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The profitability of feeding dried poultry droppings-based diet as a supplement in goat production enterprise was analyzed in this present study. The data generated in the study was analyzed using gross margin analysis and profitability ratio. The result of the budgetary analysis showed that the highest total cost of Rs 855.9/goat was incurred, the highest total revenue of Rs 1254.3/goat, highest gross margin of Rs 773.24/goat and highest net farm income of Rs 713.24/goat were observed for the supplemented treatment groups (T2-T5). The profitability ratio gave the best bene- fit-cost ratio of 4.62, a rate of return of 3.62, a gross ratio of 0.22 and an expense structure ratio of 0.12. This suggests that feeding of dried poultry droppings-based diet to goats is a profitable enterprise. This present study, therefore, recommends the supplementation of sun-dried poultry dropping based diet at 80% inclusion level for maximum profitability of goat production enterprises. [ABSTRACT FROM AUTHOR]

Noncommunicable diseases (NCDs) are a broad challenge for decision-makers. NCDs account for seven out of every 10 deaths globally, with 42 percent occurring prematurely in individuals under age 70. Despite their heavy toll, NCDs are underfunded, with only around two percent of global funding dedicated to the disease set. Country governments are responsible for funding targeted actions to reduce the NCD burden, but among other priorities, many have yet to invest in the health-system interventions and policy measures that can reduce the burden. This article examines “investment cases” as a potential mechanism for catalyzing attention to—and funding for—NCDs. In Jamaica, using the UN inter-agency OneHealth Tool, we conducted an economic analysis to estimate the return-on-investment from scaling up strategic clinical interventions, and from implementing or intensifying policy measures that target NCD risk factors. In addition, we conducted an institutional and context (ICA) analysis, interviewing stakeholders across sectors to take stock of promising policy pathways (e.g., areas of general consensus, political appetite and opportunity) as well as challenges to implementation. The economic analysis found that scaling up clinical interventions that target CVD, diabetes, and mental health disorders, and policy measures that target tobacco and alcohol use, would save over 6,600 lives between 2017–2032, and avert JMD 81.3 billion (USD 640 million) in direct and indirect economic costs that result from mortality and morbidity linked to NCDs. The ICA uncovered government economic growth targets and social priorities that would be aided by increased attention to NCDs, and it linked these targets and priorities to the economic analysis. [ABSTRACT FROM AUTHOR]

Uniting diverse stakeholders through communication, education or building a collaborative ‘common vision’ for biodiversity management is a recommended approach for enabling effective conservation in regions with multiple uses. However, socially focused strategies such as building a collaborative vision can require sharing scarce resources (time and financial resources) with the on-ground management actions needed to achieve conservation outcomes. Here we adapt current prioritisation tools to predict the likely return on the financial investment of building a stakeholder-led vision along with a portfolio of on-ground management strategies. Our approach brings together and analyses expert knowledge to estimate the cost-effectiveness of a common vision strategy and on-ground management strategies, before any investments in these strategies are made. We test our approach in an intensively-used Australian biodiversity hotspot with 179 threatened or at-risk species. Experts predicted that an effective stakeholder vision for the region would have a relatively low cost and would significantly increase the feasibility of on-ground management strategies. As a result, our analysis indicates that a common vision is likely to be a cost-effective investment, increasing the expected persistence of threatened species in the region by 9 to 52%, depending upon the strategies implemented. Our approach can provide the maximum budget that is worth investing in building a common vision or another socially focused strategy for building support for on-ground conservation actions. The approach can assist with decisions about whether and how to allocate scarce resources amongst social and ecological actions for biodiversity conservation in other regions worldwide. [ABSTRACT FROM AUTHOR]

In this paper, I aim to explore the effect of good governance on equity returns, and empirically investigate if governance at the country level has asset pricing implications and contributes to the idiosyncrasy of price jumps. Jumps are found to be far less systematic than the smooth (non-jump) component of country price indexes. Hence, if jumps are more idiosyncratic, governance should primarily affect the jump risk component. This is good news for international investors, because diversification provides insurance against jumps. Relying on an equilibrium asset-pricing model in an economy under jump diffusion, I decompose the moments of the returns of international stock markets into a diffusive (systematic) risk and a (idiosyncratic) jump risk part. For a balanced panel of 52 countries, my results suggest that governance is an important determinant of (idiosyncratic) jump risk. Stock markets in poorly governed countries are characterized by higher volatility and more negative return asymmetry, primarily driven by the higher jump risk. Regulatory quality, the government effectiveness and the control of corruption appear to be most important. Results are robust to the inclusion of various controls for other country- or market-specific characteristics. [ABSTRACT FROM AUTHOR]

