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Unlike ‘D Day’, 15 February 1971, when there was a changeover to a decimal system of currency, there is no ‘M Day’, by which time industry must be prepared to go metric. It is therefore entirely up to individual firms to decide when they will go metric, and how long a period of time they will allow to enable metrication to be phased in. Nevertheless, it is expected that the bulk of British industry will have voluntarily adopted metric working by the end of 1975. In general, the decision will undoubtedly be influenced by customers' requirements on the one hand, and by the suppliers of raw materials and tools on the other. In some cases, however, firms may be prompted to change by the Port of London Authority's insistence on marking export orders in metric units. Whatever the motivation, once the decision has been taken one of the foremost items in any metrication programme must be that of training, which immediately raises the questions: • who will need training? • when will they need training? • how will they be trained? • to what extent?

One of the foremost objectives of the Common Agricultural Policy (CAP) in the European Union (EU) is to increase agricultural productivity through subsidization of farmers. However, little empirical research has been done to examine the effect of subsidies on farm performance and, in particular, the channels through which subsidies affect productivity. Using a Bayesian hierarchical model in which input productivity, efficiency change, and technical change depend on subsidies and other factors, including farm location, we analyze empirically how subsidies affect the performance of farms. We use an unbalanced panel from the EU's Farm Accountancy Data Network on Danish, Finnish, and Swedish dairy farms and partition the data into eight regions. The data set covers the period 1997–2003 and has a total of 6,609 observations. The results suggest that subsidies drive productivity through efficiency and input productivities and the magnitudes of these effects differ across regions. In contrast to existing studies, we find that subsidies have a positive impact on technical efficiency. The contribution of subsidies to output is largest for dairy farms in Denmark and Southern, Central, and Northern Sweden.

This article describes administrative metadata and their use in managing electronic resources. The focus of the article is an interview with Tim Jewell, Head of Collection Management Services at the University of Washington, and Adam Chandler, Information Technology Librarian at Cornell University.

The purpose of this study is to provide further evidence on the importance of international diversification, and to determine the optimal allocation of assets in a portfolio comprising domestic (Australian) and international assets. The study focuses on stock index futures contracts in five countries ‐ Australia, USA, UK, Hong Kong and Japan. Daily data for the five selected contracts over the period from 1 January 1990 to 31 December 2000 is employed in the study. Consistent with previous studies, the results confirm the importance of international diversification and indicate that the portfolio risk is reduced considerably when more international assets are added sequentially to the portfolio. Empirical analysis also shows that the optimal asset allocation results in higher risk reduction and better returns when compared with an equally weighted portfolio.

This paper develops methods of Bayesian inference in a cointegrating panel data model. This model involves each cross-sectional unit having a vector error correction representation. It is flexible in the sense that different cross-sectional units can have different cointegration ranks and cointegration spaces. Furthermore, the parameters that characterize short-run dynamics and deterministic components are allowed to vary over cross-sectional units. In addition to a noninformative prior, we introduce an informative prior which allows for information about the likely location of the cointegration space and about the degree of similarity in coefficients in different cross-sectional units. A collapsed Gibbs sampling algorithm is developed which allows for efficient posterior inference. Our methods are illustrated using real and artificial data.

IT has been stated above that the rate of heat transfer is closely proportional to the temperature difference between the plate and the free air stream, and over the laminar portion it will also be proportional to the conductivity of the air. It remains to consider to what extent the actual temperature of the air in the boundary layer will influence the rate of heat transfer. The conductivity of air increases with temperature by reason of the increased molecular velocities, and we might expect, therefore, that the hotter the surface the greater will be the rate of heat transfer per unit of temperature difference above that of the air. This is, in fact, found to be the case.