Bidding behavior in the SNB’s repo auctions

The Swiss National Bank (SNB) provides reserves to market participants via fixed rate tender auctions. We analyze the banks’ bidding behavior and identify the determinants for the decision to participate as well as on the amount to tender. We find that a bank’s bids from the previous day, the amount of maturing repo operations with the SNB as well as the maturing volume on the interbank repo market have for most banks a significant effect. The autonomous factors (government balances at the SNB and currency in circulation) are of only minor importance. A further determinant is the attractiveness of the SNB’s auction rate compared to the prevailing interbank market repo rate. Further, the question is addressed whether the bidding behavior changed in the financial market crisis of 2007/2008. There is little evidence of a systematic change in bidding behavior in the crisis. This results from the fact that the SNB has addressed the volatile demand for reserves in the crisis with overnight fine-tuning operations.     

Supply chain optimization: a practitioner's perspective on the next logistics breakthrough

The objective of this paper is to profile a practitioner's perspective on supply chain optimization and highlight the critical elements of this potential new logistics breakthrough idea. The introduction will briefly describe the existing distribution network, and business environment. This will include operational statistics, manufacturing software, and hardware configurations. The first segment will cover the critical success factors or foundations elements that are prerequisites for success. The second segment will give you a glimpse of a "working game plan" for successful migration to supply chain optimization. The final segment will briefly profile "bottom-line" benefits to be derived from the use of supply chain optimization as a strategy, tactical tool, and competitive advantage.     

A characterization of peanut consumption in four countries: results from focus groups and their implications for peanut allergy prevalence

Rates of peanut allergy in the Western world have increased over the last 30 years, although it is unclear why. While eating behaviours are likely to be connected to allergy prevalence, the precise relevant factors are uncertain. This study aimed to investigate dietary differences and changes in dietary habits in peanut consumption (in apparent and hidden forms) in four different countries (Bulgaria, Poland, Spain, UK), specifically chosen because of their different ‘peanut experiences’. Focus groups revealed a common perception that dietary habits have become less healthy, with more consumption of processed foods and an increase in snacking. In addition, ethnic cuisine was perceived to have had an important impact on European eating habits, while participants identified an increase in consumption of more ‘exotic’ forms of peanuts and their products. These findings point to an increase in exposure to peanuts, particularly in hidden forms, that superficially parallels increased prevalence rates. However, it was also clear that participants lacked knowledge about the composition of food and non‐food products. The dietary trends identified here thus warrant further quantitative investigation, particularly in the context of differential national patterns of allergy prevalence – data on which is currently being gathered within the EC‐funded EuroPrevall project.     

The future of agriculture and society in Iowa: four scenarios

Iowa is a leader in crop and livestock production, but its high productivity has had concomitant negative environmental and societal impacts and large requirements for fossil-fuel-derived inputs. Maintaining agricultural productivity, economic prosperity and environmental integrity will become ever more challenging as the global demand for agricultural products increases and the resources needed become increasingly limited. Here we present four scenarios for Iowa in 2100, based on combinations of differing goals for the economy and differing energy availability. In scenarios focused on high material throughput, environmental degradation and social unrest will increase. In scenarios with a focus on human and environmental welfare, environmental damage will be ameliorated and societal happiness will increase. Movement towards a society focused on human and environmental welfare will require changes in the goals of the economy, whereas no major changes will be needed to maintain focus on high throughput. When energy sources are readily available and inexpensive, the goals of the economy will be more easily met, whereas energy limitations will restrict the options available to agriculture and society. Our scenarios can be used as tools to inform people about choices that must be made to reach more desirable futures for Iowa and similar agricultural regions.