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Volatility Persistence in Commodity Futures:Inventory and Time-to-Delivery Effects AgEcon
Karali, Berna; Thurman, Walter N..
Most financial asset returns exhibit volatility persistence. We investigate this phenomenon in the context of daily returns in commodity futures markets. We show that the time gap between the arrival of news to the markets and the delivery time of futures contracts is the fundamental variable in explaining volatility persistence in the lumber futures market. We also find an inverse relationship between inventory levels and lumber futures volatility.
Tipo: Conference Paper or Presentation Palavras-chave: Volatility persistence; Theory of storage; Volatility; Futures markets; Lumber; Agricultural Finance.
Ano: 2008 URL: http://purl.umn.edu/37612
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ASYMMETRIC PRICE TRANSMISSION IN THE ISRAELI CITRUS EXPORT SECTOR IN THE AFTERMATH OF LIBERALIZATION AgEcon
Goetz, Linde; von Cramon-Taubadel, Stephan.
The Israeli citrus export sector was liberalized in 1991 with the aim to increase citrus growers’ income and to improve overall efficiency of the international citrus marketing channel. However, the former government export monopoly’s activities were mainly taken over by four large companies accounting for over 90% of total Israeli citrus market exports. In addition, citrus exporters maintained the monopoly’s consignment system, substantially limiting transparency on how the grower price is determined. This lead the government to intervene in the newly liberalized market by implementing a minimum price agreement in the 1994/95 season to protect citrus growers against exporters’ abuse of market power. In this paper we analyze whether market power was...
Tipo: Conference Paper or Presentation Palavras-chave: Crop Production/Industries; International Relations/Trade.
Ano: 2007 URL: http://purl.umn.edu/7594
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ASSESSING THE IMPACTS OF GLOBAL WARMING IN THE SOUTHEAST US AGRICULTURE USING OPTIMIZATION AND ECONOMIC FORECASTING PROCEDURE AgEcon
Paudel, Krishna P.; Hatch, L. Upton.
We used a memory shortening transformation method to forecast the future prices of the seven selected commodities in the Southeast USA. These forecasted prices were used to find the optimal crop selection in a model farm in a representative county of each of the ten states in the Southeast US under three likely climate change scenarios. It is found that the Hadley climate change scenario may be benign compared to Hot and Very Hot Scenarios.
Tipo: Conference Paper or Presentation Palavras-chave: Environmental Economics and Policy.
Ano: 2001 URL: http://purl.umn.edu/20622
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Value added of Cluster Membership for Micro Enterprises of the Handloom Sector in Ethiopia AgEcon
Ali, Merima; Peerlings, Jack H.M..
By contrasting the performance of clustered micro enterprises with that of dispersed ones in the handloom sector in Ethiopia, this study shows that clustering significantly increases profit. To correct for selection bias, we match clustered and dispersed micro enterprises that share similar observable characteristics except for being clustered both in urban and rural areas. Results show that clustering is more profitable in urban than rural areas. It is also found that regional specific factors determining clustering of micro enterprises are different in urban and rural areas, highlighting the need to focus on local circumstances when formulating policies to promote clusters.
Tipo: Conference Paper or Presentation Palavras-chave: Cluster; Micro enterprises; Propensity score matching; Handloom; Africa; Ethiopia.; Industrial Organization; L10; L67; R12.
Ano: 2009 URL: http://purl.umn.edu/49922
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Managing Economic Risk from Invasive Species: Bug Options AgEcon
Fournier, Valerie; Manfredo, Mark R.; Richards, Timothy J.; Eaves, James.
Invasive insect species cause billions of dollars of direct and indirect damage to U.S. crops each year. The market for insuring insect damage is, however, far from complete. The objective of this study is to design and value insect derivatives, or "bug options," which would offer growers a market-based means for transferring risk of pest damage to speculators or others who may profit from higher insect populations. A bug option valuation model is developed and applied to Bemesia tabaci infestation in cotton. The results show that insect derivatives may become important risk management tools for a wide range of growers.
Tipo: Conference Paper or Presentation Palavras-chave: Risk and Uncertainty.