The Special Programme for Research and Training in Tropical Diseases (TDR) co-sponsored by UNICEF, UNDP, World Bank and WHO has been supporting research capacity strengthening in low- and middle-income countries for over 40 years. In order to assess and continuously optimize its capacity strengthening approaches, an evaluation of the influence of TDR training grants on research career development was undertaken. The assessment was part of a larger evaluation conducted by the European Science Foundation. A comprehensive survey questionnaire was developed and sent to a group of 117 trainees supported by TDR who had completed their degree (masters or PhD) between 2000 and 2012; of these, seventy seven (77) responded. Most of the respondents (80%) rated TDR support as a very important factor that influenced their professional career achievements. The “brain drain” phenomenon towards high-income countries was particularly low amongst TDR grantees: the rate of return to their region of origin upon completion of their degree was 96%. A vast majority of respondents are still working in research (89%), with 81% of respondents having participated in multidisciplinary research activities; women engaged in multidisciplinary collaboration to a higher extent than men. However, only a minority of all have engaged in intersectoral collaboration, an aspect that would require further study. The post-degree career choices made by the respondents were strongly influenced by academic considerations. At the time of the survey, 92% of all respondents hold full-time positions, mainly in the public sector. Almost 25% of the respondents reported that they had influenced policy and practice changes. Some of the challenges and opportunities faced by trainees at various stages of their research career have been identified. Modalities to overcome these will require further investigation. The survey evidenced how TDR’s research capacity grant programmes made a difference on researchers’ career development and on south-south collaborations, by strengthening and localizing research capacity in lower income regions, and also showed there is more that needs to be done. The factors involved, challenges and lessons learnt may help donors and policy makers improve their future interventions with regard to designing capacity strengthening programmes and setting funding priorities. [ABSTRACT FROM AUTHOR]

Non-banking deposit taking institutions play a vital role in the economic development of Mauritius and it is thus central to ascertain the determinants that commonly effect on the overall profitability of these institutions. This paper investigates empirically the elements that conclude the profitability of Mauritian Non-Banking Deposit Taking Institutions (NBDTIs) for the period of 2007-2015 based on the set of information acquired from the annual reports and financial accounts of NBDTIs while bearing in mind internal and external variables. The empirical examination uses the accounting measure Return on Assets (ROA) and Return on Equity (ROE) to represent NBDTIs' indicators. The outcomes obtained by employing multiple linear regression model and Generalised Least Square on panel data to the sample show that internal variables explain largely the variation in profitability. The research discovers that with ROE, capitalisation, and size, deposits and real interest rate are substantial to influence the profitability of the NBDTIs while GDP is not conclusive. On the other hand, with ROA it was found that size, capitalisation, deposits and macro-economic variables such as real GDP growth rates and real interest rate have significant impact on NBDTIs' profitability. Conversely, it is to be noted that these institutions listed on the Stock Exchange of Mauritius have no effect on the profitability. The implication of this paper is that profitability of NBDTIs is influenced by size, capitalisation, deposits as well as the macroeconomic surroundings such as GDP and real interest rate prevalent in the nation. The verdicts of the paper clinched that the variable used in investigating the profitability of Mauritian NBDTIs lead to a significant increase in their profitability. For this reason, executives of NBFIs must take into matter these features in their administration strategies since they have the capability to considerably effect on profitability. Forthcoming research might also need to contemplate other measures of risks so as to broaden the understanding on the concerns established in this paper. [ABSTRACT FROM AUTHOR]

Using 5-minute high frequency data from the Chinese stock market, we employ a non-parametric method to estimate Fama-French portfolio realized jumps and investigate whether the estimated positive, negative and sign realized jumps could forecast or explain the cross-sectional stock returns. The Fama-MacBeth regression results show that not only have the realized jump components and the continuous volatility been compensated with risk premium, but also that the negative jump risk, the positive jump risk and the sign jump risk, to some extent, could explain the return of the stock portfolios. Therefore, we should pay high attention to the downside tail risk and the upside tail risk. [ABSTRACT FROM AUTHOR]

