Chemical medicines such as disinfectant and insecticide, vaccine, and antibiotic have been frequently used for safeguard against chicken disease in poultry industry. However, every effort should be made also to produce high quality animal products without using these medicines and to reduce environmental contamination by efficient utilization of natural substances. Charcoal is a solid fuel made by dry distillation of wood, and powder of which is traditionally scattered on the floor in chicken house to reduce the smell of feces by adsorbing ammonia. A mixed powder of wood vinegar compounds and amorphous charcoal carbon (CWVC) has been used as an oral antidote to produce high animal productions. The dietary addition of CWVC to diets induced a significant increase in hen-day egg production and feed conversion ratio (Sakaida et al, 1987 a) and in broiler hatchability (Sakaida et al, 1987 b). Also in our preliminary feeding experiment, feed intake did not show a difference among 0, 1, 3 and 5% dietary CWVC diets, but the body weight gain of birds fed 1 % dietary CWVC diet was increased, improving the feed conversion ratio (unpublished).
Although the improved growth performance of chicken fed the dietary CWVC have been reported, the reason why CWVC induces such a powerful effective stimulation on growth performances has not been determined, but it may be related to their intestinal functions. The intestinal histological alterations are known to be induced by the fed diets (Langhout et al, 1999 ; Yasar and Forbes, 1999), and be intimately related to intestinal functions (Shamoto et ah, 1999 ; Shamoto and Yamauchi, 2000 ; Yamauchi et ah, 1996 ; Yamauchi and Tarachai, 2000). Therefore, it was thus of great interest to investigate the histological alterations of the intestinal villi in chickens fed the non-nutritive sorptive CWVC.
We explore and investigate Japanese dairy markets. We first provide an overview of consumer demand and how it evolved after World War II. Using historical data and econometric estimates of Japanese dairy demand, we identify economic, cultural, and demographic forces that have been shaping consumption patterns. Then we summarize the characteristics of Japanese milk production and dairy processing and policies affecting them. We next describe the import regime and trade flows in dairy products. The analysis of the regulatory system of the dairy sector shows how its incentive structure affects the long-term prospects of various segments of the industry. The paper concludes with policy recommendations of how to reform the Japanese dairy sector.
We explore and investigate Japanese dairy markets and policies. Japanese dairy is particularly interesting in the context of Asia because it is the most mature market among Asian economies. Consumers’ income is the highest among Asian countries; consumer exposure to Westernized dairy products has been the longest among the same pool of countries as well. The analysis of Japanese dairy markets, therefore, provides lessons for other Asian countries with emerging dairy consumption in terms of their potential per capita consumption patterns and composition of dairy products consumed. The production side of dairy markets in Japan is also interesting because technology adoption and yield improvements have been rapid but in a context of isolation from world markets. The sector is also facing challenges common to many OECD (Organization for Economic Cooperation and Development) farming sectors, with aging and withering farming population, environmental pressures, and some reconsideration of agricultural subsidies.
Since the volatility smile had been found in the real financial market, many literatures attempted to better explain and predict the behavior of option prices across moneyness and maturity. Merton (1976) assumes that the stock return is discontinuous and has a diffusion-jump process instead of the geometric brownian motion. Heston (1993) relax the assumption of constant volatility and assume that the volatility it self follows a square root process. Bates (1996, 2000) and Bakshi et al. (1997, 2000) incorporate both stochastic volatility and Poisson jump, and find a better fitting for the real empirical data.