Ano: 2005 URL: http://purl.umn.edu/19553
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ASSESSING EUROPEAN FARMERS’ INTENTIONS IN THE LIGHT OF THE 2003 CAP REFORM AgEcon
Genius, Margarita; Karagiannis, Giannis; Tzouvelekas, Vangelis.
The effects of the 2003 CAP reform on the farmers’ decisions on whether to abandon their farming activity, how much to produce and what to produce are analyzed in the present paper. To this effect data collected for Hungarian, Dutch and Greek farmers on their perceptions about the reform and its effects, and on their production intentions is analyzed using discrete choice models under 3 alternative scenarios for the future produce prices. The discrete choice model applied in the present paper is sequential since farmers are confronted with a sequence of choices. In the first stage, the choice is between abandoning farming or continuing, then those farmers who have chosen to continue are presented with two additional choices related to their level of...
Tipo: Conference Paper or Presentation Palavras-chave: CAP; Farmers choices; MTR assesment; Agricultural and Food Policy; Political Economy; Q10; Q18.
Ano: 2008 URL: http://purl.umn.edu/44849
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Price Linkage between International Price of Crude Palm Oil (CPO) and Cooking Oil Price in Indonesia AgEcon
Rifin, Amzul.
Cooking oil in Indonesia is considered to be one of the staple food of Indonesian people. In the beginning of 2008, the price of cooking oil in Indonesia has increased significantly. One of the reasons is the increase of Crude Palm Oil (CPO) price in the international market. The objective of this research is to investigate the impacts of international price of CPO on the domestic price of CPO and cooking oil. Three specific objectives are included (1) To test whether international price of CPO and domestic price of CPO and cooking oil are related through cointegration tests, (2) To test the causal relationships between international price of CPO and domestic price of CPO and cooking oil and (3) To analyze how domestic price of CPO and cooking oil food...
Tipo: Conference Paper or Presentation Palavras-chave: Crude palm oil; Vector autoregression (VAR); Granger response; Impulse response; International Relations/Trade; Q17; F14.
Ano: 2009 URL: http://purl.umn.edu/50828
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A JOINT TEST OF PRICING-TO-MARKET, MENU COST AND CURRENCY INVOICING AgEcon
Gervais, Jean-Philippe; Larue, Bruno.
This paper investigates PTM behaviour and currency invoicing decisions of Canadian pork exporters in the presence of menu costs. It is shown that when export prices are negotiated in the exporter'’s currency, menu costs cause threshold effects in the sense that there are bounds within (outside of) which PTM is not (is) observed. Conversely, PTM is not interrupted by menu costs when export prices are denominated in the importer'’s currency. The empirical model focuses on pork meat exports from Canada to the U.S. and Japan. Hansen’'s (2000) threshold estimation procedure is used to jointly test for currency invoicing and PTM in the presence of menu costs. Inference is conducted using bootstrap methods. PTM effects are smaller when accounting for currency...
Tipo: Conference Paper or Presentation Palavras-chave: International Relations/Trade.
Ano: 2004 URL: http://purl.umn.edu/20295
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THE IMPORTANCE OF USING FARM LEVEL RISK ESTIMATES IN CRP ENROLLMENT DECISIONS AgEcon
Bechtel, Amos I.; Young, Douglas L..
Easily accessible county data produced frontiers which substantially underestimated the reduction in risk by enrolling in the CRP. Furthermore, the county yield data portrayed an unattainable level of utility for a moderately risk averse farmer. Farm level data predicted CRP enrollment similar to actual enrollment in the study region.
Tipo: Conference Paper or Presentation Palavras-chave: Farm Management; Risk and Uncertainty.
Ano: 1999 URL: http://purl.umn.edu/35717
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Estimating the Costs and Benefits of Cattle Traceability: the Case of the Quebec Cattle Traceability System AgEcon
Pouliot, Sebastien.
Animal identification and animal traceability have lept to the front of the food policy agenda. The ongoing implementation of the National Animal Identification System in United States has raised concerns over the costs and benefits of implementing and maintaining such a system. In this paper, we lay the foundations for estimating the costs and benefits of implementing cattle traceability in Québec. Our results could eventually be used to estimate the costs and benefits of adopting a similar system in the United States.
