophysical, market, and institutional conditions.

What Tanzania's coffee farmers can teach the world: a performance‐based look at the fair trade–free trade debate

AbstractQuestions remain about the effectiveness of fair trade, especially in comparison with free trade approaches to development. Both strategies seek to benefit smallholder farmers in lower‐income countries, who are vulnerable to declining and fluctuating commodity prices and rising production costs. This study examines two prominent market‐based interventions, Fairtrade certification and TechnoServe business development, as they are implemented at two coffee producer organizations in Tanzania. Qualitative and secondary quantitative data were collected using rapid appraisal methodology during three months of field research. The data were analyzed using the sustainable livelihood framework. This study concludes that both intervention strategies yield potentially valuable results for smallholders in multiple domains, but each is distinctly suited to specific market conditions. Implications of the study's findings are discussed in terms of an emerging consensus on intervention strategies. Copyright © 2005 John Wiley & Sons, Ltd and ERP Environment.

Devolved government and public sector pay reform: Considerations of equity and efficiency

Elliott R. F., Bell D., Scott A., Ma A. and Roberts E. (2005) Devolved government and public sector pay reform: considerations of equity and efficiency, Regional Studies 39 , 519–539. Public sector pay is of critical concern to the governments in Westminster and Edinburgh. It accounts for the major part of these government's current expenditures and is a crucial determinant of the quality and range of the services they provide. The paper details the current arrangements for setting public sector pay. It is shown that these mechanisms are, for the most part, UK wide and that they result in national rates of pay that reveal little sensitivity to specific labour market conditions in Scotland. In consequence, in Scotland, public sector workers toward the lower end of the distribution of pay are now significantly better paid than their private sector counterparts while those at the upper end are now paid about the same. The paper uses data from the Labour Force Survey for 1996–2002 to establish these results. It uses these same data to forecast the changes in pay inequality in the Scottish public sector that would result from a reform of public sector pay setting institutions that aimed to bring rates of pay in the public sector into line with those in the private sector in Scotland.

Flexibility or polarization? Temporary employment and job tasks in Spain

The paper takes issue with demand-based interpretations of the consequences of deregulation through temporary employment in Spain. According to demandbased accounts, the introduction of temporary contracts has helped to generate and maintain a secondary segment in the Spanish labour market, in which specific product market conditions generate a need for highly flexible contracts to perform low-skilled tasks. In contrast to this view, the paper argues that partial deregulation has also had important segmenting consequences amongst Spanish professionals, despite the high levels of asset specificity and monitoring costs involved in their job tasks. Drawing on the analysis of the Spanish Labour Force Survey for the period 1987‐1997, the paper presents empirical evidence that shows how, when introduced in a context of high unemployment and high dismissal costs for the permanent workforce, temporary contracts can generate a process of polarization of employment chances within both manual and professional occupations. The segmenting consequences of partial deregulation have, therefore, been more severe, pervasive and pernicious than it is acknowledged by demand-based accounts.

Corporate and Brand Web Sites as Customer Relationship Management Tools

ABSTRACT The explosive proliferation of Internet technologies, combined with the rapid acceptance of these technologies by consumers, has enticed nearly every organization to construct and implement a corporate and/or brand Web site. These Web sites allow businesses to communicate and transact with customers in new ways and with dramatically improved efficiency. Further, the marriage of Customer Relationship Management software with these Internet technologies is yielding unparalleled benefits to both organizations and consumers. Yet many of the efforts to implement either simple or complex relationship management systems have proceeded without a fundamental understanding of the specific benefits available to individual firms. While Internet-based relationship management technologies can provide powerful competitive and operational opportunities to nearly all organizations, only some forms of these approaches are appropriate for any unique firm. The goal of this paper is to provide a general overview and framework of the opportunities provided by each form of Internet relationship-building approach, a suggested implementation process for exploiting these opportunities, and the specific business, product, and market conditions that facilitate these potential advantages.

