Hedonic pricing and the role of stud fees in the market for thoroughbred yearlings in Australia

Using data from one of Australia's largest thoroughbred auction houses, we investigate the price determinants of thoroughbred yearlings sold at auction. We include novel key variables to construct hedonic pricing models and examine the relative role of stud fees compared to the wide range of attributes in the pricing of yearlings. We find that the price effect of stud fees is influenced by the value buyers place on both the characteristics of sires and the characteristics of sire side siblings. The findings imply that the quality of dams a sire has been matched within the breeding market has consequential effects on yearling prices through the sire's stud fee and progeny.     

Modelling the EU sugar supply to assess sectoral policy reforms

We investigate the possible linkages between the EU sugar productionunder quota and the supply of C sugar. We calibrate the implicitcross-subsidy between in-quota sugar and out-of-quota sugar.The resulting supply specification is included in a computablegeneral equilibrium model of the EU economy detailing the agriculturalsector. We simulate the effects of the 2006 reform of the EUsugar regime and the effects of a ban on sugar export subsidies.Results suggest that the reform makes it possible to fill therequirements of the 2005 World Trade Organisation panel butthat further adjustment will be needed to eliminate all exportsubsidies as is scheduled for 2013.     

试论汉代农业领域中的商品生产问题

汉代农业生产是自给生产和商品生产的结合，汉代农业生产的主体包括经营专业户、地主和小农，其生产都不同程度地含有商品生产的因素。汉代小农的生产是自给性生产和商品性生产的统一，在小农生产中商品生产的存在具有必然性，离开商品性生产，自给性生产也将无法维持。     

我国甘蔗燃料乙醇生产潜力与发展策略

由于甘蔗具有抗逆性强、能量效率高、生产成本高等优势,甘蔗制燃料乙醇在世界燃料乙醇生产、贸易中占据重要地位。我国利用甘蔗制燃料乙醇当前已具备充足的原料供应能力,成熟的育种技术、乙醇发酵、蒸馏技术,较好的经济效益,都使甘蔗燃料乙醇生产潜力巨大。因此,我国可以在未来5年内,利用我国现有甘蔗原料资源,打造年产能150万～200万t燃料乙醇、226亿kw·h绿色电力和100万t绿色肥料的新兴甘蔗乙醇产业群。     

Energy mix persistence and the effect of carbon pricing

Energy mix persistence is a defining characteristic of energy systems, for reasons including the long‐lived nature of energy infrastructure and the role of local endowments. This persistence is evident in current energy‐type use being strongly influenced by past use. Our analysis uses data for eight energy types and a large sample of countries, finding varying degrees of energy mix persistence. We also find evidence that carbon pricing appears to have played a key role in tilting energy mixes from coal towards renewable energy. Our estimates provide empirical support to policymakers seeking to implement carbon pricing to transition their energy systems in a lower‐carbon direction.     

Farm-based modelling of the EU sugar reform: impact on Belgian sugar beet suppliers

A mathematical programming model, calibrated on individual farmdata, is used to analyse the reform of the common market organisation(CMO) in the sugar sector of the European Union. The model includesa precautionary farm supply function for out-of-quota sugarbeet that is estimated as part of a simultaneous system of first-orderconditions. Simulation results from a sample of Belgian sugarbeet farms show that the sugar CMO reform induces differentsupply and income effects across farms depending on their shareof out-of-quota sugar beet relative to their total beet supplyand their quota rent. A further cut in the minimum price ofsugar beet initiates structural change in the farm sector.     

农业水价改革绩效的熵权模糊综合评价

随着农业水价改革在全国范围内不断地试点展开,客观上要求建立有效、合理并且实用的农业水价改革绩效评价体系和评价方法,以便科学、客观地反映改革试点的农业水价改革的成效与不足,为进一步推动改革的发展提供参考。为此,构建了农业水价改革的绩效评价体系,并提出一种熵权模糊综合评价模型。模型运用熵权法确定评价指标的权重向量,并运用模糊综合评价方法将农业水价改革绩效中的模糊性、复杂性以及不确定性进行综合量化,得出评价结果。将模型运用于实例中的湖南省农业水价改革试点的绩效评价,结果表明:该模型是合理可行的,能较为全面客观地反映农业水价改革试点的成效与不足,在实践中具有一定的应用价值。     

Loss of preferential access to the protected EU sugar market: Fiji's response

The Fijian government's response since 2010 to the loss of preferential access to the European Union's previously highly protected sugar market has been to increasingly support its cane growers and millers. That support is now much higher than most other countries' assistance to the sugar industry. This study provides detailed estimates of the changing extent of those transfers to producers from both taxpayers and consumers during 2010–22. In doing so, it estimates for the first time an annual time series of nominal rates of assistance to producers and consumer tax equivalent rates (NRAs and CTEs, but they are also converted to producer and consumer support estimates as defined by the OECD). Those NRA and CTE estimates have been approaching 100%. The level of support was equivalent to 10% of Fiji's agricultural value added in 2018–21 and is around 5% of its government's consolidated revenue—at a time when the government has a very high debt-to-GDP ratio (90% in 2022). Since the nature of the support is economically inefficient, inequitable, environmentally damaging and fiscally unsustainable given foreseeable market prospects, suggestions are made as to how that support might be repurposed to provide better economic, social and environmental outcomes for Fiji.     

