THE ECONOMICS OF HIGH-CONCENTRATE BEEF PRODUCTION AS AFFECTED BY BREED-TYPE,SEX, SUPPLEMENTARY HAY AND TYPE OF CEREAL

This paper presents the economic implications of an experiment to compare pure Friesian, Welsh Black x Friesian and Charolais x Friesian steers and heifers given high-concentrate diets of protein, mineral, supplemented ground barley, fed with or without a pound of hay daily, or supplemented ground maize fed with a pound of hay. The favourable economic conditions that brought about a rapid spread of high-concentrate feeding and the subsequent development of unfavourable conditions are briefly reviewed. The physical results of the experiment are presented and are followed by the main body of the paper which consists of applying economic data to the results to obtain gross-margin and profit per animal and annual profit per animal space. Besides the experimental treatments, the effects of cereal, carcass and calf prices and the effect of E.E.C. marketing conditions are discussed.     

Sunk Costs, Market Access, Economic Integration, and Welfare

The nature of the equilibrium that arises after economic integration is shown to depend crucially on how initial entry costs are divided along two separate dimensions: market access versus technology costs, and fixed versus sunk costs. There are three post-integration equilibrium regimes: a traditional trade theory regime which arises when both market access costs and fixed costs are small, a new trade theory regime which arises when market access costs are small but fixed costs are high, and a market access regime which arises when market access costs are high. While the first two regimes have already appeared in the literature, the third is new. The sign, magnitude, and qualitative behavior of the welfare effects of integration across all three regimes depend on the configuration of these costs.     

Financial shocks and worry about the future

Using data from the Health and Retirement Study and the Survey of Consumer Finances, we show that households that experience adverse financial shocks worry more about the adequacy of their financial resources in retirement, even after controlling for the effects of these shocks on overall wealth. We find supporting evidence that suggests that at least part of the increased worry about retirement is due to general pessimism rather than changes in an individual’s own circumstances. Specifically, experiencing idiosyncratic financial shocks is also associated with greater pessimism about the general future of the economy.      

Dumb money: Mutual fund flows and the cross-section of stock returns

We use mutual fund flows as a measure of individual investor sentiment for different stocks, and find that high sentiment predicts low future returns. Fund flows are dumb money–by reallocating across different mutual funds, retail investors reduce their wealth in the long run. This dumb money effect is related to the value effect: high sentiment stocks tend to be growth stocks. High sentiment also is associated with high corporate issuance, interpretable as companies increasing the supply of shares in response to investor demand.     

Place identity and sustainable consumption: implications for social marketing

Place identity is a self-identity dimension related to a physical setting. This study measured place identity relating to residential neighborhood, based on levels of attachment, continuity with personal past, perception of familiarity, cohesion and social acceptance. The study examined the proposition that people with strong place identity are committed to their neighborhoods, in turn leading to positive sustainable consumption attitude and behavior. Structural equation modeling empirically verified a theoretical model developed from the environmental psychology, consumer behavior and marketing literatures. A telephone survey was conducted of 409 residents in two suburbs in the Kuala Lumpur metropolitan area, Malaysia. The finding that place identity and commitment to the residential suburb are strong motivational drivers of sustainable consumption-related attitude and behavior has important implications for social marketing.