U.S. Crop Farmers' Use of Market Advisory Services

Abstract

This study reports that Market Advisory Services (MAS) are used by about 82% of commercial U.S. crop producers, based on the results of a recent survey. Only 43% of MAS users rely on a single service, while the other 57% subscribe to multiple services. MAS users' profiles in terms of their (1) demographic characteristics, (2) risk attitude, and (3) marketing behavior are presented. The results indicate that MAS users can be differentiated based on their location and use of computers, though not on age and farm size. MAS users are shown to be significantly more risk seeking than non-users. Furthermore, MAS users apply significantly more forward-pricing techniques, but are no different from non-users in terms of marketing frequency.     

Do IMF Programmes Have a Catalytic Effect on Other International Capital Flows?

It has frequently been assumed that the International Monetary Fund (IMF) plays an important catalysing role in mobilizing international capital for developing countries and countries in transition. The Fund has conventionally been depicted as a "gatekeeper" that unlocks financial flows from other sources, particularly private international capital markets. However, more recently, international financial crises have highlighted the problem of capital volatility and have led to calls for reform of the international financial architecture and, as part of this, the IMF. Unfortunately, basic questions about the interaction between current institutional arrangements and international capital markets have yet to be answered. How do international capital markets react to the activities of the IMF? Do the reactions of private and public lenders differ? Have their reactions changed over time? Do market responses depend on country characteristics and on the type of IMF involvement and, if so, how? This paper addresses these questions and goes on to discuss the policy implications that arise.     

Market Integration of Fish in Europe

This paper examines market integration between fish species in Europe, taking international market integration into account. Based on Juselius (2006) , market integration is found both on the fresh and frozen markets. The Law of One Price is in force on the fresh market within the segments of flatfish and pelagic fish. Assuming transitivity, a loose form of market integration is identified between 13 fresh and seven frozen fish species, and the relative prices are found fairly stable. The policy implication is that catch limitation measures implemented through the Common Fisheries Policy have limited and conditional effects on prices, because of the large size of the market and varying market integration. Therefore, many fishermen are not ‘compensated’ by price increases as a result of catch limitation measures.     

Food Safety and Private International Law

Abstract

One response to rising consumer concerns pertaining to food safety has been private industry and public sector initiatives to put in place traceability systems. One of the objectives of traceability systems is to enhance the deterrence role played by legal liability. When supply chains cross international boundaries, private international law governs liability. This paper explores the relationship between food safety, traceability, legal liability and private international law with the interface of Canadian and US law as the example. The conclusion is that, even when legal systems have a similar basis and governments cooperate in enforcement, the complexity of private international law will inhibit the role of traceability and liability in raising food safety standards.     

Assessing the Contribution of Attitudinal Variables in International Models of Food Consumption

Abstract

This study compares the predictive ability of attitudinal variables with that of demographic variables in an international context. Using hierarchical regression analysis, the contribution of attitudinal variables to five models of food purchase behavior in urban China is evaluated. The results of the study indicate that, in some circumstances, multinational firms might opt to omit attitudinal measures in international consumer studies. Analysis of variance techniques are then used to examine the relationship between key demographic variables and food purchase behaviors.     

Food-Related Lifestyle Segments in Ireland with a Convenience Orientation

Abstract

This paper reports on an investigation into the convenience orientation of various food-related lifestyle segments in Ireland. The food-related lifestyle instrument developed by the Centre for research on customer relations in the food sector (MAPP Institute in Denmark) provided a valuable framework for the development of this analysis.

This instrument was applied in Ireland in 2001, with a nationally representative sample of one thousand Irish consumers. Six distinct food-related lifestyle segments were identified (Ryan, 2002). The lifestyle instrument grouped consumers in terms of their attitudes towards the purchase, preparation and consumption of food products in general.

This research investigates the degree to which these food-related lifestyle segments are convenience-oriented by investigating their attitudes towards convenience and their purchase frequency for a range of convenience foods. The convenience element was developed following a review of the Irish convenience food market, which highlighted a number of convenience-related food issues driving this market. This study identified the food-related lifestyle segments that were particularly convenient oriented. These segments were further explained by relating their purchase frequency for a range of convenience products.

The attitudes of the various food-related lifestyle segments towards convenience foods and purchase frequencies for convenience foods differed. Three of the food-related lifestyle segments were identified as having a convenience orientation, namely the hedonistic, the extremely uninvolved and the adventurous segments.     

Using a functional approach to test trending volatility in the price of Mexican and international agricultural products

In this article, we extend the traditional GARCH(1,1) model by including a functional trend term in the conditional volatility of a time series. We derive the main properties of the model and apply it to all agricultural commodities in the Mexican CPI basket, as well as to the international prices of maize, wheat, swine, poultry, and beef products for three different time periods that implied changes in price regulations and behavior: before the North American Free Trade Agreement (NAFTA; 1987–1993), post‐NAFTA (1994–2005), and commodity supercycle (2006–2014). The proposed model seems to adequately fit the volatility process and, according to heteroscedasticity tests, also outperforms the ARCH(1) and GARCH(1,1) models, some of the most popular approaches used in the literature to analyze price volatility. Our results show that, consistent with anecdotal evidence, price volatility trends increased from the period 1987–1993 to 1994–2005. From 1994–2005 to 2006–2014, trends decreased but the persistence of volatility increased for most products, especially for international commodities. In addition, we identify some agricultural products such as avocado, beans, and chicken that, due to their increasing price volatility trends in the 2006–2014 period, may present a risk for food inflation in the short run.     