Refining the real estate pricing model

Investment theory dictates that capitalisation (cap) rates for freehold real estate should be determined by the risk-free nominal rate of return plus the risk premium (RP) less the expected growth rate, with an allowance for depreciation. However, importing the concept of the RP from the capital markets fails to guide investors through the complexities of the asset, or enable exploration of purchaser preferences and behaviour. A refined pricing model for real estate is proposed, based on a concept termed a risk scale, to distinguish between macro (market) and micro (stock) determinants of risk and growth within the RP. This pricing model is estimated for a major global investment market, using a cross-sectional inter-temporal framework, with a data-set of 497 transactions in the London office sector over 2010 Q2–2012 Q3. Average cap rates are estimated at just over 5%, with asset-specific attributes dominating yield determination, with submarket quality and tenant covenant most important; and unexpired term insignificant, surprising during the ‘flight to safety’ characterising the period. International investors bought at lower cap rates, despite the ongoing economic and financial instability of the study period. Improving understanding of pricing behaviour and market transparency is important and may be advanced through the pricing model.     

Assessing economic instruments to steer urban residential sprawl,using a hedonic pricing simulation modelling approach

Over the past centuries, cities have undergone major transformations that led to global urbanization. One of the phenomena emerging from urbanization is urban sprawl, defined as the uncontrolled spread of cities into undeveloped areas. The decrease in housing prices and commuting costs as well as the failure to internalize the real costs associated with natural land, led to households moving-out into the urban fringe – resulting in fragmented, low-density residential development patterns that has multiple negative impacts. Awareness for this problem has fed the need for the implementation of effective policies against urban residential sprawl – a subject that has received considerable attention in literature, albeit little attention has been given to economic incentive instruments. Hence, the objective of this paper is to assess the effectiveness of different economic instruments in steering urban residential sprawl – assessing property taxes, land taxes and public transport subsidies. To this end, the Sustainable Urbanizing Landscape Development (SULD) model is used and adapted, and a case study is provided for the medium-sized City of Aveiro in central Portugal. Results show that a flat property tax and a public transport subsidy for low and middle-income households are the most efficient instruments, leading to a decrease in urban residential area, living space and housing quantity as well as an increase in real estate values. On the other hand, a land tax results in insignificant changes in urban residential development patterns.     

The value of views and open space: Estimates from a hedonic pricing model for Ramsey County,Minnesota, USA

We examined how environmental amenities, particularly views and open space access, impact residential home sales prices in Ramsey County, MN using a hedonic pricing model. Home sale prices increase with closer proximity to parks, trails, lakes, and streams. Proximity to lakes produced the greatest impact on home sale value of these distance variables, followed by parks, trails, and streams. Increasing view areal extents as well as increasing the amount of water and grassy land covers in views also resulted in increased sale prices. Increased view richness in terms of the number of different land cover types in a view reduced home sale prices. These results illustrate the importance of these environmental amenities to single-family homeowners and can be used to inform land use planning and policy decisions aimed at their preservation.     

An analysis of bundle pricing: the case of biotech seeds

Biotechnology has provided opportunities for strategic management and pricing of patented products. This article analyzes the economics and strategy of bundling and bundle pricing of biotech traits in seeds. When the bundling of genes/traits is decided by biotech firms, firms may choose among subadditive pricing, component pricing, or superadditive pricing strategies. We argue that complementarity among component genes contributes to subadditive pricing, while substitution among components contributes to superadditive pricing. The nature of bundle pricing is explored empirically using U.S. seed corn data from 2000 to 2007. We document that subadditive bundle pricing of traits is commonly found in the seed corn market. However, we also present evidence of superadditive pricing and component pricing. The presence of different pricing and bundling strategies suggests a rapidly advancing and complex market. The preponderance of subadditive pricing suggests that trait bundling offers benefits to farmers exhibiting strong demand for multiple complementary genetic traits.     

Crossing spatial analyses and livestock economics to understand deforestation processes in the Brazilian Amazon: the case of São Félix do Xingú in South Pará

The Amazon is the largest tropical forest area on Earth, and has been undergoing rapid deforestation for the last four decades. In the Brazilian Amazon, large‐scale pasture for cattle ranching and soybean production are the main land uses, leading to a yearly deforestation rate of 0.5%. These conversions are mostly located in frontier areas distributed along the so‐called “arc of deforestation”. Within this large zone, various land use change processes are interacting through several modes of land valuation and organisation. From several case studies in the State of Pará (Brazil), the current project aims at analysing how landscape dynamics are related to infrastructure development, ecological conditions, zoning policies and to the evolution and the organisation of the production, consumption and marketing chains of livestock products. This paper presents the results for one test site, the region of São Félix do Xingú, South of Pará This region is the focus of land speculation, cattle expansion, and deforestation. Road construction, investments in electrical energy, financial credit for cattle, and the land reform policies have all fuelled this process. All these factors make this region one of the most dynamic agricultural frontiers in the Brazilian Amazon. The main objective of the paper is to improve our understanding of deforestation processes by crossing spatial analyses and 1ivestock economics.studies, and to characterise the role and impact of various natural and anthropic factors in the location and development of the main types of farmers, and their policy implications.     

实物期权在水利项目投资决策中的模型构建

简单介绍实物期权的概念、特性、分类以及定价模型，在此基础上结合水利工程的特点，分析水利建设项目投资决策的实物期权特征，构造水利建设项目投资决策中的两种实物期权：延迟投资期权和增长实物期权。依据两种实物期权特定的定价模型参数确定方法，确定可用于水利建设项目投资决策过程的定价模型。