This paper investigates the implication of production-technology uncertainty for the exclusion theorem. The paper presents the result that the risk-averse firm facing production technology uncertainty prefers an intermediate location to avoid risk under certain conditions. The firm chooses an intermediate location (over a corner location) particularly if its degree of risk aversion overwhelms the inherent convexity of profit with respect to location. The latter depends, in turn, on the structure of production technology characterized by the elasticity of substitution and returns to scale parameters.

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The present field trial compared two combined vaccines of porcine circovirus type 2 (PCV2) and Mycoplasma hyopneumoniae, each administered in herd with subclinical PCV2d infection and enzootic pneumonia. One vaccine was a bivalent containing PCV2a and M. hyopneumoniae and the other was a trivalent vaccine containing PCV2a and 2b (PCV2a/b), and M. hyopneumoniae. The defining difference between these two vaccines was the inclusion or absence of PCV2b antigen. A total of 480, 21day-old pigs were randomly allocated to one of four treatment groups (120 pigs per group, male = 60 and female = 60). These groups included; one-dose trivalent-vaccinated, two-dose trivalent-vaccinated, one-dose bivalent-vaccinated, and unvaccinated. The one- and two-dose trivalent vaccinated pigs exhibited significantly better growth performance when compared with those vaccinated with the bivalent vaccine. The one- and two-dose trivalent vaccinated pigs also reduced the amount of PCV2d loads in the blood and feces, and resulted in a lower M. hyopneumoniae load in the larynx when compared with one-dose bivalent vaccinated pigs. Statistical differences were not observed between the one- and two-dose trivalent-vaccinated groups in terms of growth performance, serology, amount of PCV2d loads in the blood and feces, amount of M. hyopneumoniae load in larynx, and pathological lesions. The results of the present study will provide swine practitioners and producer with comparative clinical field data to select the proper vaccine and vaccination regiment for herds suffering from subclinical PCV2d infection and enzootic pneumonia.

In this article, the authors derive explicit formulas for European foreign exchange (FX) call and put option values when the exchange rate dynamics are governed by jump-diffusion processes. The authors use a simple general equilibrium international asset pricing model with continuous trading and frictionless international capital markets. The domestic and foreign price level are introduced as state variables that contain jumps caused by monetary shocks and catastrophic events such as 9/11 or Hurricane Katrina. The domestic and foreign interest rates are stochastic and endogenously determined in the model and are shown to be critically affected by the jump risk of the foreign exchange. The model shows thatWe would like to thank a referee and the editor for their valuable comments.1 Cox and Ross (1976) and Jones (1984) have derived option pricing formula by assuming deterministic jump amplitudes. 2 A stock option formula under jump-diffusion processes has been derived by Merton (1976). the behavior of FX options is affected through the impact of state variables and parameters on the nominal interest rates. The model contrasts with those of M. Garman and S. Kohlhagen (1983) andO. Grabbe (1983), whose models have exogenously determined interest rates.

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The aim of this study was to compare the virulence of porcine circovirus type 2 (PCV2) genotypes in dually inoculated pigs with both three genotypes (a, b, and d) of PCV2 and porcine reproductive and respiratory syndrome virus-2 (PRRSV-2) versus pigs singularly inoculated with the same three PCV2 genotypes (a, b, and d). Differences in this comparison were found in PCV2 viremia levels, lung and lymphoid lesion severity, and the amount of PCV2 antigen within the lymphoid lesions. Regardless of PCV2 genotypes, pigs that were dually inoculated with PCV2/PRRSV had significantly higher clinical scores, less average daily weight gain, higher levels of PCV2 viremia, and more severe lug and lymphoid lesions compared to pigs singularly inoculated with PCV2. Among the dually infected pig groups, pigs infected with PCV2d/PRRSV-2 had significantly higher levels of PCV2 viremia, more severe lung and lymphoid lesions, and more PCV2-positive cells within lymphoid lesions compared to pigs dually inoculated with PCV2a/PRRSV-2 and PCV2b/PRRSV-2. The results of this study demonstrated significant differences in the virulence among dual inoculation of PCV2a/PRRSV-2, PCV2b/PRRSV-2, and PCV2d/PRRSV-2. A significant difference in the virulence among PCV2a, PCV2b, and PCV2d single-inoculated pig groups was not found with respect to the levels of PCV2 viremia and production of PCV2-associated lymphoid lesions.