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| Registros recuperados: 58 | |
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| Turvey, Calum G.; Kong, Rong. |
| To reduce vulnerability and food insecurity this paper investigates the economics of micro-credit. We provide a model that shows how a micro-credit market based on trust can co-exist with a commercial collateral-based market. This model is developed in detail and certain propositions are supported using dominant strategies in a trust-honour game based on the prisoners dilemma. From a policy point of view the theoretical model indicates that trust-based lending, coupled with certain incentives, can go far in supporting growth opportunities in developing countries. It is argued that development policy should be flexible enough to permit trust-based micro-lending to the poor, regardless of how counter-intuitive this must appear to the conventional wisdom. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Financial Economics. |
| Ano: 2007 |
URL: http://purl.umn.edu/9929 |
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| Weersink, Alfons; Joseph, Stanley; Kay, Beverly D.; Turvey, Calum G.. |
| The objective of the 1997 Kyoto agreement was to limit greenhouse gas (GHG) emissions among signatory countries and thereby slow global warming. Under the agreement, Canada has committed itself to reduce GHGs over the next decade by 6 percent from estimated 1990 levels. Debate has now begun on the appropriate government policies that will induce the desired GHG reductions. Regulations could be in the form of direct controls or economic incentives, such as a subsidy/tax system or an emission trading system. The success of the U.S. emission market for SO2 (Schmalenseeet al., 1998) has generated growing interest in the use of a similar market mechanism for carbon (Holmes and Friedman, 2000). The existence of a carbon credit market presents the agricultural... |
| Tipo: Journal Article |
Palavras-chave: Agricultural and Food Policy; Farm Management. |
| Ano: 2003 |
URL: http://purl.umn.edu/45728 |
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| Turvey, Calum G.; Power, Gabriel J.. |
| This paper investigates whether the assumption of Brownian motion often used to describe commodity price movements is satisfied. Using historical data from 17 commodity futures contracts specific tests of fractional and ordinary Brownian motion are conducted. The analyses are conducted under the null hypothesis of ordinary Brownian motion against the alternative of persistent or ergodic fractional Brownian motion. Tests for fractional Brownian motion are based on a variance ratio test. However, standard errors based on Monte Carlo simulations are quite high, meaning that the acceptance region for the null hypothesis is large. The results indicate that for the most part, the null hypothesis of ordinary Brownian motion cannot be rejected for 14 of 17 series.... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2006 |
URL: http://purl.umn.edu/21239 |
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| Shee, Apurba; Turvey, Calum G.. |
| This research analyzes daily commodity spot prices and designs risk contingent structured financial instruments as a means to mitigate business and financial risk by reducing debt obligations depending on the embedded commodity options whose payoffs are linked with commodity price fluctuations. Models are developed for operating loans and farm mortgages. The results show that the distributions with the embedded option have higher probability of greater returns and the embedded option with the repayment contingent on the price fluctuation reduces the downside risk of the return from the investment. |
| Tipo: Journal Article |
Palavras-chave: Agricultural Finance; Risk and Uncertainty. |
| Ano: 2008 |
URL: http://purl.umn.edu/48139 |
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| Turvey, Calum G.; Toole, Andrew A.; Kropp, Jaclyn D.. |
| This paper examines the relationship between uncertainty and investment decisions by food and non-food firms. Using hysteresis and the real options paradigm, we review why uncertainty might cause firms to delay investment. In particular, our model looks for a negative relationship between capital invested and uncertainty. In the alternative, if the relationship is positive, this may be consistent with the exercise of growth options or competitive markets. Empirical results are mixed. In one of the four models we present there is clear evidence of hysteresis, that is a negative relationship between year over year investment and uncertainty. The remaining 3 models indicate the opposite, a positive relationship between investment and risk. Although the models... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Financial Economics. |
| Ano: 2007 |
URL: http://purl.umn.edu/6606 |
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| Power, Gabriel J.; Turvey, Calum G.. |
| Long memory, and more precisely fractionally integration, has been put forward as an explanation for the persistence of shocks in a number of economic time series data as well as to reconcile misleading findings of unit roots in data that should be stationary. Recent evidence suggests that long memory characterizes not commodity futures prices but rather price volatility (generally defined as $L_p$ norms of price logreturns). One implication of long memory in volatility is the mispricing of options written on commodity futures, the consequence of which is that fractional Brownian motion should replace geometric Brownian motion as the building block for option pricing solutions. This paper asks whether findings of long memory in volatility might be spurious... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Q13; Q14; Marketing; C52; C53; G12; G13. |
| Ano: 2007 |
URL: http://purl.umn.edu/9782 |
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| Govindasamy, Ramu; Schilling, Brian J.; Sullivan, Kevin P.; Turvey, Calum G.; Brown, Logan; Puduri, Venkata S.. |
| In 1984, the Jersey Fresh program was implemented by the New Jersey Department of Agriculture and was the first state-funded marketing campaign for agricultural products produced in New Jersey. In an effort to spur demand for New Jersey farm products, this program was designed to increase consumer awareness of the state’s agricultural products as well as to encourage food retailers to promote Jersey Fresh products. With funding from the USDA’s Federal-State Marketing Improvement Program, the New Jersey Department of Agriculture commissioned this study to determine the impact of Jersey Fresh promotion on farmer cash receipts in New Jersey. The econometric analysis was focused on the fruit and vegetable sectors, the primary commodity areas expected to... |
| Tipo: Report |
Palavras-chave: Agribusiness; Marketing. |
| Ano: 2004 |
URL: http://purl.umn.edu/36728 |
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| Turvey, Calum G.; Sparling, David. |
| Innovative new products offer agri-food producers and processors an opportunity to differentiate their output from the commodities prevalent in the sector. Unfortunately, many new products do not live up to initial expectations and are eventually abandoned. However, even with products that are doomed to fail, there is occasionally a period of time after their introduction when strong, but fallacious, indicators of success appear. Sometimes the initial appearance of success is so strong that new entrants rush in, increasing demand and prices for production capacity, thereby strengthening the illusion of industry success. Eventually, supply catches up to the unsupported demand and the bubble bursts. The fall is often dramatic and painful. This paper provides... |
| Tipo: Journal Article |
Palavras-chave: International Relations/Trade. |
| Ano: 2002 |
URL: http://purl.umn.edu/45698 |
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| Registros recuperados: 58 | |
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