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Registros recuperados: 32
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A Comparative Marketing Analysis of Major Agricultural Products in the United States and Argentina AgEcon
Lence, Sergio H..
Interest is high in Argentina as an emerging economic power in the Americas. This paper analyzes issues pertinent to the relative advantages and disadvantages between the United States and Argentina for producing, transporting, processing, and marketing major agricultural commodities in the context of distribution to significant global markets. Designed as a tool for agribusiness students and prospective investment and trade partners, it provides a side-by-side analysis of major U.S. and Argentine agricultural commodities. All facts and figures are in U.S. currency and common U.S. (avoirdupois) weights and measures. Also from a comparative perspective, it defines the differences in technologies between the countries and examines in detail the marketing...
Tipo: Working or Discussion Paper Palavras-chave: Agricultural commodities; Agricultural markets; Argentina versus United States; Commercialization; Comparative economic analysis; Grains; Livestock; Marketing channels; Production technology; Marketing.
Ano: 2000 URL: http://purl.umn.edu/18684
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AJAE Appendix: Welfare Impacts of Cross-Country Spillovers in Agricultural Research AgEcon
Lence, Sergio H.; Hayes, Dermot J..
The material contained herein is supplementary to the article named in the title and published in the American Journal of Agricultural Economics, Volume 90, Number 1, February 2008
Tipo: Journal Article Palavras-chave: Research and Development/Tech Change/Emerging Technologies.
Ano: 2008 URL: http://purl.umn.edu/7106
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An Economic Evaluation of Forecasts of Relevance to Agribusinesses and Agricultural Lenders (PowerPoint) AgEcon
Lence, Sergio H.; Wu, Jingtao; Lawrence, John D..
Tipo: Journal Article Palavras-chave: Agribusiness; Agricultural Finance.
Ano: 2008 URL: http://purl.umn.edu/48135
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An Empirical Investigation of Farm Loan Determinants (PowerPoint) AgEcon
Mishra, Ashok K.; Lence, Sergio H..
Tipo: Journal Article Palavras-chave: Agricultural Finance.
Ano: 2008 URL: http://purl.umn.edu/48136
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ASSESSING THE FEASIBILITY OF PROCESSING AND MARKETING NICHE SOY OIL AgEcon
Lence, Sergio H.; Agarwal, Sanjeev.
Demand in the marketplace for foods with "“natural”" attributes, such as organic produce, continues to grow. Similarly, interest has developed in creating a technology that allows "physical”" rather than chemical refinement of soybean oil to create a “"natural”" soy oil product. The physical refinement of non-genetically modified (non-GM) soybeans greatly strengthens the marketing claim to natural properties for that product. The oil derived in this manner, designated here as “"niche soy oil,"” and its related inputs (non-GM soybeans) and by-products (high-energy non-GM soy meal) are the objects of our analysis. We find premiums of $0.03 to $0.43 per pound for niche soy oil compared to commodity soy oil. However, our price analysis suggests that only...
Tipo: Working or Discussion Paper Palavras-chave: High-energy non-GM soy meal; Natural soy oil; Niche soy oil; Non-genetically modified soybeans; Marketing; Agribusiness.
Ano: 2003 URL: http://purl.umn.edu/18685
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Cointegration Analysis of Commodity Prices: Much Ado about the Wrong Thing? AgEcon
Mallory, Mindy L.; Lence, Sergio H..
This study highlights some problems with using the Johansen cointegration statistics on data containing a negative moving average (NMA) in the error term of the data generating process. We use a Monte Carlo experiment to demonstrate that the asymptotic distribution of the Johansen cointegration statistics is sensitive to the NMA parameters and that using the stated 5% critical values results in severe size distortion. In our experiment, using the asymptotic critical values resulted in empirical size of 76% in the worst case. To date a NMA in the error term was known to cause poor small sample performance of the Johansen cointegration statistics; however our study demonstrates that problems associated with a NMA in the error term do not improve as sample...
Tipo: Conference Paper or Presentation Palavras-chave: Cointegration; Johansen cointegration test; Moving average; Agricultural Finance; Financial Economics; C32; C15.
Ano: 2010 URL: http://purl.umn.edu/61721
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Collective Marketing Arrangements for Geographically Differentiated Agricultural Products: Welfare Impacts and Policy Implications AgEcon
Lence, Sergio H.; Marette, Stephan; Hayes, Dermot J.; Foster, William E..
This paper examines the incentive of atomistic agricultural producers within a specific geographical region to differentiate and collectively market products. We develop a model that allows us to analyze the market and welfare effects of the main types of real-world producer organizations, using it to derive economic insights regarding the circumstances under which these organizations will evolve, and describing implications of the results obtained in the context of an ongoing debate between the European Union and United States. As the anticipated fixed costs of development and marketing increase and the anticipated size of the market falls, it becomes essential to increase the ability of the producer organization to control supply in order to ensure the...
Tipo: Working or Discussion Paper Palavras-chave: Agricultural products; Collective promotion; Geographic indications; Supply control; Quality; Marketing.