Tipo: Conference Paper or Presentation Palavras-chave: Agricultural and Food Policy; Livestock Production/Industries.
Ano: 2008 URL: http://purl.umn.edu/6522
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Thin and lumpy: an experimental investigation of water quality trading AgEcon
Suter, Jordan F.; Spraggon, John M.; Poe, Gregory L..
Water quality trading schemes in the United States can predominantly be characterized by low trading volumes. In this paper we utilize laboratory economics experiments to explore the extent to which the technology through which pollution abatement is achieved influences market outcomes. Mirroring the majority of water quality trading markets, the sessions utilize small trading groups composed of six participants. To understand the extent to which abatement technology influences trading behavior, the experimental treatments vary the degree of heterogeneity in initial abatement costs and the potential for long-lived investments in cost-reducing abatement technology.
Tipo: Conference Paper or Presentation Palavras-chave: Environmental Economics and Policy.
Ano: 2011 URL: http://purl.umn.edu/104023
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Food Recalls and Food Safety Perceptions: The September 2006 Spinach Recall Case AgEcon
Onyango, Benjamin M.; Miljkovic, Dragan; Hallman, William K.; Nganje, William E.; Condry, Sarah C.; Cuite, Cara L..
This paper examines public perceptions on food safety particularly relating to spinach, which was subject of countrywide recall in 2006. Results indicate that food safety perceptions may be driven by public trust/confidence in institutions whose activities may be directly or indirectly related to food safety. The results further suggest that food safety perceptions may also be related to the type of the product; for example, the public perceives frozen spinach differently from bagged fresh spinach. Additionally, the results show that low levels of objective knowledge about food pathogens and the resulting illnesses have implications on overall food safety. Results further indicate that females and Caucasians perceived the four types of spinach as safe for...
Tipo: Conference Paper or Presentation Palavras-chave: Food Consumption/Nutrition/Food Safety.
Ano: 2007 URL: http://purl.umn.edu/9679
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Performance of agriculture insurance schemes in India AgEcon
Bhise, Vinayak B.; Ambhore, Shivaji S.; Jagdale, Suryakant H..
Tipo: Conference Paper or Presentation Palavras-chave: Risk and Uncertainty.
Ano: 2007 URL: http://purl.umn.edu/9245
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LAND QUALITY, AGRICULTURAL PRODUCTIVITY, AND FOOD SECURITY: BIOPHYSICAL PROCESSES AND ECONOMIC CHOICES (PowerPoint Presentation) AgEcon
Wiebe, Keith D..
PowerPoint presentation
Tipo: Conference Paper or Presentation Palavras-chave: Food Security and Poverty; Land Economics/Use; Productivity Analysis.
Ano: 2004 URL: http://purl.umn.edu/32974
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Food Safety in Agricultural International Trade: The Spanish experience in Mediterranean products AgEcon
Briz, Julian; de Felipe, Isabel; Garca, Marian.
Food international trade between developed and developing countries is increasing as a consequence of the worldwide liberalization movement. Tariffs and technical barriers are decreasing and many exporters in developing countries are ready to supply to developed markets. However there are non-tariff barriers, some of them related to food safety. The goal of this paper is to analyse how some food safety and quality control measures may be overcome by Less Developed Countries following some indications, such as a benchmarking analysis. The identification of “best practice” in operating firms may be useful to others. We describe the evolution of international trade, the situation at destination and origin markets through the international channel. It is...
Tipo: Conference Paper or Presentation Palavras-chave: International trade; Food safety; Benchmarking; Spanish export supply chain; Traceability; Food Consumption/Nutrition/Food Safety; International Relations/Trade.
Ano: 2007 URL: http://purl.umn.edu/7898
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ASSESSING CONSUMERS’ WILLINGNESS TO PAY FOR DIFFERENT UNITS OF ORGANIC MILK: EVIDENCE FROM MULTI-UNIT AUCTIONS AgEcon
Akaichi, Faiçal; Gil, Jose Maria; Nayga, Rodolfo M., Jr..