Sorghum and millet grow in some of the most heterogeneous and austere agroecologies around the world. These crops are amongst the top five cereal sources of food and feed. Yet, few studies document the impact of sorghum and millet genetic enhancement. The Internal Rate of Return (ROR) is one of the most popular metrics used to measure the economic return on investment on agricultural research and development (R&D). This study conducted a meta-analysis of 59 sorghum and millet ROR estimates obtained from 25 sources published between 1958 and 2015. The average rate of return to sorghum and millet R&D investment is between 54–76 percent per year. All studies computed social rather than private RORs because the technologies were developed using public funds originating from host country National Agricultural Research Systems (NARS) and international organizations such as the INTSORMIL CRSP, ICRISAT and others. Nearly three quarter of the studies focused only on sorghum (72 percent) and around one tenth of the studies (8 percent) on millet. Regression models analyzed the determinants of variation in the reported RORs. Results show that ex-ante type and self-evaluated type of analyses are positively and significantly associated with the ROR estimates. Compared to estimates conducted by a university, results from international institutions and other mixed organizations provided significantly smaller estimates. Estimates conducted at national level also are significantly lower than those conducted at sub-national levels. The ROR is higher for studies conducted in the United States and for those conducted more recently. The study also reconstructed modified internal rate of return (MIRR) for a sub-sample of the reported RORs following recent methods from the literature. These results show that the MIRR estimates are significantly smaller than the reported ROR estimates. Both results indicate that investment in sorghum and millet research generates high social rates of return. [ABSTRACT FROM AUTHOR]

Using event-related potentials, this study investigated how financial herding or antiherding affected the valuation of subsequent outcomes. For each trial, subjects decided whether to buy the stock according to its net money flow information which could be used to reflect the strength of buying power or selling power of the stock. The return on investment (ROI) as feedback included the increase or decrease percentage after subjects’ responses. Results showed that, compared with herding, antiherding induced larger discrepancies of FRN and P300 amplitude between positive ROI and negative ROI, indicating that individuals under antiherding condition had stronger motivation and paid more attention in the evaluation process of ROI. Moreover, only for positive ROI, the amplitudes of FRN and P300 were modulated by two kinds of behaviors. We suggested that individuals making antiherd decisions were more confident with their own ability and choices, which reduced the positive outcome prediction error and gave more mental resources to evaluate positive outcome. However, negative outcomes evoked no different motivational meaning and negative emotion for individuals between herding and antiherding. The study may provide new insights into neurocognitive processes of herding and antiherding in financial market. [ABSTRACT FROM AUTHOR]

This paper examines the stylized facts, correlation and interaction between volatility and returns at the 5-minute frequency for gold, silver, platinum and palladium from May 2000 to April 2015. We study the full sample period, as well as three subsamples to determine how high-frequency data of precious metals have developed over time. We find that over the full sample, the number of trades has increased substantially over time for each precious metal, while the bid-ask spread has narrowed over time, indicating an increase in liquidity and price efficiency. We also find strong evidence of periodicity in returns, volatility, volume and bid-ask spread. Returns and volume both experience strong intraday periodicity linked to the opening and closing of major markets around the world while the bid-ask spread is at its lowest when European markets are open. We also show a bilateral Granger causality between returns and volatility of each precious metal, which holds for the vast majority subsamples. [ABSTRACT FROM AUTHOR]

Background: Among HIV+ patients, alcohol use is a highly prevalent risk factor for both HIV transmission and poor adherence to HIV treatment. The large-scale implementation of effective interventions for treating alcohol problems remains a challenge in low-income countries with generalized HIV epidemics. It is essential to consider an intervention's cost-effectiveness in dollars-per-health-outcome, and the long-term economic impact -or "return on investment" in monetary terms.Methods: We conducted a cost-benefit analysis, measuring economic return on investment, of a task-shifted cognitive-behavioral therapy (CBT) intervention delivered by paraprofessionals to reduce alcohol use in a modeled cohort of 13,440 outpatients in Kenya. In our base-case, we estimated the costs and economic benefits from a societal perspective across a six-year time horizon, with a 3% annual discount rate. Costs included all costs associated with training and administering task-shifted CBT therapy. Benefits included the economic impact of lowered HIV incidence as well as the improvements in household and labor-force productivity. We conducted univariate and multivariate probabilistic sensitivity analyses to test the robustness of our results.Results: Under the base case, total costs for CBT rollout was $554,000, the value of benefits were $628,000, and the benefit-to-cost ratio was 1.13. Sensitivity analyses showed that under most assumptions, the benefit-to-cost ratio remained above unity indicating that the intervention was cost-saving (i.e., had positive return on investment). The duration of the treatment effect most effected the results in sensitivity analyses.Conclusions: CBT can be effectively and economically task-shifted to paraprofessionals in Kenya. The intervention can generate not only reductions in morbidity and mortality, but also economic savings for the health system in the medium and long term. The findings have implications for other countries with generalized HIV epidemics, high prevalence of alcohol consumption, and shortages of mental health professionals.Trial Registration: This paper uses data derived from "Cognitive Behavioral Treatment to Reduce Alcohol Use Among HIV-Infected Kenyans (KHBS)" with ClinicalTrials.gov registration NCT00792519 on 11/17/2008; and preliminary data from "A Stage 2 Cognitive-behavioral Trial: Reduce Alcohol First in Kenya Intervention" ( NCT01503255 , registered on 12/16/2011). [ABSTRACT FROM AUTHOR]