Ano: 2006 URL: http://purl.umn.edu/18704
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DEMAND FOR CROP INSURANCE BY ORGANIC CORN AND SOYBEAN FARMERS IN THREE MAJOR PRODUCING STATES AgEcon
Singerman, Ariel; Hart, Chad E.; Lence, Sergio H..
A survey of organic grain and oilseed producers in Iowa, Minnesota and Wisconsin was conducted to collect information about their demographic characteristics, production and price risk management strategies, yields and losses, and crop insurance decisions. The data are analyzed using a discrete choice model to establish which variables influence organic producers’ decision of whether to purchase crop insurance and also which ones affect the insurance product choice when applicable. The study describes the risk profiles of organic producers, and analyzes whether significant variations exist between organic and conventional methods of production so as to quantitatively determine the differential production risk associated with organic production. This...
Tipo: Conference Paper or Presentation Palavras-chave: Crop insurance; Organic farming; Organic production; Agricultural and Food Policy; Risk and Uncertainty; Q18.
Ano: 2010 URL: http://purl.umn.edu/60935
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DO FUTURES BENEFIT FARMERS WHO ADOPT THEM? AgEcon
Lence, Sergio H..
Simulations are used to quantify the effects of making a futures market available on adopting farmer's’ behavior and welfare, and on market variables (e.g., spot prices). Explicitly modeled are aggregate market effects associated with futures' adoption by many farmers, and relevant constraints (e.g., credit restrictions) often faced by commodity producers.
Tipo: Conference Paper or Presentation Palavras-chave: Marketing.
Ano: 2002 URL: http://purl.umn.edu/19768
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Does Duality Theory Hold in Practice? A Monte Carlo Analysis for U.S. Agriculture AgEcon
Rosas, Francisco; Lence, Sergio H..
The Neoclassical theory of production establishes a dual relationship between the profit value function of a competitive firm and its underlying production technology. This relationship, usually referred to as the duality theory, has been widely used in empirical work to estimate production parameters without the requirement of explicitly specifying the technology. We analyze the ability of this approach to recover the underlying production parameters and its effects on estimated elasticities and scale economies measurements, when data available for estimation features typical realistic problems. We design alternative scenarios and compute the data generating process by Monte Carlo simulations, so as to know the true technology parameters as well as to...
Tipo: Conference Paper or Presentation Palavras-chave: Duality theory; Firm’s heterogeneity; Measurement error; Data aggregation; Omitted variables; Endogeneity; Uncertainty; Monte Carlo simulations.; Crop Production/Industries; Production Economics; Risk and Uncertainty; Q12; D22; D81.
Ano: 2011 URL: http://purl.umn.edu/103911
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ECONOMIC PERSPECTIVES ON GMO MARKET SEGREGATION AgEcon
Miranowski, John A.; Moschini, GianCarlo; Babcock, Bruce A.; Duffy, Michael D.; Wisner, Robert N.; Beghin, John C.; Hayes, Dermot J.; Lence, Sergio H.; Baumel, C. Phillip; Harl, Neil E..
Genetically modified organisms (GMO) crops have become increasingly popular with Iowa farmers over the past few years. The current genetic modifications are focused on pest management technologies. Although there were early efforts by environmental activists to disrupt the adoption of GMO technology, few concerns were raised by U.S. food retailers and consumers. The primary concern was getting European Union (EU) regulatory approval for each GMO crop variety event as late as spring 1999. The situation has changed dramatically in the last few months, and the current situation is highly uncertain. This paper provides the economic perspective on the issues surrounding non-GMO/GMO market segregation, the potential price impacts that may materialize with...
Tipo: Working or Discussion Paper Palavras-chave: Marketing; Research and Development/Tech Change/Emerging Technologies.
Ano: 1999 URL: http://purl.umn.edu/18232
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Empirical Analysis of the Determinants of Marketing Contract Structures AgEcon
Paulson, Nicholas D.; Katchova, Ani L.; Lence, Sergio H..
Initial draft replaced by updated/revised version. This is an electronic version of a journal article, please cite as: Paulson, N.D., A.L. Katchova, and S.H. Lence. “An Empirical Analysis of the Determinants of Marketing Contract Structures for Corn and Soybeans.” Journal of Agricultural and Food Industrial Organization 8(2010), 4: 1-23.
Tipo: Conference Paper or Presentation Palavras-chave: Marketing.
Ano: 2008 URL: http://purl.umn.edu/6080
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FARMER-OWNED BRANDS? AgEcon
Hayes, Dermot J.; Lence, Sergio H.; Stoppa, Andrea.
The paper lays out the economic arguments in favor of the establishment of farmer-owned brands in midwestern agriculture and presents four case studies based on successful efforts in this area in the United States and European Union. The case studies involve Parma Ham, Brunello di Montalcino wine, Vidalia onions, and a third-party verification organization. The studies show that these brands can be profitable for farmers and emphasize the importance of restricting the supply of any successful brand. One of the case studies shows that this type of supply control can conflict with antitrust regulations.
