Circular 87

High rates of female breeding success and offspring survival are the two major factors in productivity of any commercial livestock industry. To im prove breeding success and offspring survival, the herd m anager will establish selection criteria and choose which males and females will breed. The genetics or characteristics of future animals will reflect their parentage. Selection pressure is evident in both wild and captive populations of herbivores. Predators, environment, and human harvest strategies are a few forces which influence the characteristics of freeranging populations of reindeer, caribou, moose, wapiti, etc. In livestock production systems, herd managers often breed for specific characteristics such as larger body size, high birth and growth rates, leanness, etc. A single color or combination of colors has been another characteristic often selected by purebred cattle producers as well as reindeer herders

Relative Entropy in Biological Systems

In this paper we review various information-theoretic characterizations of the approach to equilibrium in biological systems. The replicator equation, evolutionary game theory, Markov processes and chemical reaction networks all describe the dynamics of a population or probability distribution. Under suitable assumptions, the distribution will approach an equilibrium with the passage of time. Relative entropy - that is, the Kullback--Leibler divergence, or various generalizations of this - provides a quantitative measure of how far from equilibrium the system is. We explain various theorems that give conditions under which relative entropy is nonincreasing. In biochemical applications these results can be seen as versions of the Second Law of Thermodynamics, stating that free energy can never increase with the passage of time. In ecological applications, they make precise the notion that a population gains information from its environment as it approaches equilibrium.Comment: 20 page

Financial Risks and the Pension Protection Fund: Can it Survive Them?

This paper discusses the financial risks faced by the UK Pension Protection Fund (PPF) and what, if anything, it can do about them. It draws lessons from the regulatory regimes under which other financial institutions, such as banks and insurance companies, operate and asks why pension funds are treated differently. It also reviews the experience with other government-sponsored insurance schemes, such as the US Pension Benefit Guaranty Corporation, upon which the PPF is modelled. We conclude that the PPF will live under the permanent risk of insolvency as a consequence of the moral hazard, adverse selection, and, especially, systemic risks that it faces.

International accounting harmonisation - A comparison of Spain, Sweden and Austria

Despite attempts to secure harmonisation of accounting practice, significant variations in accounting rules and practice continue to arise in European countries, variations which give rise to compliance costs for multinational companies. Firstly, this paper considers the relevance of international accounting harmonisation for European business. It then proceeds to examine accounting regulation in three countries: Spain, Sweden and Austria, highlighting the key regulatory issues of the 'true and fair' view requirement and the link between taxation and accounting. The three countries are selected because of the interesting contrasts which they provide; these contrasts are examined in detail in the paper. The work is based upon a series of interviews carried out with leading accounting practitioners in the three countries during 1996-97. The paper concludes that there are significant obstacles to accounting harmonisation in Europe and that there is potential for continuing diversity of national accounting practice.Accounting, harmonisation, international

Examining barriers to internationalisation created by diverse systems and structures in vocational education and training

In a global society, all educational sectors need to recognise internationalism as a core, foundational principle. Whilst most educational sectors are taking up that challenge, vocational education and training (VET) is still being pulled towards the national agenda in terms of its structures and systems, and the policies driving it, disadvantaging those who graduate from VET, those who teach in it, and the businesses and countries that connect with it. This paper poses questions about the future of internationalisation in the sector. It examines whether there is a way to create a VET system that meets its primary point of value, to produce skilled workers for the local labour market, while still benefitting those graduates by providing international skills and knowledge, gained from VET institutions that are international in their outlook. The paper examines some of the key barriers created by systems and structures in VET to internationalisation and suggests that the efforts which have been made to address the problem have had limited success. It suggests that only a model which gives freedom to those with a direct vested interest, students, teachers, trainers and employers, to pursue international co-operation and liaison will have the opportunity to succeed