Agribusiness最新文献

{"title":"Managing risk in commodity processing using formula pricing contracts: An application to ethanol","authors":"David W. Bullock, William W. Wilson","doi":"10.1002/agr.21942","DOIUrl":"https://doi.org/10.1002/agr.21942","url":null,"abstract":"As is the case with many commodity processors, manufacturers of ethanol face considerable margin risk from a wide range of input and output prices and the interrelation of these risks with the technical operational efficiency of the plant. Buyers of ethanol desire greater budget certainty for future ethanol purchases. An approach to pricing that has found considerable use in the livestock, dairy, and milling industries is the use of component‐based formula pricing. This study constructs a Monte Carlo simulation model of a typical South Dakota ethanol plant that uses a formula contract to fix components of the ethanol price. The simulation results indicate that the contract has considerable margin risk management benefits for the ethanol producer. The buyer also achieves marginal risk management benefits but with greater budget certainty as the components are fixed. Additional observations of interest to the industry are drawn from the sensitivity results of the simulations. [EconLit Citations: Q13, G17].","PeriodicalId":55544,"journal":{"name":"Agribusiness","volume":"203 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140568675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An investigation of the price discovery role of futures markets: A dynamic time warping analysis of the United States corn markets","authors":"Dragan Miljkovic, Puneet Vatsa, Frayne Olson","doi":"10.1002/agr.21939","DOIUrl":"https://doi.org/10.1002/agr.21939","url":null,"abstract":"Futures markets are critical to price discovery and often dominate spot markets. We analyze the linkages between daily corn futures and spot prices in the United States using dynamic time warping. This nonparametric pattern recognition technique has several advantages over traditional time series methods. First, it can detect multiple changes in the lead‐lag associations between the two prices within short intervals; the duration with which one series leads or lags another is not assumed to be fixed. Second, the method can be applied to time series without regard to their stationarity properties. This greatly expands the scope of this method to accommodate a wide range of time series. Third, it lends itself well to studying small samples, which econometricians encounter routinely. Fourth, the results are presented intelligibly using intuitive visualizations. Our results show that futures markets are critical to price discovery; nevertheless, spot markets dominate futures markets intermittently. We discuss the results in detail, setting them in the proper context. [EconLit Citations: C14, C32, Q02, Q11].","PeriodicalId":55544,"journal":{"name":"Agribusiness","volume":"34 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140568890","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Supply chain risk in grain trading: Inventories as real options for shipping grain","authors":"William W. Wilson, Jesse Klebe","doi":"10.1002/agr.21938","DOIUrl":"https://doi.org/10.1002/agr.21938","url":null,"abstract":"Integrating trading and logistics is an important challenge in commodity trading. Trading and logistics are strategic decisions and are integral to most commodities including grain shipping by rail, in addition to other modes (barges, ocean shipping). There are substantial risks, such as the ordering and placement of rail cars. The other risk is having sufficient grain stocks to load rail cars. Alternatives for managing these risks include holding grain inventories and the strategic use of shipping options. The purpose of this study is to develop a model for determining an optimal grain inventory strategy for shippers. The real option methodology is used to value uncertainty in rail car velocity and determine optimal purchases and inventories. The results show the importance of integrating trading and logistics decisions and illustrate that inventories can be interpreted and valued as real options that are affected by uncertainties. Taken together, the real options indicate how much extra inventory shippers should maintain to mitigate risks and maximize profits.","PeriodicalId":55544,"journal":{"name":"Agribusiness","volume":"540 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140568750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effect of risk and incentives on contracts: The case of farm operators in Iowa","authors":"Jun Yeong Lee","doi":"10.1002/agr.21936","DOIUrl":"https://doi.org/10.1002/agr.21936","url":null,"abstract":"Longitudinal data on Iowa landowner–operator contracts are used to examine how the mean, variance, and skewness of expected farmland returns affected contract terms from 2008 to 2019. To control for unobserved operator risk preferences and ability as a fixed effect, the sample includes operators with multiple contracts. Our empirical work shows that farmland with lower variance is more likely to be rented for cash, whereas land with highly variable returns is more likely to be custom contracted. [EconLit Citations: L14, Q15]","PeriodicalId":55544,"journal":{"name":"Agribusiness","volume":"3 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140568662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Product differentiation in the fruit industry: Lessons from trademarked apples","authors":"Modhurima Dey Amin, Syed Badruddoza, Jill J. McCluskey, Gregory Astill","doi":"10.1002/agr.21937","DOIUrl":"https://doi.org/10.1002/agr.21937","url":null,"abstract":"We derive price premiums for patented or trademarked apple varieties, also known as “club apples,” compared to open‐variety