Using an agent-based model we examine the dynamics of stock price fluctuations and their rates of return in an artificial financial market composed of fundamentalist and chartist agents with and without confidence. We find that chartist agents who are confident generate higher price and rate of return volatilities than those who are not. We also find that kurtosis and skewness are lower in our simulation study of agents who are not confident. We show that the stock price and confidence index—both generated by our model—are cointegrated and that stock price affects confidence index but confidence index does not affect stock price. We next compare the results of our model with the S&P 500 index and its respective stock market confidence index using cointegration and Granger tests. As in our model, we find that stock prices drive their respective confidence indices, but that the opposite relationship, i.e., the assumption that confidence indices drive stock prices, is not significant. [ABSTRACT FROM AUTHOR]

Background: Participation in daily physical activity and consuming a balanced diet high in fruits and vegetables and low in processed foods are behaviours associated with positive health outcomes during all stages of life. Previous literature suggests that the earlier these behaviours are established the greater the health benefits. As such, early learning settings have been shown to provide an effective avenue for exploring and influencing the physical activity and healthy eating behaviours of children before school entry. However, in addition to improving individual level health of children, such interventions may also result in a number of social benefits for the society. In fact, research among adult populations has shown that sufficient participation in physical activity can significantly lower hospital stays and physician visits, in turn leading to positive economic outcomes. To our knowledge there is very limited literature about economic evaluations of interventions implemented in early learning centers to increase physical activity and healthy eating behaviours among children. The primary purpose of this paper is to identify inputs and costs needed to implement a physical activity and healthy eating intervention (Healthy Start-Départ Santé (HS-DS)) in early learning centres throughout Saskatchewan and New Brunswick over the course of three years. In doing so, implementation cost is estimated to complete the first phase of a social return on investment analysis of this intervention.Methods: In order to carry out this evaluation the first step was to identify the inputs and costs needed to implement the intervention, along with the corresponding outputs. With stakeholder interviews and using existing database, we estimated the implementation cost by measuring, valuing and monetizing each individual input.Results: Our results show that the total annual cost of implementing HS-DS was $378,753 in the first year, this total cost decreased slightly in the second year ($356,861) and again in the third year ($312,179). On average, the total annual cost is about $350,000 which implies an annual cost of $285 per child. Among all inputs, time-cost accounted for the larger share of total resources need to implement the intervention. Overall, administration and support services accounted for the largest portion of the total implementation cost each year: 74% (year 1), 79% (year 2), and 75% (year 3).Conclusions: The results from this study shed lights for future implementation of similar interventions in this context. It also helps to assess the cost effectiveness of future interventions. [ABSTRACT FROM AUTHOR]

An irrigated agricultural landscape experiencing groundwater overdraft generates economic returns and a suite of ecosystem services (in particular, groundwater supply, greenhouse gases reduction, and surface water quality). Alternative land cover choices indicate tradeoffs among the value of ecosystem services created and the economic returns. These tradeoffs are explored using efficiency frontiers that determine the least value in ecosystem services that must be given up to generate additional economic returns. Agricultural producers may switch to irrigation with surface water using on-farm reservoirs and tail water recovery systems in response to groundwater overdraft, and this has consequences for the bundle of ecosystem service values and economic returns achievable from the landscape. Planning that accounts for both ecosystem service value and economic returns can achieve more value for society, as does the adoption of reservoirs though lowering the costs of irrigation, increasing groundwater levels, and reducing fuel combustion and associated GHG emissions from groundwater pumping. Sensitivity analyses of per unit value of ecosystem services, crop prices, and the groundwater and water purification model parameters indicate tradeoff among ecosystems service values, such as the use of a high-end social cost of carbon ultimately lowers groundwater supply and water purification value by more than 15%. [ABSTRACT FROM AUTHOR]

