HERD SIZE AND UNIT COSTS OF PRODUCTION IN THE ENGLAND AND WALES DAIRY SECTOR

This paper examines the relationship between herd size and unit costs of production in the England and Wales dairy sector. Following the two-stage estimation procedure of Dawson & Hubbard (1987), longrun average cost (LAC) functions are estimated from cross-section data for five separate years between 1976/7 and 1986/7. Results show that the LAC curves are U-shaped but highly skewed, implying that considerable economies of size are present at low output levels but diseconomies at larger levels are much less marked. Over time, technological change in particular has been shifting the LAC curves downward and to the right and away from the sector's long-run equilibrium. The differential shift of cost curves, depending on the size of production, implies that technological change has been biased in favour of larger herds.     

A study of several new and existing tests for heteroscedasticity in the general linear model1

Several optimum non-parametric tests for heteroscedasticity are proposed and studied along with the tests introduced in the literature in terms of power and robustness properties. It is found that all tests are reasonably robust to the Ordinary Least Squares (OLS) residual estimates, number and character of the regressors. Only a few are robust to both the distributional and independence assumptions about the errors. The power of tests can be improved with the OLS residual estimates, the increased sample size and the variability of the regressors. It can be substantially reduced if the observations are not normally distributed, and may increase or decrease if the errors are dependent. Each test is optimum to detect a specific form of heteroscedasticity and a serious power loss may occur if the underlying heteroscedasticity assumption in the data generation deviates from it.     

Product choice for a firm selling related products: A parimutuel application

This paper provides a framework for analysis of product choice by a multiproduct firm selling several products whose demands are interrelated. The decision making process of a racetrack-racebook regarding the parimutuel wagering products (both number and which ones) it should supply is illustrated. A racetrack-racebook is a business entity, which offers its patrons the opportunity to wager, not only on live horse racing conducted at the racetrack but also on races simulcast to that racetrack from a variety of racetracks, from both in-state and out-of-state locations. The demands for these wagering products are interrelated and these interrelationships play a key role in determining the number (and which ones) of these wagering opportunities that will be supplied. Based on the experience of a specific racetrack-racebook, these demand functions are estimated econometrically and the role of these interrelated demands in the supply decision is explored. An algorithm is developed to search over all possible product portfolios to determine that combination of products yielding the highest sales, revenue, or profit.     

International Marketing Ethics from an Islamic Perspective: A Value-Maximization Approach

International marketing practices, embedded in a strong ethical doctrine, can play a vital role in raising the standards of business conduct worldwide, while in no way compromising the quality of services or products offered to customers, or surrendering the profit margins of businesses. Adherence to such ethical practices can help to elevate the standards of behavior and thus of living, of traders and consumers alike. Against this background, this paper endeavors to identify the salient features of the Islamic framework of International Marketing Ethics. In particular, it highlights the capabilities and strengths of this framework in creating and sustaining a strong ethical international marketing culture. At the heart of Islamic marketing is the principle of value-maximization based on equity and justice (constituting just dealing and fair play) for the wider welfare of the society. Selected key international marketing issues are examined from an Islamic perspective which, it is argued, if adhered to, can help to create a value-loaded global ethical marketing framework for MNCs in general, and establish harmony and meaningful cooperation between international marketers and Muslim target markets in particular.     

Differences in Male and Female Management Characteristics: A Study of Owner-Manager Businesses

The rise in the number of female managers in recent years has fuelled the debate whether their management characteristics differ in any way from their male counterparts. While most researchers have tended to analyse these gender-related differences within large organisations, this study sets out to explore whether gender has an impact on management characteristics of male and female business owner-managers. In particular, the focus is on the management of established businesses, rather than start-ups. The management characteristics are studied in terms of (1) the owner-manager's managerial style, (2) the nature of the organisational structure, (3) the degree of delegation within the organisation, (4) the manner in which strategic objectives are set, and (5) the importance of personal objectives in the decision making process. In view of its findings that there are significant differences between male and female owner-managers in the way they manage their businesses, the paper considers implications for theory and policy.     

Determinants of Demand for Delivery Services in Sudan: An Empirical Investigation with Reference to Khartoum State, 2004*

Abstract: Using multinomial logistic methods, we examined the determinants of the delivery care seeking behavior of women in Khartoum State of Sudan, as well as the impact of changes in the attributes of public delivery services on the market shares of delivery services. Time distance and transportation cost have significant negative effects, while the random ‘quality’ coefficient is positive but not significantly different from zero. Further, the likelihood of choosing home over public delivery services increases with order of birth. The positive effects of women's education and household income are most important for those who prefer private over home delivery whereas the use of modern antenatal services is decisive in choosing modern over home delivery. Also, shifts in demand toward public delivery services resulting from improvements in quality and qualifications of medical staff might be undermined by the reduction in demand emanating from a rise in the order of delivery, time distance and transportation cost to public delivery institutions. The income effects are more pronounced, particularly for the share of private delivery services. Educated women tend to shift from home to modern delivery services.     

Table games,slot machines and casino revenue

The main focus of this study is to assess the influence of table games on slot machine and total casino revenues. The subjects of the analysis are 24 rierboat casinos in the midwestern states of Illinois, Iowa and Missouri and three racinos in Iowa. A racino is a parimutuel racetrack which also offers slot machine gaming to its customers. Two econometric models were developed, one for slot machine revenue and one for total (slot machine plus table game) revenue at riverboats and racinos. Of particular interest is the effect on slot machine and total revenue of adding table games to the gaming operation. Slot machine revenue was found to increase with the number of slot machines and decrease with the number of table games. Slot machine revenue was estimated to decrease by 11.5% in the presence of 40 table games, the mean number of table games over the sample. Total win was found to increase with an increase in both slot machines and table games. The elasticity of total win with respect to the number of slot machines and table games was estimated to be 0.786 and 0.219, respectively. Total revenue was estimated to increase by 24.5% for an additional 40 table games.     

The effects of tax rates and enforcement policies on taxpayer compliance: A study of self-employed taxpayers

This paper presents an econometric analysis of taxpayer compliance, exploring its relationship with audit rates, penalties if detected, tax rate schedule, income level, and sources of self-employment income. Using data drawn from theAnnual Report of the Commissioner of Internal Revenue Service [IRS, various] and theData Book [IRS, various] for 1980 to 1995, the audit rate and penalty rate are both effective deterrents to noncompliance. The effectiveness of these two policy instruments depends upon the individual's level of income. It seems the higher the income level, the more effective these instruments are. In general, compliance increases with the level of income but at a decreasing rate. It is also found that individuals tend to comply less as the marginal tax rate rises. Again, such tendency is more pronounced for high-income taxpayers than for low-income taxpayers.