Konturen eines „Dritten Weges“. Großbritannien unter den Blair-Regierungen

In order to analyze the character of the New Labour project in Britain, the article looks at conceptual ideas (the roles of communities, state, individual; the concept of the welfare state), pragmatic responses to voters’ concerns and the specific economic and labour market conditions in post-Thatcherite Britain. It argues that Tony Blair’s New Labour is a path dependent British project as well as an attempt to address some major challenges of our times of change. While breaking with core ideas of post-war social democracy, it remains linked to the social democratic tradition.

Asset–asset interactions and clustering in financial markets

The collective phenomena of a liquid market is characterized in terms of a particle system scenario. This physical analogy enables us to disentangle intrinsic features from purely stochastic ones. The latter are the result of environmental changes due to a ‘heat bath’ acting on the many-asset system, quantitatively described in terms of a time dependent effective temperature. The remaining intrinsic properties can be widely investigated by applying standard methods of classical many-body systems. As an example, we consider a large set of stocks traded at the NYSE and determine the corresponding asset–asset ‘interaction’ potential. In order to investigate in more detail the cluster structure suggested by the short distance behavior of the interaction potential, we perform a connectivity analysis of the spatial distribution of the particle system. In this way, we are able to draw conclusions on the intrinsic cluster persistency independent of the specific market conditions.

Measuring the Costs and Benefits of Urban Land Use Regulation: A Simple Model with an Application to Malaysia

Land use regulation per se is neither good nor bad. What matters is the cost and benefit of specific regulations in specific market conditions. This paper presents a straightforward cost-benefit framework for analyzing land use and related regulations in such a context, and presents an application of the method to Malaysia. We use these results to illuminate several important issues, namely the effects of such land use regulations on housing markets, how to use such analyses to suggest revisions to common land use regulations, and what changes in higher-order incentives facing regulatory authorities might be required to encourage an appropriate regulatory environment for urban land.

Investigation and validation of technological learning versus market performance

This paper details a journey of discovery for conceptualizing, identifying, documenting and validating instances of higher-order learning, its nature, as well as its content, process, context and impact. The authors are engaged in a multi-industry, longitudinal, empirical study to investigate the relationship between technological learning activities and firm market performance. This relationship is postulated to vary under specific firm, market and industry conditions, so that the effects of learning can enhance or limit market performance, emerge over different periods of time, and require varying levels of investment. For this paper, we conduct a pilot study using a preliminary sample of 19 firms from four industries over a period of twelve years as a pilot study for a broader analysis of approximately 100 firms in these industries covering 25 years. The empirical analysis in this pilot study shows little evidence of a relationship between technological learning and market performance; however, the lack of evidence is due to the crude nature of the measures used and the limitations of available data. A more comprehensive research design is proposed which will provide a better test of the relationship.

The new financial capitalists: Kohlberg Kravis Roberts and the creation of corporate value

Kohlberg Kravis Roberts's approach to leveraged buyouts was an important aspect of the corporate restructuring and governance reforms in the American economy from the mid-1970s through 1990. During that period, KKR crafted a series of progressively more elaborate deals tailored to specific companies and market conditions. Through its creative debt financing and its relationships with an evolving cast of investors, companies, and managers, KKR drove the scale and scope of the buyout phenomenon to unprecedented highs. This book, first published in 1999, examines KKR's record in detail. Based upon interviews with partners of the firm and on unprecedented access to KKR's records, George Baker and George Smith have written a balanced and enlightening account of how KKR has approached LBOs. The book focuses on KKR's founding, evolution, and innovations as ways to understand issues in modern American business. In examining KKR as a unique form of enterprise, the book bridges the gap between public perception and academic knowledge of the leveraged buyout.

Company Law and Corporate Governance Renewal in Transition Economies: The Bulgarian Dilemma

The main objective of company law and corporate governance structures is to provide rules and secure efficient functioning of decision-making mechanisms that maximise the value of enterprises and safeguard interests of various stakeholders. Company laws and corporate governance models in different countries have evolved in specific historical, cultural, market and legal conditions that prevent their direct transplantation elsewhere. Assessing available experiences, former centrally planned European economies, engaged in sweeping transformations, are challenged by the need to recreate a delicate balance between investor protection and business discretion of managers to work for corporate value maximisation and social welfare. This essay undertakes an explorative discussion on the possible choices and the costs and benefits related to principalagent problem resolution in economies in transition, with special emphasis on institutions and the case of Bulgaria.

