AN INTERMEDIATE INPUT MODEL OF DAIRY PRODUCTION USING COMPLEX SURVEY DATA

Agricultural production is often characterised by multiple inputs and multiple outputs to multiple production processes. Where an output from one process is used as an input to another, this output is called an intermediate product. This is a common situation when a farm produces both crops and livestock. The analysis of production efficiency is important for the evaluation of agricultural policy, but until recently, no methods have explicitly included intermediate products. This study applies a non-parametric technique of efficiency measurement which includes intermediate products. The data set is a sample of dairy farms drawn using a complex survey design. The use of non-parametric efficiency measurement and the subsequent application of bootstrapping and kernel density estimation to the results allow inferences to be drawn concerning the whole population from which the sample was drawn. We find that the decomposition of production into subproduction processes reduces the dimensions of problem specification, with the effect that a larger number of variables may be usefully included in the model.     

Fiscal constraints and financial regulation in economic and monetary union

It is already well understood that economic and monetary union (EMU) will imply the centralisation of much of economic policy, including the setting of the euro interest rate and restrictions on the fiscal freedom of participating countries. In this article it is argued that fiscal harmonisation will go further than an obligation to adhere to the deficit limit of the'convergence criteria': It is also deduced that central control over the regulation of financial institutions will be necessary for EMU to function.     

Interest-bearing currency

This paper analyses proposals to pay interest to holders ofcurrency. It is argued that if this is achieved by introducinga new currency which appreciates relative to the existing currency,then this new currency will not be a convenient transactionsmedium unless it takes over from the old currency as the unitof account. But if this occurs it will defeat the purpose ofthe scheme because the interest is relative to the old unitof account, and the new currency will no longer be interest-bearing.     

Allocation currencies and perceived ability to obtain permits

Abstract

In an effort to understand how permit allocation systems affect different user groups, Stankey and Baden (1977) developed an evaluation scheme based on the idea of allocation currencies. Each allocation alternative is associated with a currency that pays the costs imposed by that system. This paper hypothesizes that those who have more of the relevant currency perceive that they have a greater likelihood of successfully obtaining a permit. This relationship is tested for five common allocation alternatives (pricing, reservation, lottery, queuing, and merit) with data from a sample of river runners in Hells Canyon. Results generally support the theory, and all but one of the hypothesized relationships were significant. Other currency variables also had significant effects, however, suggesting that the costs imposed by allocation systems are fairly complex. Implications for management are discussed.     

Sport in the News

Recent concentration on the importance of television has resulted in a decline in considering newspaper coverage of sport. A focus on the news pages is of particular interest, for here the general image of a sport is more likely to be constructed than by reports in the sports pages, which serve the interest of the committed enthusiast. Sixteen national and local newspapers were studied for one year. The analysis moves from the provision of some basic information (that is, how much coverage do various sports receive in the news pages?) to a consideration of the use of log-linear modelling and correspondence analysis as more appropriate ways of presenting the data.     

Black,white or grey magic? Our future with artificial intelligence

ABSTRACT

Are new technologies driving us towards dystopia or utopia – or something in between? Marketers not only have a stake in finding out the answer to this question but also a direct (and indirect) influence on determining the answer. This commentary discusses recent developments in artificial intelligence (AI) and robotics, and how these are influencing marketers, consumers and society by either leading to a dystopian (black magic), utopian (white magic) or ‘dualopian’ future (grey magic). We argue that the net effect is squarely in the grey and that marketers have a unique power to leverage AI and robotics developments for good. The commentary concludes with 24 research questions forming an agenda for future research under three streams: marketing power, understanding the bias and ethics revisited.