apples. We use an expansive retail scanner dataset, along with unique data on apple taste characteristics, to estimate monthly club apple premiums for 2008–2018. We find that club apple premiums are around 29% and have consistently decreased from 35% in 2008 to 22% in 2018. Positive club apple premiums relate to consumers' preferences for juicier, more acidic, and sweeter apples. We do not find evidence that consumers place value on the exclusivity of purchasing more expensive and limited varieties. Hence club premiums exist in the market by meeting the demand of consumer segments for apples with distinct taste attributes rather than replacing the demand of traditional consumers who prefer open varieties. We use a vector error correction framework to find short‐run and long‐run determinants of club apple premiums. In the short run, the sales of club varieties may positively associate with the sales of open varieties, given the premium and cost factors. However, in the long run, there is a negative cointegrated relationship between club apple sales, open apple sales, and club apple premiums; and an increase in club apple sales is adversely related to the open apple sales and club premiums. The high initial premiums of protected club varieties have provided incentives for the development of uniquely differentiated apple varieties, while in the long term as production expands, premiums decrease making club varieties less expensive for consumers [EconLit Citations: L66, Q11].","PeriodicalId":55544,"journal":{"name":"Agribusiness","volume":"42 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140568743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does urban–rural integration reduce rural poverty?","authors":"Kunzai Niu, Hengzhou Xu","doi":"10.1002/agr.21935","DOIUrl":"https://doi.org/10.1002/agr.21935","url":null,"abstract":"Rural poverty reduction is a challenge worldwide. Urban–rural integration is not only the result of urban and rural development but also the cause of poverty alleviation. Few studies, however, have used empirical methods to examine the social impact of urban–rural integration. Against the Chinese background, this study adopts an empirical method to analyze the impact of urban–rural integration on rural poverty reduction at the micro level. The study finds that urban–rural integration can reduce rural households' absolute poverty and relative income poverty. The main channel is the access of rural households to medical services. However, there is regional heterogeneity and household heterogeneity. Urban–rural integration cannot reduce rural household poverty for the western regions with backward economies. Household heads' age, health and job will impact the effect of urban–rural integration on reducing rural household poverty. Urban–rural integration and poverty alleviation development work should pay more attention to access to resources and services and adopt differentiated policies for different regions. [EconLit Citations: R1]","PeriodicalId":55544,"journal":{"name":"Agribusiness","volume":"44 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140568674","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Role of environmental, social and governance disclosure in business profitability and cost of debt: An analysis of small Southern Italian agri‐food businesses","authors":"Arru Brunella, Delrio Federico, Furesi Roberto, Pulina Pietro, Fabio Albino Madau","doi":"10.1002/agr.21933","DOIUrl":"https://doi.org/10.1002/agr.21933","url":null,"abstract":"This article investigates the environmental, social, and governance (ESG) commitment of small agri‐food businesses disclosed by 279 Italians using Thomson Reuters Eikon ESG indicators and its relationship with their financial dimensions, that is, the corporate profitability indexes (ROE and EBITDA) and cost of debt, used as a proxy of the ability to access credit. Findings showed the absence of social reporting and the disclosure of business governance, including sustainability strategy, and the poor reporting of the environmental and social pillars, except for product innovation, product quality, and responsible marketing themes. The capability of ESG disclosure to predict corporate profitability and access to credit is limited. Moreover, investments in product responsibility are negatively related to the cost of debt, while commitment toward the internal and external companies' community appears to predict their ability to access credit positively. In light of the new institutional pressures requiring small agri‐food businesses to change and combine intrinsic and extrinsic motivation for CSR, the study extends the literature on the sustainability of small agri‐food businesses, which is mostly limited, and provides significant practical and political contributions to foster the paradigm shift toward sustainability [EconLit Citations: M21, Q01, Q13].","PeriodicalId":55544,"journal":{"name":"Agribusiness","volume":"246 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140200587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Consumer acceptance and valuation of quality‐improved food products derived by genome editing technology. A case study of rice in Vietnam","authors":"Nguyen Thi Hao, Seifeddine Ben Taieb, Masahiro Moritaka, Susumu Fukuda","doi":"10.1002/agr.21929","DOIUrl":"https://doi.org/10.1002/agr.21929","url":null,"abstract":"Unlike genetic modification, genome editing (GE) technologies can be used to yield transgene‐free outcomes, which is an important aspect in promoting consumer acceptance of GE foods. In addition, with the advent of the clustered regularly interspaced short palindromic repeats/Cas9 (CRISPR/Cas9) system, which is known to be exceptional among genome editing tools, GE has numerous potential applications in plant