Background: The European-study on Quantifying Utility of Investment in Protection from Tobacco (EQUIPT) project aimed to study transferability of economic evidence by co-creating the Tobacco Return On Investment (ROI) tool, previously developed in the United Kingdom, for four sample countries (Germany, Hungary, Spain and the Netherlands). The EQUIPT tool provides policymakers and stakeholders with customized information about the economic and wider returns on the investment in evidence-based tobacco control, including smoking cessation interventions. A Stakeholder Interview Survey was developed to engage with the stakeholders in early phases of the development and country adaptation of the ROI tool. The survey assessed stakeholders' information needs, awareness about underlying principles used in economic analyses, opinion about the importance, effectiveness and cost-effectiveness of tobacco control interventions, and willingness to use a Health Technology Assessment (HTA) tool such as the ROI tool.Methods: A cross sectional study using a mixed method approach was conducted among participating stakeholders in the sample countries and the United Kingdom. The individual questionnaire contained open-ended questions as well as single choice and 7- or 3-point Likert-scale questions. The results corresponding to the priority and needs assessment and to the awareness of stakeholders about underlying principles used in economic analysis are analysed by country and stakeholder categories.Results: Stakeholders considered it important that the decisions on the investments in tobacco control interventions should be supported by scientific evidence, including prevalence of smoking, cost of smoking, quality of life, mortality due to smoking, and effectiveness, cost-effectiveness and budget impact of smoking cessation interventions. The proposed ROI tool was required to provide this granularity of information. The majority of the stakeholders were aware of the general principles of economic analyses used in decision making contexts but they did not appear to have in-depth knowledge about specific technical details. Generally, stakeholders' answers showed larger variability by country than by stakeholder category.Conclusions: Stakeholders across different European countries viewed the use of HTA evidence to be an important factor in their decision-making process. Further, they considered themselves to be capable of interpreting the results from a ROI tool and were highly motivated to use it. [ABSTRACT FROM AUTHOR]

There is not general support to explain the correlation among the macroeconomic variables and share returns in different countries and time. The unique characteristics of the Brazilian economy have changed deeply over the last years, thus the purpose of this study is to explore the correlation among the macroeconomic variables and share returns in Brazil from 2000 to 2010. The study investigates the causality relationships among real stock returns, basic interest rates, GDP, inflation and the market expectation of future behavior of these macroeconomic variables. The method used to find the correlation among the variables studied was the Stepwise Multiple Regression. The results show that basic interest rates and GDP affect the stock returns, however inflation and market expectation of future behavior of these macroeconomic variables affect stock returns insignificantly. [ABSTRACT FROM AUTHOR]

I use energy cost share to characterize the role of energy in the economy. Specifically, I use an estimate of monetary expenditures for primary energy on an annualized basis for forty-four countries from 1978 to 2010 for natural gas, coal, petroleum, and electricity. I show that global energy cost share is significantly correlated to a one-year lag in the change in gross domestic product as well as measures of total factor productivity. Given the historical reduction in the relative cost of energy (including food and fodder for animate power) since the start of the Industrial Revolution, combined with a global energy cost share estimate, I conclude that the turn of the 21st Century represents the time period with the cheapest energy in the history of human civilization (to date). This potential historical nadir for energy expenditures around 2000 has important ramifications for strategies to solve future social, economic, and environmental problems such as reducing annual emissions of greenhouse gases (GHGs). Rapidly decreasing annualGHGemissions while internalizing their costs into the economy might feedback to increase energy expenditures to such a degree as to prevent economic growth during that transition. [ABSTRACT FROM AUTHOR]

We translate between biophysical and economic metrics that characterize the role of energy in the economy. Specifically, using data from the International Energy Agency, we estimate the energy intensity ratio (EIR), a price-based proxy for a power return ratio (PRR ~ Pout/Pinvested). The EIR is a useful metric, because for most countries and energy commodities, it can indicate the biophysical trends of net energy when data are too scarce to perform an original net energy analysis. We calculate EIR for natural gas, coal, petroleum and electricity for forty-four countries from 1978 to 2010. Global EIR values generally rise from 1978 to 1998, decline from 1998 to 2008 and then slightly rebound. These trends indicate one interpretation of the net energy of the world economy. To add perspective to our recent, but short, time series, we perform the same calculations for historical England and United Kingdom energy prices to demonstrate that a given energy price translates to different PRRs (EIR in this case) depending on the structure of the economy and technology. We review the formulation of PRRs and energy return ratios (ERR ~ Eout/Einvested) to indicate why PRRs translate to (the inverse of) energy prices and ERRs translate to (the inverse of) energy costs. We show why for any given value of an ERR or PRR, there is not a single corresponding energy cost or price, and vice versa. These principles in turn provide the basis to perform better modeling of future energy scenarios (e.g., low-carbon transition) by considering the relationship between economic metrics (cost and price) and biophysical metrics (energy and power return ratios) based on energy, material and power flows. [ABSTRACT FROM AUTHOR]

