Supply and Demand Model for the Malaysian Cocoa Market

This paper investigates a system of supply, demand, and price equations for Malaysian cocoa using annual data over the period 1975-2008. Theoretically, in supply and demand models, the price variable is treated as endogenous. However, Hausman specification test result indicates that there is no simultaneity problem in the model. Thus, we estimate the system of equations utilizing the Seemingly Unrelated Regression (SUR) estimation technique which might be considered a more efficient estimator for supply and demand model of the Malaysian cocoa. The results suggest that the Malaysian cocoa production is mainly affected by the previous year production, price of cocoa beans at lag two as well as the harvested area. In the export demand equation, the real effective exchange rates is statistically significant determinant while the index of industrial production of advanced economies and the world price of cocoa are found to be insignificant. The results also suggest that both Malaysian industrial production index and domestic price of cocoa beans are key determinants of domestic demand for cocoa beans in Malaysia. Finally, the domestic price of cocoa beans is highly sensitive to its domestic consumption, lagged domestic price, and its world price.Supply and Demand; Malaysian Cocoa; SUR technique

Malaysian Cocoa Market Modeling: A Combination of Econometric and System Dynamics Approach

The Malaysian cocoa sector has undergone dramatic changes during the last few decades. In the early years of 1970s, this sector has maintained an upward trend in the area and consequently the production. However, the trend reversed in the late 1980s due to factors such as declining world prices, higher labour costs, widespread of cocoa pod diseases and the pull of more lucrative crops (in particular palm oil). By 2008 only about 19,976 hectares were planted with cocoa compared to a peak of 414,236 ha in 1989. Production of cocoa beans has trended down accordingly. The study combines the econometric and system dynamics approach in modeling the Malaysian cocoa market. A first order system was developed to capture the interdependencies of the major structural elements of the markets such as production, local and export demands, inventory and imports. Nevertheless, the model provides an understanding of the interrelationships between the system components and allows the simulation of policy variables changes. Future work will involve a detail examination of the interaction cocoa supply chain system (from farm to export) to provide a much more comprehensive representations of the dynamics of the market.Econometric methods; system dynamics; Malaysian cocoa market

Differentiated Thyroid Carcinoma: Distant Metastasis as an Unusual Sole Initial Manifestation

Objective:The objective of this study was to identify the characteristic features of patients with distant metastasis as the only manifestation of well-differentiated thyroid cancers and to analyze the treatment outcomesMethods:A retrospective review of all patients with well-differentiated thyroid cancers and distant metastasis as the sole initial presentation was carried out. Data regarding age, gender, tumor histology, site, symptoms, and treatment outcomes were collected.Results:There were 10 patients who presented with distant metastasis as the only presentation. The mean age was 56.1 years. Eight (80%) patients had osseous metastasis, one (10%) had pulmonary and one (10%) had both. Follicular thyroid carcinoma was more common and seen in six (60%) patients. Seven (77.8%) out of nine patients had demised within five years of initial presentation.Conclusion:Distant metastases without a neck lump as the initial presentation of well-differentiated thyroid cancers are extremely rare. No specific guidelines are available to manage such patients due to lack of relevant data in the literature

Supply and Demand Model for the Malaysian Cocoa Market

This paper investigates a system of supply, demand, and price equations for Malaysian cocoa using annual data over the period 1975-2008. Theoretically, in supply and demand models, the price variable is treated as endogenous. However, Hausman specification test result indicates that there is no simultaneity problem in the model. Thus, we estimate the system of equations utilizing the Seemingly Unrelated Regression (SUR) estimation technique which might be considered a more efficient estimator for supply and demand model of the Malaysian cocoa. The results suggest that the Malaysian cocoa production is mainly affected by the previous year production, price of cocoa beans at lag two as well as the harvested area. In the export demand equation, the real effective exchange rates is statistically significant determinant while the index of industrial production of advanced economies and the world price of cocoa are found to be insignificant. The results also suggest that both Malaysian industrial production index and domestic price of cocoa beans are key determinants of domestic demand for cocoa beans in Malaysia. Finally, the domestic price of cocoa beans is highly sensitive to its domestic consumption, lagged domestic price, and its world price

Assessing the Economic Impact of Ureteric Stents in the Treatment Pathway of Kidney Stone Disease: A systematic review

Comprehensive analysis on the cost effectiveness of stent usage under various urological clinical situation

Urological Guidelines for Kidney Stones: Overview and Comprehensive Update

Background: Evidence-based guidelines are published by urological organisations for various conditions, including urolithiasis. In this paper, we provide guidance on the management of kidney stone disease (KSD) and compare the American Urological Association (AUA) and European Association of Urologists (EAU) guidelines. Methods: We evaluate and appraise the evidence and grade of recommendation provided by the AUA and EAU guidelines on urolithiasis (both surgical and medical management). Results: Both the AUA and EAU guidelines provide guidance on the type of imaging, treatment options, and medical therapies and advice on specific patient groups, such as in paediatrics and pregnancy. While the guidelines are generally aligned and based on evidence, some subtle differences exist in the recommendations, but both are generally unanimous for the majority of the principles of management. Conclusions: We recommend that the guidelines should undergo regular updates based on recently published material, and while these guidelines provide a framework, treatment plans should still be personalised, respecting patient preferences, surgical expertise, and various other individual factors, to offer the best outcome for kidney stone patients

Malaysian cocoa market modeling: A combination of econometric and system dynamics approach

The Malaysian cocoa sector has undergone dramatic changes during the last few decades.In the early years of 1970s, this sector has maintained an upward trend in the area and consequently the production.However, the trend reversed in the late 1980s due to factors such as declining world prices, higher labour costs, widespread of cocoa pod diseases and the pull of more lucrative crops (in particular palm oil).By 2008 only about 19,976 hectares were planted with cocoa compared to a peak of 414,236 ha in 1989.Production of cocoa beans has trended down accordingly.The study combines the econometric and system dynamics approach in modeling the Malaysian cocoa market.A first order system was developed to capture the interdependencies of the major structural elements of the markets such as production, local and export demands, inventory and imports.Nevertheless, the model provides an understanding of the interrelationships between the system components and allows the simulation of policy variables changes.Future work will involve a detail examination of the interaction cocoa supply chain system (from farm to export) to provide a much more comprehensive representations of the dynamics of the market