Replaced with revised version of paper 06/28/10
Tipo: Conference Paper or Presentation Palavras-chave: Multi-unit Vickrey auctions; Organic milk; Information; Agribusiness; Consumer/Household Economics; Demand and Price Analysis; Marketing; Research Methods/ Statistical Methods; C91; D44.
Ano: 2009 URL: http://purl.umn.edu/60982
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Evaluating Vector-Virus-Plant Interaction in Regional Supply of Peas and Lentils: A Limited Dependent Variable Analysis AgEcon
Elbakidze, Levan; Lu, Liang; Eigenbrode, Sanford.
Tipo: Conference Paper or Presentation Palavras-chave: Crop Production/Industries.
Ano: 2010 URL: http://purl.umn.edu/61892
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Irrigated Acreage Projections in Georgia AgEcon
Cai, Ruohong; Mullen, Jeffrey D.; Bergstrom, John C..
Irrigated acreage is an important indicator for agricultural water demand which is a major category of water use. Three methodologies were applied in this study to project irrigated acreage of major crops in Georgia from 2010 to 2050. These three methodologies show consistent results. Total irrigated acreage of major crops in Georgia is projected to increase for the next 40 years. The acreage projection results provide useful information for Georgia agricultural policy makers and farmers. However, the methodologies used in the study have some limitations. They can only be used under certain assumptions. Thus, better methodologies are needed for future related research.
Tipo: Conference Paper or Presentation Palavras-chave: Irrigated acreage projection; Acreage response elasticities; Crop Production/Industries; Environmental Economics and Policy; Farm Management; Resource /Energy Economics and Policy.
Ano: 2010 URL: http://purl.umn.edu/56468
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Impact of Water Supply Limitations from Federal Decisions in South Texas AgEcon
Robinson, John R.C.; Michelsen, Ari M.; Gollehon, Noel R..
This study extends and refines a previous model and provides estimates of the economic value of water shortages from shortfalls in Mexican deliveries to the U.S. In the process, we identify and evaluate a range of crop choices, appropriate irrigation technology use, water source substitution, and other mitigation strategies used by farmers to deal with water shortages. The effects of exogenous crop price and yield risk, as well as and other structural considerations are incorporated in deriving the marginal value of irrigation water for reference drought years. Results show that South Texas farmers react to risk by diversifying their crop mix, which in turn has implications for the imputed value of water and soil resources. The derived shadow price of...
Tipo: Conference Paper or Presentation Palavras-chave: Water; Irrigation; Rio Grande; Optimization; Resource /Energy Economics and Policy.
Ano: 2005 URL: http://purl.umn.edu/19464
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ANÁLISE DO DESEMPENHO CONTÁBIL-FINANCEIRO NO AGRONEGÓCIO BRASILEIRO: APLICANDO DEA AOS DADOS DE AGROINDÚSTRIAS DO ANO DE 2006 AgEcon
Macedo, Marcelo Alvaro da Silva; Almeida, Katia De; Fontes, Patricia Vivas Da Silva; Barbosa, Cleber; Lima, Luiz Carlos Oliveira.
O Agronegócio é um dos mais importantes setores da economia brasileira e o segmento agroindustrial tem crescido de forma significativa. Devido a esta relevância, as questões técnicas e gerenciais deste segmento necessitam de uma atenção especial. Este artigo procura conduzir uma discussão sobre o desempenho organizacional, com base em variáveis contábil-financeiras, de vários setores econômicos do segmento agroindustrial brasileiro. Através da aplicação da Análise Envoltória de Dados (DEA), busca-se identificar o índice de desempenho multicriterial de cada empresa e fazer uma análise de benchmarking que mostra o quanto uma empresa ineficiente precisa mudar para se tornar eficiente. Os resultados mostraram que as melhores empresas são aquelas que melhor...
Tipo: Conference Paper or Presentation Palavras-chave: Agronegócio; Desempenho Contábil-Financeiro; DEA; Agribusiness; Accounting and Financial Performance; Agribusiness.
Ano: 2008 URL: http://purl.umn.edu/109666
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