We translate between energetic and economic metrics that characterize the role of energy in the economy. Specifically, we estimate monetary expenditures for the primary energy and net external power ratio (NEPRdirect; NEPR, net external power ratio), a power return ratio of annual energy production divided by annual direct energy inputs within the energy industry. We estimate these on an annualized basis for forty-four countries from 1978 to 2010. Expressed as a fraction of gross domestic product (GDP), fe,GDP, the forty-four country aggregate (composing >90% world GDP) worldwide expenditures on energy decreased from a maximum of 10.3% in 1979 to a minimum of 3.0% in 1998 before increasing to a second peak of 8.1% in 2008. While the global fe,GDP fluctuates significantly, global NEPRdirect declined from a value of 34 in 1980 to 17 in 1986 before staying in a range between 14 and 16 from 1991 to 2010. In comparing both of these metrics as ratios of power output over power input, one economic ( f-1 e,GDP) and one biophysical (NEPRdirect), we see that when the former divided by the latter is below unity, the world was in a low-growth or recessionary state. [ABSTRACT FROM AUTHOR]

This paper examines how major earthquakes affected the returns and volatility of aggregate stock market indices in thirty-five financial markets over the last twenty years. Results show that global financial markets are resilient to shocks caused by earthquakes even if these are domestic. Our analysis reveals that, in a few instances, some macroeconomic variables and earthquake characteristics (gross domestic product per capita, trade openness, bilateral trade flows, earthquake magnitude, a tsunami indicator, distance to the epicenter, and number of fatalities) mediate the impact of earthquakes on stock market returns, resulting in a zero net effect. However, the influence of these variables is market-specific, indicating no systematic pattern across global capital markets. Results also demonstrate that stock market volatility is unaffected by earthquakes, except for Japan. [ABSTRACT FROM AUTHOR]

Granger causality in its linear form has been shown by Barnett, Barrett and Seth [Phys. Rev. Lett. 103, 238701 (2009)] to be equivalent to transfer entropy in case of Gaussian distribution. Generalizations by Hlaváčková-Schindler [Appl. Math. Sci. 5, 3637 (2011)] are applied to distributions typical for biomedical applications. The financial returns, which are of great importance in financial econometrics, typically do not have Gaussian distribution. Generalizations leading to the concept of nonlinear Granger causality (e.g. causality in variance, causality in risk), known and applied in econometric literature, seem to be less known outside this field. In the paper an overview of some of the definitions and applications is given. In particular, we indicate some recent econometric results concerning application of the tests in linear multivariate framework. We emphasize importance of other variants of Granger causality, and need of development of methods reflecting features of financial variables. [ABSTRACT FROM AUTHOR]

This study examines the realized and projected rates of return for contributors to the Canada Pension Plan from 1968 to 2056. For this purpose, a representative agent was constituted. A steady decline in returns was observed in which the rates of return for the first generation of contributors were markedly higher than those of subsequent generations, primarily on the account of modalities for establishing benefits. The higher contribution rates for subsequent generations also played a role in the lower rates of return observed, but this factor is actually not as important as commonly believed. [ABSTRACT FROM AUTHOR]

This study analyzes the costs incurred on an intensive silvopastoral system (ISS) based on Leucaena leucocephala on gravity fed irrigation soil, and the economic benefits that are generated in this type of systems, all this in order to evaluate the economic profitability of the investment and to make a comparison between the ISS and the conventional ones (40% grass monoculture Tanzania Panicum maximum, 30% of forage sorghum sorghum vulgar under a cutting system and 30% of rangeland with native grasses). The feed for dual-purpose Swiss cattle was complemented in the ISS with polished rice at the rate of 1.50 kg/ day per cow during milking, while the traditional system used 3.50 kg/day of commercial feed by milked cow. The results showed an Internal Rate of Return (IRR) for the ISS of 13.30% and a Net Present Value (NPV) of 10% with a positive balance of $2'202,170 (Mexican pesos) while the traditional system obtained an IRR of 0.7% and a NPV of 10% with a negative balance of -4'717,022 (Mexican pesos). When switching from the conventional system to the ISS the productivity and profitability of the ranch incremented and turned it into a lucrative business. [ABSTRACT FROM AUTHOR]

