The use of scientific knowledge by Spanish agrifood firms

This paper analyses the factors that influence the use of scientific knowledge in patented technology by agrifood firms in Spain. Our particular objective is to identify whether collaboration with universities and technological characteristics of firms are the determining factors in this process. The methodology is supported by non-patent citations (NPCs) as an indicator of the extent to which scientific knowledge is used to support the development of patented technologies in the agrifood sector. The data suggest that scientific citations in patent documents are geographically more concentrated than patents, and that scientific citations are more common for agrifood products and chemical products than for agrifood machinery. Our econometric results show that internal factors related to the characteristics of technologies and firms, along with collaboration with a public research institution, are relevant factors that contribute to explaining the use of scientific knowledge by agrifood firms.     

Screening Investments to Reduce the Risk of Hydrologic Failures in the Headwork System Supplying Apulia (Italy) – Role of Economic Evaluation and Operation Hydrology

The paper introduces and applies a methodology to screen investments aimed at reducing water supply risks due to hydrologic failures in headwork systems for municipal use, based on the principles of cost-benefit analysis. As risk includes both the probability of a failure and its effect, the methodology combines a simulation module of the system, fed by a stochastic hydrologic input to reproduce the probability distribution of the failures, with a metric for supply failure damage provided by the price – demand relationship for municipal water. Benefits are assessed as the averted damage compared to a base case without investments. This approach is then combined with the classic discounted cashflow approach of cost – benefit analysis to allow for the dynamics of both water supply and demand due to trends in population growth, individual consumption and, above all, planned reduction of losses in water distribution networks. The methodology is applied to screen a number of different supply-side projects for the headwork system supplying Apulia, in southern Italy featuring both regulated surface and groundwater resources and providing drinking water to over 4,000,000 persons. The procedure allows both ranking of single projects by their economical performances and the economic evaluation of combinations of different projects. The study also aims to assess the impact of the selected time scale, of cross-correlation among production sites, and of the specification of the demand function on projects' economic indicators. Results show that each modelling assumption has a considerable impact on the value of the economic indicators in absolute terms, but ranking of the different projects seems to be less sensitive to such modelling aspects.     

Extremes and Robustness: A Contradiction?

Stochastic models play an important role in the analysis of data in many different fields, including finance and insurance. Many models are estimated by procedures that lose their good statistical properties when the underlying model slightly deviates from the assumed one. Robust statistical methods can improve the data analysis process of the skilled analyst and provide him with useful additional information. For this anniversary issue, we discuss some aspects related to robust estimation in the context of extreme value theory (EVT). Using real data and simulations, we show how robust methods can improve the quality of EVT data analysis by providing information on influential observations, deviating substructures and possible mis-specification of a model while guaranteeing good statistical properties over a whole set of underlying distributions around the assumed one.     

Perceptions of the Usefulness of Virtual Learning Environments in Accounting Education: A Comparative Evaluation of Undergraduate Accounting Students in Spain and England

As the power of the virtual world continues to manifest itself in people's quality of life and capabilities (including learning), this paper aims to assess accounting students' perceptions of the usefulness of Virtual Learning Environments (VLE) to their learning experiences. It also considers the factors that may influence students' preferences for the VLE compared to face-to-face learning. The study administered a structured questionnaire to final-year undergraduate accounting students in two universities, one in Spain and the other in England, and applied t-test, correlation and factor analyses. Although the results show that students from both countries find VLE tools and techniques useful for their learning, within the frame of the contingency theory of education, the study found that students’ perceptions of the usefulness of VLEs are strongly dependent upon their country of study, due to the significant differences between Spanish and English students in five of the seven VLE contextual factors.