breeding technology to create diverse desirable traits, especially consumer‐targeted traits such as improved product quality and nutrition. It is expected that the GE foods market will overtake that of genetically modified (GM) foods. Although few GE products have been introduced to the market, some studies have already evaluated consumer acceptance and valuation of GE foods in comparison with GM and conventional foods. However, these studies mainly focused on traits relevant to cultivation efficiency and ignored consumer preferences for desirable traits. Further, it has been shown that consumers evaluate GE foods somewhat higher than GM foods; yet, as observed for GM foods, consumers expect a discounted price for GE foods. GE application for consumer‐targeted traits could, however, have a potentially positive effect on consumer acceptance. This study was conducted to evaluate consumer acceptance and valuation of quality‐improved consumer‐targeted GE products. We defined the determinants and estimated the willingness to pay a price premium for GE rice compared to GM and conventional rice by using the double‐bounded contingent valuation method under different information treatments. The survey was conducted in Vietnam, where consumers have not been exposed to information regarding GE via social media that could lead to a biased perspective. This context is ideal for investigating the effect of information provision during the introductory stage of GE products to the market. Our main findings suggest that consumers will widely accept quality‐improved GE foods targeted at consumer preferences, as well as the positive influence of in‐depth information provision on potential consumer acceptance. [EconLit Citations: Q10: Agriculture: General].","PeriodicalId":55544,"journal":{"name":"Agribusiness","volume":"144 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140156178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The effects of agricultural machinery services and land fragmentation on farmers' straw returning behavior","authors":"Xin Wang, Yanping Song, Wei Huang","doi":"10.1002/agr.21934","DOIUrl":"https://doi.org/10.1002/agr.21934","url":null,"abstract":"Straw returning is important for rural ecological management and sustainable agricultural development. Using farm survey data for Anhui Province, China, in 2020, we applied the double‐hurdle model to investigate the impact of agricultural machinery services and land fragmentation on farmers' straw‐returning behavior, and to explore the relationship between agricultural machinery self‐service and outsourced service. Self‐service had a significant positive effect on farmers' straw‐returning behavior, while outsourced service had a significant positive effect only on degree of adoption. Land fragmentation had a significant negative effect on farmers' straw‐returning behavior, and significantly inhibited the effect of self‐service on adoption decision. Complementarity existed between self‐service and outsourced service in farmers' straw‐returning adoption decision, and the effect was more pronounced among smaller‐scale farmers. There was significant substitutability between self‐service and outsourced service in degree of adoption among larger‐scale farmers. Transfer and integration of rural land, increasing agricultural machinery purchase subsidy, upgrading farmers' self‐service capability, and promoting development of socialized agricultural machinery services should be implemented to promote crop straw returning. EconLit Citations: Q01, Q16.","PeriodicalId":55544,"journal":{"name":"Agribusiness","volume":"133 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140155993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Who is willing to pay a premium for leafy greens produced by indoor agriculture? A comparative choice experiment with US consumers","authors":"Joseph Seong, Simone Valle De Souza, April Athnos, H. Christopher Peterson","doi":"10.1002/agr.21931","DOIUrl":"https://doi.org/10.1002/agr.21931","url":null,"abstract":"Indoor agriculture (IA) presents a pathway to producing leafy greens more sustainably by strictly controlling the growing environment, increasing the efficiency of water and land resources use, reducing pesticide application, and enhancing quality characteristics. However, the commercial success of adopting this production method depends on the technology's widespread consumer acceptance paired with a price premium for the improved quality it provides. This paper characterizes American consumer preferences for leafy greens, reports a positive WTP for leafy green attributes, and estimates how consumer attitudes toward IA affect their leafy green choices. The findings are drawn from an online survey of over 2000 US leafy green consumers conducted in 2021. The respondents faced a hypothetical discrete choice experiment (DCE) designed to simulate purchasing leafy green produce. The alternatives presented in the DCE varied over production systems (IA, field farming, or greenhouses) and quality levels (taste, freshness, nutrient level, and food safety). Estimates identify significant preference heterogeneity for leafy green attributes and facilitate classifying consumers into three preference-based groups: “Quality Seekers,” “Price Conscious,” and “Focused Practicals.” Preference variation is significantly greater for production methods than quality characteristics, indicating nascent production method preferences. Results suggest most US consumers view IA positively; however, WTP estimates vary significantly between consumer segments [EconLit Citations: D12, D13].","PeriodicalId":55544,"journal":{"name":"Agribusiness","volume":"109 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140128085","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}