We evaluate the return on investment (ROI) from public land conservation in the state of Minnesota, USA. We use a spatially-explicit modeling tool, the Integrated Valuation of Ecosystem Services and Tradeoffs (InVEST), to estimate how changes in land use and land cover (LULC), including public land acquisitions for conservation, influence the joint provision and value of multiple ecosystem services. We calculate the ROI of a public conservation acquisition as the ratio of the present value of ecosystem services generated by the conservation to the cost of the conservation. For the land scenarios analyzed, carbon sequestration services generated the greatest benefits followed by water quality improvements and recreation opportunities. We found ROI values ranged from 0.21 to 5.28 depending on assumptions about future land use change, service values, and discount rate. Our study suggests conservation is a good investment as long as investments are targeted to areas with low land costs and high service values. [ABSTRACT FROM AUTHOR]

Enterprise adoption of cloud computing often requires a significant transformation of existing information technology (IT) systems and processes. To justify such a change, a viable business case must be made based on the economics of transformation such as cost of transformation, return on investment (ROI), and payback period analysis. The expected return from investing in the planned transformation and the estimated time to recoup the investments made determine whether such a transformation is to be undertaken. This paper describes models for determining the economics of transformation by considering the effects on the affected business and the IT processes. Using transformations to a development and test cloud and a desktop cloud as case studies, we develop models to quantify the costs associated with the transformation of traditional enterprise IT computing to one of these target cloud computing models. We discuss key factors that must be considered in determining the economic soundness of any transformation to cloud computing and in performing sensible ROI analysis. We also discuss best practices in developing practical ROI analysis tools for capturing the relevant factors affecting the economics of transformation. [ABSTRACT FROM AUTHOR]

This paper measures the returns to investing in violins, using two different datasets. One dataset includes 337 observations on repeat sales of the same violins at auction and at dealer sales starting in the mid-nineteenth century, and another dataset includes over 2,500 observations on sales of individual violins at auction since 1980. Overall, real returns for the dataset on repeat sales for the period 1850-2008 have been approximately 3.5%. Real returns to the overall portfolio of individual sales since 1980 have been about 3.3%. The price path has been stable with a slight negative correlation to stocks and bonds. ( JEL D44, G11, L82) [ABSTRACT FROM AUTHOR]

This study was conducted in the Daphar Irrigated Plantation of Punjab province during the year 2006, to investigate the profitability of this plantation. A questionnaire was prepared to collect the information from the officials of the Forest Department through interview. For economic analysis the techniques used were: Net Present Worth, Benefit-Cost Ratio, and Internal Rate of Return. Overall result showed that Daphar Irrigated Plantation was profitable (Benefit-Cost Ratio = 1.29). Reasons for low net financial benefits were attributed to high tree mortality, social/illicit tree felling and high initial costs. Adopting proper and improved techniques and managerial approaches profitability can be increased to a large extent. [ABSTRACT FROM AUTHOR]

Abstract: The purpose of this study is to examine the relationship between economic outcome and international public relations investment by other countries in the U.S. Based on country-level data analysis, this study found that the number of international public relations contracts by other countries in the U.S. was positively related to (1) U.S. imports from those countries, (2) U.S. direct investment to those countries, and (3) the number of U.S. tourists visiting those countries, after controlling for economic size. [Copyright &y& Elsevier]

The article discusses whether a lottery ticket is a good investment based on using elementary mathematics and economics. It presents a mathematical model of a lottery drawing which considers ticket sales and the size of jackpot. Using Portfolio theory and Kelly criterion, it examines whether the drawings with positive expected rates of return or the good bets is a good investment. It concludes that lotteries are still too risky to make good investments even with good expected rate of return.

This article is the result of a research that develops a model related to the determination of the rent on a leasing vehicle contract and the valuation of the call option that gives the lessee the right but not the obligation to buy the used car at the end of the contract at a specified price. We used models proposed by [1] and by [2] in three brands of vehicles in Colombia for the period between January of 2004 and December of 2007. The analysis of the time series of returns of the prices vehicles displayed an ARMA process. We also developed further tests to identify possible ARCH effects in the series of returns of prices of the vehicles analyzed. The estimation of the value of the option to purchase the vehicle at the end of the leasing contract is done by the implementation of the model of Black Scholes and Montecarlo Simulation. [ABSTRACT FROM AUTHOR]

Las Vegas sports books provide two even-money bets (not counting commission, or "vigorish") regarding National Football League games - the point-spread between each pair of teams and the total number of points scored by each pair of teams (the "over-under"). Odds makers set the numbers ("lines") for these two bets almost a week in advance of the games, and they may change these numbers throughout the week as new information becomes available regarding the teams or as bettors bet unequally on either side of the line. This study examines whether there are any predictable patterns in the betting lines over the course of the preceding week that bettors could exploit to improve their expected returns, including whether it would have been profitable to try for "middles" as the betting lines changed over the course of the week. We~ will also note whether during the years studied any simple betting strategy, such as betting on favorites, underdogs, home teams, or visiting teams, would have been profitable. [ABSTRACT FROM AUTHOR]