Futures contracts for milk: how will they work? (1996)

The two new milk futures contracts offer dairy farmers and other buyers and sellers of milk and dairy products additional opportunities to manage price risk in an increasingly volatile milk price environment. The availability of these risk management tools is especially important given the market-oriented direction of federal dairy policy. The CSCE and CME contracts differ somewhat in their specifications. Potential hedgers will need to evaluate which offers the best opportunity to lock in prices. Hedgers also should look at the cheese and nonfat dry milk contracts in determining the most appropriate risk management strategy. Strategies may involve using more than one futures market. Key in any hedging decision is the basis, especially the predictability of the relationship between cash and futures prices. Hedgers should compare the alternative contracts in terms of which yields the most predictable basis given the type of hedge and the specific market conditions affecting their business.; Dairy Day, 1996, Kansas State University, Manhattan, KS, 1996;

New directions for the Alaska King crab industry

The Alaska king crab industry historically has been one of the most lucrative fishing industries in the United States. Low 1991 exvessel prices stunned the industry. An econometric model of Alaska king crab price formation is developed in this article to provide insight into potential causes of price movements. Wholesale price formation and allocation for the two largest markets, Japan and the United States, are explicitly modelled. Specific market conditions are shown to have resulted in an unusual market structure encompassing processors' price formation and product allocation. Recent events, including the deterioration of the US wholesale king crab market and economic liberalization in Russia, may have a profound impact on this industry. Model results are used in a discussion of potential ramifications of these events to industry participants.

Determinants of the Rate of Return for Nonresidential Real Estate: Inflation Expectations and Market Adjustment Lags

This paper analyzes the economic forces that determine the real rate of return for nonresidential real estate. Our analysis shows that the intermarket variation in the real rate of return is statistically significant, and the rate of return differs by land use and market area, as well as over time in response to changes in macro‐economic conditions. We use inflation variables as surrogates for changes in macroeconomic conditions over time. In contrast to earlier studies, we find that nonresidential real estate may not outperform expected inflation. We believe that the impact of expected inflation (and other macroeconomic variables) on real estate rates of return depends upon the interaction of the macro‐environment and specific local real estate market conditions. Finally, our empirical evidence suggests that the effects of a given shock dissipate rather quickly in most markets when we take into account locational and property use differences.

Property taxes and the timing of urban land development

This paper develops an optimal timing model which extends our understanding of the effects which property taxes have on the timing of land development. Comparative static effects of changes in property tax rates are investigated and policy rules are developed for the use of differential pre- and post-development tax rates to affect the timing of development. Changes in the property tax rate are found to be non-neutral with respect to the timing of development in most cases, accelerating or delaying development depending upon specific market conditions.

Philippine Energy Policy for the 80s: ABSTRACT

Philippine energy policy for the 80s will tend to follow the general directions established in the mid-70s. Its application, however, should reflect the realities of this decade as well as the progress achieved and experience gained over the past several years. The Philippines, traditionally relying on oil for 95% of its commercial energy requirements, considers this fuel to be too expensive for meeting the growing energy demand of most sectors of the economy. Accordingly the country, since 1974, has embarked on a policy that: (a) promotes judicious and efficient use of energy through a responsive pricing policy and a package of fiscal incentives; (b) reduces oil dependence in favor of more economical and preferably indigenous alternatives. Supporting this dual policy thrust, the government has played a catalytic role through selective investments, enabling legislation, national energy policy planning, and coordination of program execution. The vigorous enlistment of foreign and private sector investment in upstream resource development continues to play a role. By 1981, the implementation of aforementioned energy policy initiatives had resulted in a decline in the country's dependence on imported oil, from a high of 96% in the mid-70s, to 79%. Energy consumption growth rates after 1974 have been contained, on the average, to levels below real economic growth movements. In the near future, the energy investment program targets further reduction of imported oil dependence to 43% by 1986 on the strength of projects that are now either under construction or committed. While the 70s presented general mobilization challenges, higher real costs of money and more difficult access to foreign exchange dominated financing are expected in the 80s. In Philippine energy sub-sectors, policy application needs to recognize specific market conditions and the accomplishments to date. The value of oil as foreign exchange earning or expenditure prompts policymakers to maintain an aggressive oil exploration posture. Though considerable success has been achieved in geothermal exploitation and use, the country still needs to displace around 2,000 Mw of baseload of oil thermal plants, a need advantageously fulfilled by geothermal systems. On another front, coal policy is expected to heavily favor the development of domestic production. Projected demand for coal for the next 6 years indicates substantial import requirements, though prospects of increasing indigenous reserves continue to be favorable. The country continues to face challenges in the electric power industry, biomass energy development, and energy pricing. Policy options in these instances have been developed, but it is clear that time is needed to reach a satisfactory state of affairs. End_of_Article - Last_Page 964------------