Tipo: Working or Discussion Paper Palavras-chave: Antitrust; Brands; Farm profitability; Farmer-owned brands; Origin control; Value-added agriculture; Marketing.
Ano: 2003 URL: http://purl.umn.edu/18287
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HOW CLOSELY RELATED ARE THE PRICES OF ORGANIC AND CONVENTIONAL CORN? AgEcon
Singerman, Ariel; Lence, Sergio H..
Tipo: Conference Paper or Presentation Palavras-chave: Cointegration; Organic corn prices; Organic farming; Organic production; Agricultural and Food Policy; Q18.
Ano: 2010 URL: http://purl.umn.edu/61151
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HOW LARGE IS THE COMPETITIVE EDGE THAT U.S.-BASED FUTURES PROVIDE TO U.S. FARMERS? AgEcon
Lence, Sergio H..
The present study advocates a simulation approach to analyze quantitatively the impact of having locally-based markets for price derivatives. A major result is that market outcomes do not appear to be sensitive to most of the underlying parameters of the model other than demand elasticity and transportation costs. For the case of inelastic demand, introduction of a futures market in a country provides domestic producers with a competitive edge if transportation costs. The most important insight of the present analysis is that, under realistic scenarios it need not be the case that local producers will gain a competitive edge over foreign producers by introducing a futures market based on the local spot prices.
Tipo: Conference Paper or Presentation Palavras-chave: Commodity markets; Derivative markets; Futures markets; Welfare analysis; Rational expectations; Marketing.
Ano: 2004 URL: http://purl.umn.edu/20371
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How Much Can We Learn About Producers' Utility Functions from Their Production Data? AgEcon
Lence, Sergio H..
A thought experiment is designed to investigate whether the structure of risk aversion (i.e., the changes in absolute or relative risk aversion associated with changes in wealth) can be estimated with reasonable precision from agricultural production data. Findings strongly suggest that typical production data are unlikely to allow identification of the structure of risk aversion. A flexible utility parameterization is found to slightly worsen technology parameter estimates. Results also indicate that even under a restricted utility specification, utility parameter estimates are biased. Further, their quality is much worse when shocks are not large or samples are small.
Tipo: Presentation Palavras-chave: Expected utility; Risk preferences; Production analysis; Risk attitudes; Production Economics; Risk and Uncertainty; C13; D24; D81; Q12.
Ano: 2008 URL: http://purl.umn.edu/119534
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Joint Estimation of Risk Preferences and Technology: Flexible Utility of Futility? AgEcon
Lence, Sergio H..
The present study sets up a thought experiment calibrated to represent risks of a high-risk production activity (farming), and investigating whether the structure of risk aversion (i.e., the changes in absolute or relative risk aversion associated with changes in wealth) can be estimated with reasonable precision. Findings strongly suggest that typical production data are unlikely to allow identification of the structure of risk aversion. A flexible utility parameterization is found to worsen technology parameter estimates. Findings also indicate that even under a restricted utility specification, the quality of utility parameters estimated from small samples is very poor.
Tipo: Conference Paper or Presentation Palavras-chave: Expected utility; Risk preferences; Production analysis; Risk attitudes.; Risk and Uncertainty; C13; D24; D81; Q12..
Ano: 2007 URL: http://purl.umn.edu/9980
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LAND ALLOCATION IN THE PRESENCE OF ESTIMATION RISK AgEcon
Lence, Sergio H.; Hayes, Dermot J..
Estimation risk occurs when parameters relevant for decision making are uncertain. Bayes'’ criterion is consistent with expected-utility maximization in the presence of estimation risk. This article examines optimal (Bayes’') land allocations and land allocations obtained using the traditional plug-in approach and two alternative decision rules. Bayes’' allocations are much better economically than the other allocations when there are few sample observations relative to activities. Calculation of certainty equivalent returns (CERs) with estimation risk is also discussed and illustrated. CERs are typically (and incorrectly) calculated with the plug-in approach. Plug-in CERs may be extremely misleading.
Tipo: Journal Article Palavras-chave: Land Economics/Use.
Ano: 1995 URL: http://purl.umn.edu/30929
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OPTION PRICING ON RENEWABLE COMMODITY MARKETS AgEcon
Lence, Sergio H.; Hayes, Dermot J..
The paper motivates and proposes a closed-form option-pricing model for markets such as grains or livestock where the price level can be expected to revert to expected production costs. The model suggests that traditional option pricing models will overprice long-term options on these markets.
Tipo: Working or Discussion Paper Palavras-chave: Marketing.
Ano: 2002 URL: http://purl.umn.edu/18457
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OPTION PRICING ON RENEWABLE COMMODITY MARKETS AgEcon
Lence, Sergio H.; Hayes, Dermot J..
Practitioners Abstract: The paper motivates and proposes a closed form option pricing model for markets such as grains or livestock where the price level can be expected to revert to expected production costs. The model suggests that traditional option pricing models will overprice long term options on these markets.
Tipo: Conference Paper or Presentation Palavras-chave: Marketing.
Ano: 2002 URL: http://purl.umn.edu/19053
Registros recuperados: 32
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