This study investigates the design of the royalty rate in a first-price auction across three types of investments:incremental and lumpy with or without an exogenously given intensity.A bidder’s investment cost compri...This study investigates the design of the royalty rate in a first-price auction across three types of investments:incremental and lumpy with or without an exogenously given intensity.A bidder’s investment cost comprises private information.This,together with the stochastic evolution of the price of the output generated from the auctioned project,precludes the seller from setting the exact dates of investment with the winner.However,the seller can set the royalty rate to equate the winner’s royalty payment with the winner’s information rent so that the winner acts as if to maximize the seller’s revenue.We derive two main conclusions.First,compared with the case in which investment is lumpy with an exogenously given intensity,the seller can set a lower royalty rate on incremental investment because she can collect additional royalty payments from the winner,who has the option to later expand capacity.Second,the impact of output price uncertainty on the optimal royalty rate for the three types of investments exhibits two different patterns.When investment is either incremental or lumpy with an exogenously given intensity,greater output price uncertainty reduces the royalty rate.When investment is lumpy with variable intensity,greater output uncertainty raises the royalty rate.Our results imply that auctioneers may charge differential royalty rates for different types of investments.展开更多
Fodder production in arid rangelands has been traditionally considered as the main source of nutrition for livestock.However,the production of these fodder may be influenced by some socio-economic and climatic factors...Fodder production in arid rangelands has been traditionally considered as the main source of nutrition for livestock.However,the production of these fodder may be influenced by some socio-economic and climatic factors.This study aims to identify the various rangeland use forms and determine the types of livestock feeding system in the El Ouara rangelands of Ben guarden District in southern Tunisia by analysing the importance of supplemental feeding and main determinants of this practice.Data were collected by a survey that targeted a sample of 50 breeders in the El Ouara rangelands.Descriptive statistics and binary logistic regression were used to analyse the data.The results showed that there are two types of association practiced by breeders:“Cherka”association practiced by 10.00% of breeders and cash payment association practiced by 53.00% of breeders.Then,transhumance,sedentary,and semi-urban forms are the main ways in which breeders use the rangelands.There are four livestock feeding systems in the El Ouara rangelands being used to feed livestock:natural rangeland,rangeland-based,mixed,and concentrate-based feeding systems.Supplemental feeding has become fundamental for the livestock feeding system in the El Ouara rangelands.The breeders with the largest camel size still use the natural rangeland feeding system,while the breeders who have the largest herd size practice the mixed feeding system.The logistic regression results reveal that breeder age,cereal area,herd size,migrant remittance,second activity,and agricultural development group membership can significantly impact the supplemental feeding.In summary,this study can help policy-makers plan innovative practices based on climatic change,ensure the sustainability of livestock feeding system,and make effective decisions for local development.展开更多
基金funding from Ministry of Science and Technology,Executive Yuan,R.O.C.,under Grant Agreement No.MOST 105–2410-H-002-062-MY3.
文摘This study investigates the design of the royalty rate in a first-price auction across three types of investments:incremental and lumpy with or without an exogenously given intensity.A bidder’s investment cost comprises private information.This,together with the stochastic evolution of the price of the output generated from the auctioned project,precludes the seller from setting the exact dates of investment with the winner.However,the seller can set the royalty rate to equate the winner’s royalty payment with the winner’s information rent so that the winner acts as if to maximize the seller’s revenue.We derive two main conclusions.First,compared with the case in which investment is lumpy with an exogenously given intensity,the seller can set a lower royalty rate on incremental investment because she can collect additional royalty payments from the winner,who has the option to later expand capacity.Second,the impact of output price uncertainty on the optimal royalty rate for the three types of investments exhibits two different patterns.When investment is either incremental or lumpy with an exogenously given intensity,greater output price uncertainty reduces the royalty rate.When investment is lumpy with variable intensity,greater output uncertainty raises the royalty rate.Our results imply that auctioneers may charge differential royalty rates for different types of investments.
文摘Fodder production in arid rangelands has been traditionally considered as the main source of nutrition for livestock.However,the production of these fodder may be influenced by some socio-economic and climatic factors.This study aims to identify the various rangeland use forms and determine the types of livestock feeding system in the El Ouara rangelands of Ben guarden District in southern Tunisia by analysing the importance of supplemental feeding and main determinants of this practice.Data were collected by a survey that targeted a sample of 50 breeders in the El Ouara rangelands.Descriptive statistics and binary logistic regression were used to analyse the data.The results showed that there are two types of association practiced by breeders:“Cherka”association practiced by 10.00% of breeders and cash payment association practiced by 53.00% of breeders.Then,transhumance,sedentary,and semi-urban forms are the main ways in which breeders use the rangelands.There are four livestock feeding systems in the El Ouara rangelands being used to feed livestock:natural rangeland,rangeland-based,mixed,and concentrate-based feeding systems.Supplemental feeding has become fundamental for the livestock feeding system in the El Ouara rangelands.The breeders with the largest camel size still use the natural rangeland feeding system,while the breeders who have the largest herd size practice the mixed feeding system.The logistic regression results reveal that breeder age,cereal area,herd size,migrant remittance,second activity,and agricultural development group membership can significantly impact the supplemental feeding.In summary,this study can help policy-makers plan innovative practices based on climatic change,ensure the sustainability of livestock feeding system,and make effective decisions for local development.
