Qualitative aspects of the evaluation and control of research and development projects

Decisions in research and development are usually based on a variety of data inputs. Some of these will be concerned with the returns offered by projects in money terms. Others will relate to more qualitative aspects of research work such as, perhaps, the establishment of a base in a new area of technology or the achievement of a stronger market position. This paper describes and illustrates how checklists may be used to assemble qualitative data for purposes of decision. These were formulated in an industrial R & D laboratory and the illustrative examples in the text make reference to real projects. The checklists described are an integral part of a comprehensive system of project evaluation and control in R & D which includes an analysis of the financial implications using net present value or discounted cash flow rate of return of the project risk, analysis and sensitivity tests. The detail of this part of the scheme is conventional and is therefore omitted from the paper.     

Effects of an Oxygen Requirement for Fuel in Midwest Ethanol Markets and Local Economies

This article examines the effects of an oxygen content requirement for fuel in several midwestern states. Ethanol could dominate the midwestern oxygenate market with federal incentives for ethanol blending or a generalized ban on MTBE; otherwise, price incentives would shift between ethanol and MTBE. Several states would share in the ethanol output expansion, but the largest increases would likely occur in Iowa and Minnesota. A benefit-cost analysis of the oxygen requirement suggests that gains for consumers, producers, and local economies would more than offset lost federal tax revenues.     

8. The Grounding of Forgiveness: Martha Nussbaum on Compassion and Mercy

Violence came to define the twentieth century. We live in fear that an even more extreme violence will characterize the twenty‐first century. The city of Hiroshima was the victim of the greatest single stroke of violence in the history of humanity. Yet it managed to arise, Phoenix‐like, as a city devoted to peace in the aftermath of nuclear horror. How was this extraordinary forgiveness possible? Is it possible that it was born out of a compassion for the victims of nuclear holocaust that extended beyond its immediate borders? In several works, but most notably in Upheavals of Thought, Martha Nussbaum has analyzed the conditions for the occurrence of compassion. She has also subjected her largely Aristotelian analysis of compassion to a Stoic‐inspired critique. This paper will reconstruct Nussbaum's analysis, critique, and defense of compassion. I will then extend Nussbaum's analysis to argue how a forgiveness rooted in compassion, rather than mercy, might be possible. The city of Hiroshima's dedication to worldwide peace in the aftermath of nuclear horror is used to illustrate a compassion‐based forgiveness.     

Price Relationships in Processors' Input Market Areas: Testing Theories for Corn Prices Near Ethanol Plants

This study examines corn pricing in the vicinity of processing plants. We develop and test several price-distance models for cargo, insurance and freight (CIF) plant pricing in the presence of varying degrees of exporter competition, and for discriminatory free-on-board (FOB) pricing at the farm. The price-distance functions describing spatial prices near processing plants all depend on local transport costs. But the pricing system (CIF or FOB) and the extent of local competition define the level and spatial rate of change in prices.Estimations of an empirical price-location function for Iowa during the spring of 2003 suggest that prices near the plants of four conventional businesses conform to the CIF pricing model. But prices near producer-owned firms or farmer cooperatives failed to show any statistically significant effect on nearby prices. One plant had a price-distance function that resembled FOB pricing.     

Prison Industries and the private sector

In 1979, Congress passed the Prison Industry Enhancement (PIE) Act to promote private production within prisons. As of June 1994, 31 states had instituted PIE projects. Using a public choice model, this paper attempts to explain the likelihood that a stat ewould choose to participate in PIE. Using logistic regression, the study finds that states with stronger unions, democratic governors, and high unemployment will be less likely to allow PIE projects. Alternatively, states that exhibit a progressive prison management will be more likely to allow PIE projects.     

A review of the ‘consumer interest’ in organic meat

The study aims to provide a critical review of the literature on the consumer interest in the UK in organic food, with a particular focus on organic meat. Given that people are more likely to purchase products if they have faith in them, the regulation of organic food standards is reviewed to explore issues affecting consumers. This is followed by a review of the organic meat sector. Aspects of the consumer interest considered in this paper include consumer information, consumer access, consumer safety, consumer choice and consumer representation. As the literature on organic food/meat in the UK is extensive, it was therefore necessary to be selective with regard to the publications suitable for this review. Most of the literature selected for this paper has been drawn from UK publications, although several European and international sources have also been used. The review found that there is a considerable level of interest in the UK organic meat sector. As the regulation of organic food produced is set at varying standards across the European Union, this could lead to consumers being misled regarding the quality of products offered. It was also found that, although consumers perceive organic foods as healthier, more nutritious and tasting better than non‐organic products, the literature shows that this may have only a limited basis on fact. Contamination of organic products with pesticides and even genetically modified ingredients is always possible. Organic farmers are permitted to use other ingredients in organic meat products that may be harmful to health. Escherichia coli and Salmonella risks associated with conventional meat also appear to affect organic meat. Consumers need clear, accurate and reliable information about organic meat. They also need to be provided with safe products, a choice of organic products, access to organic products and to be represented effectively.     

Momentum investing and the asset allocation decision

This study examines the active asset allocation decisions of Australian multisector fund managers to determine whether active fund managers engage in momentum strategies. We find evidence supporting the existence of momentum investing in active asset allocation strategies. This evidence exists in the Australian Equities, Australian Fixed Interest and Listed Property asset classes. Interestingly, balanced funds adopt contrarian strategies in the International Equities asset class. We also examine whether there is any association between a fund's market timing skill and the execution of momentum strategies. Our results show that fund managers with no market timing skill are momentum investors.