Imperial dictate: The effect of the two World Wars on the Indian coal industry

Little is known about the economic effects of the two World Wars on the Indian economy. No overall macro-picture can be drawn until a whole series of micro-studies at the industry level have been conducted. This paper sets out to provide one such case-study, that of coal mining. The impact of the wars on the historical evolution of the industry is considered by examining the specific wartime market conditions; the control measures erected by the Government; the methods of labour recruitment that were adopted; and the changes in living and working conditions that occured.

Power from glaciers: the hydropower potential of Greenland's glacial waters

In the southern parts of Greenland, large quantities of water melting every summer from the ice shield 1000 m above sea level and more, within a short distance from the coast, offer favorable conditions for a large-scale hydropower development. General ideas on such a development have been published by several authors. This report tries to go a step further by providing an assessment of available resources, an analysis of technical problems for the utilization of this resource and its integration into a global energy system, and a preliminary estimate of construction needs and costs. The estimate of available resources is based on published climatological data for Greenland and other arctic stations, and on a cautious selection of effective solar radiation and albedo values. 210–360 km 3 of water is expected to be available during the summer months at an average altitude of 1000 m, corresponding to an energy generation of 460–800 TWh. Continuous generation all-year-round, however, requires storage reservoirs with a total volume of 100–180 km 3. In southwest Greenland, numerous large lakes will provide sufficient storage volumes. In the east, storage is a problem, and power generation might be restricted to the summer months. Some 12 to 15 sites have been identified on the maps where power schemes can be developed with a total installed capacity of 60–120 GW; hence, the estimated hydropower resources of Greenland come close to the 1974 total consumption of electric energy in the interconnected grid system of Western Europe which, according to the statistics of UCPTE, was 724 TWh with a peak load of 118 GW. Technologies for hydropower development are well established and already in progress towards the order of magnitude needed for Greenland; however, methods of collecting water melting from large ice surfaces have still to be studied and tested. The problem of bulk energy transport over great distances is common to all future global energy supply options, and not unique to Greenland energy. Carriers envisaged in the report are EHV sea cables and transmission lines on land, hydrogen gas pipelines across sea and land, and tankers for liquid hydrogen or ammonia. Preliminary cost comparisons show each of these carriers to be competitive under specific production and market conditions. The report gives a tentative model for the full development of Greenland's glacier power comprising all these options. Construction cost of the power schemes is estimated at 775-320 US-dollars per installed kilowatt, but another 220–430 US$/kW have to be invested in transport facilities such as EHV links or H 2 gas pipelines. The use of liquid H 2 as an energy carrier requires lower investments but involves higher energy losses. The integration of Greenland's glacier power into a global energy system is analyzed according to the criteria adopted for IIASA's Energy Program. No need of fundamental innovation and no serious constraints have been identified for a full development, scheme by scheme, over a projected construction period of e.g. 40 years, starting after an initial testing, planning, and design period of e.g. 10 years. A tentative study program is suggested comprising the collection of basic scientific data, as well as preparatory technical investigations and tests to ascertain the technical feasibility of the development.