Numerous technologies have been proposed as partial solutions to our declining fossil energy stocks. There is a significant need for consistent metrics to compare the desirability of different technologies. The ratio of energy produced to energy consumed by an energy production technology--known as the energy return on investment (EROI)--is an important first indicator of the potential benefits to society. However, EROI analysis lacks a consistent framework and has therefore yielded apparently conflicting results. In this article, we establish a theoretical framework for EROI analysis that encompasses the various methodologies extant in the literature. We establish variations of EROI analysis in two different dimensions based on the costs they include and their handling of nonenergy resources. We close by showing the implications of the different measures of EROI upon estimating the desirability of a technology as well as for estimating its ultimate net energy capacity. [ABSTRACT FROM AUTHOR]

In this article, the author looks at the standard small open-economy model with incomplete international asset markets. The author shows that commonly used specifications of the risk premium do not lead to equilibrium determinacy problems. He then derives an analytical solution for the canonical small open-economy model which tries to illuminate the extent of the unit-root problem. He also studies the determinacy properties of the model when a stationarity-inducing risk-premium is introduced. Moreover, the author offers an alternative solution to the unit-root problem via portfolio adjustment costs.

This study examines the economic feasibility of 50- and 500-cow dairy processing facilities for fluid milk, yogurt, and cheese. Net present value and internal rate of return calculations for projected costs and returns over a 10-yr period indicate that larger yogurt and cheese processing plants offer the most profitable prospects, whereas a smaller yogurt plant would break even. A smaller cheese plant would have insufficient returns to cover the cost of capital, and fluid milk processing at either scale is economically infeasible. Economic success in processing is greatly contingent upon individual business, financial management, and marketing skills. [ABSTRACT FROM AUTHOR]

Explores alternative approaches to an economic analysis of logistics investment opportunities. Definition of economic analysis; Time-value-of-money principle; Dimensions to an economic analysis using present value; Payback; Naive rate of return; Average return on investment; Internal rate of return; Net present value; Benefit and cost ratio.

Perennial grass pastures provide the basis for beef production systems across the Southeast United States. One common management practice that is widely recommended among agronomists is interseeding cool-season legumes. Legumes can serve as a complementary resource for filling in production gaps, reducing supplemental feedstuffs, reducing the need for nitrogen fertilization, increasing the nutritional quality of forage available, increase biomass production, improve animal performance, and can reduce the toxic effects of endophyte-infected tall fescue through dilution. A simulated economic analysis was developed to further the economic understanding of the cost of implementation, the subsequent animal and forage performance benefits, and net returns from the inclusion of legumes over many research trials and years. Data from 15 peer-reviewed papers was used to simulate the economic benefits of implementing this production practice. Cost of production and revenue for each paper were calculated using the 10-year average from 2010 to 2019. This analysis provides users with a further understanding of the net returns, critical breakeven areas, and return on investment that is necessary in order to successfully implement the inclusion of cool-season legumes in perennial grass-based systems. [ABSTRACT FROM AUTHOR]

The author critiques an article by Damian Kulash on the economic importance of investments for the transportation sector published in the Summer 1997 issue of the periodical "Transportation Quarterly." The work relies heavily on the work of economists in claiming that certain transportation investments outperform private investments by a large margin in the 1950s and the 1960s. There is a strong inference in Kulash's article that major public investment in the transportation systems will produce substantial returns in the future only if the investment is focused. To conclude, the work contends that investment in a transportation network rather than isolated projects will contribute to growing economy is sound.

Public investments in transportation have always been seen as a spur to growth in the immediate localities where the new transportation facilities are located. What has not always been recognized is that these investments, taken as a whole produce a network that benefits all other parts of the system, including economic activities far removed from the location of the investment. Analysis of the past patterns can help target future transportation investments to achieve the greatest economic impact. Future investments can produce the greatest economic return if they are targeted to programs that will preserve or expand network capacity.

The author evaluates the points made in the article by Damian Kulash on the economic importance of investments for the transportation sector published in the Summer 1997 issue of the periodical "Transportation Quarterly,". There are indications that Kulash is spinning an ex post story to rationalize the numbers that related economic studies on the topic are producing. In spite of the plausibility of the story that Kulash tells, there are many plausible stories to explain a single set of numbers, many of which are contradictory. In the end, policy decisions can only be enriched with a more multidimensional, inter-disciplinary and contextual approaches.