Recent trends in the supply of land for industrial development in Hong Kong: A case study in planned decentralization

Summary

Although free enterprise remains the dominant characteristic of the Hong Kong economy, new land supply is controlled largely by the Hong Kong Government. Rather than establish a detailed system of development plans and controls, the Government has been able to achieve substantial decentralization of housing and industry through the location of new land release. The evidence suggests that industrial developers have been willing to build and industrialists to locate in decentralized areas, especially those close to the main urban areas. Furthermore, although vacancy rates are generally higher and rental levels lower in decentralized compared to centralized locations, the extent of the differences over time is not as pronounced as might be expected. Indeed, the overall strength of demand for industrial land, other than in the recent slump, has necessitated special policies to protect land for low‐density industrial users in decentralized locations. As planned decentralization approaches completion, attention is beginning to focus upon redevelopment in the older urban areas and upon the consequences of the Sino‐British Joint Declaration of 1985. Overall, recent land policies in Hong Kong offer the British observer some useful indications of the impact of government intervention in land use on existing property markets.     

External Debt and Capital Flight in the Indian Economy

This paper estimates Indian capital flight at US $88 billion (in 1997 dollars) over the 1971‐97 period, a sum that is roughly 20% of the US $448 billion real external debt disbursed to the country over the same time period. There is also evidence of a strong year-to-year correlation between debt inflows and flight-capital outflows. The paper explores the nature of this association between capital flight and external debt in the Indian economy. An analysis by Boyce (1992, World Development, 20, pp. 335‐349) for the Philippines revealed the presence of contemporaneous bi-directional causality, in other words, a financial revolving door relationship between external debt and capital flight in that economy. The research question addressed by this paper is whether such a financial revolving door relationship exists in India, given its higher level of external indebtedness and lower debt-to-GNP ratio as compared with the Philippines. Utilizing a simultaneous equation model to examine the association between capital flight and external debt in the Indian economy, the paper confirms the existence of a financial revolving door relationship between the two endogenous variables.     

Market Performance of Potato Auctions in Bhutan

Abstract

Market performance with respect to a main horticultural export commodity in Bhutan is the subject of this paper. Imperfections in (market) infrastructure and market structure and conduct may prevent an optimal price for farmers. Market performance is assessed by testing the law of one price for this commodity. This is done by testing three series of auction price data on both long-run and short-run price integration. It is concluded that for the period 1996-2000 the auction prices were interrelated both in the long and short run with one of the three auctions as the price-leading market. In contrast, in the period 2001-2005 the market arbitrage process slowed down, indicating the rise of market imperfections. Policy implications are suggested.     

Impacts of the End of the Coffee Export Quota System on International‐to‐Retail Price Transmission

We examine the impact of the end of the coffee export quota system (EQS) on international‐to‐retail price transmission in France, Germany and the United States. We take account of the existence of long‐run threshold effects and short‐run price transmission asymmetries (PTAs). We find evidence of threshold effects in both periods (EQS and post‐EQS) in all three countries and the presence of short‐run PTAs during the post‐EQS period in all countries, but not during the EQS period. Our results indicate that the threshold values are smaller in the post‐EQS period, suggesting that retail prices became more responsive to changes in international prices. However, the speed of adjustment towards the long‐run equilibrium decreases during the post‐EQS period in the three countries. In the short run, non‐linear impulse response analyses indicate that a shock in international prices was more persistent during the EQS period than in the post‐EQS period. Moreover, we find evidence of short‐run PTAs in the post‐EQS period, with differences across countries. We find support for the ‘rockets and feathers’ principle in the United States; in contrast, retail prices respond faster when international prices are falling in Germany and France. We explain these differences in terms of market structures.     

Increasing Growth Opportunities for Non-heavy and Heavy Users – A Case Study of Yogurt Cups in Thailand

Abstract

What distinguishes heavy and non-heavy users, and which sub-segment of non-heavy users exhibits a stronger potential to become heavy-users? The study selected yogurt cups as an example of a Fast Moving Consumer Good (FMCG) for examination. Attitude towards the product is the most dominant factor in distinguishing heavy from non-heavy yogurt cups users. The congruence of product benefits with general healthy behavior and belief was the second runner-up. In addition, growth opportunities could be found in the sub-segment of heavy users, too. The sub-segmentation approach, therefore, could provide guidance for sizable growth for marketers. It could also help them to better allocate resources. Marketers could apply this concept to identify business opportunities from current customers as it may be easier or more economical to convince current customers to consume more than to acquire new customers.     

Segmenting Irish Food Consumers Using the Food-Related Lifestyle Instrument

Abstract

This paper reports on the food-related lifestyle (FRL) segments identified in Ireland, based on a nationally representative sample of one thousand households. The objectives are to use the food-related lifestyle instrument developed by the Centre for research on customer relations in the food sector in Denmark (MAPP) to segment Irish food consumers based on attitudes towards the purchase, preparation and consumption of food products and to profile these segments by attitudes and socio-demographic variables. The sixty nine FRL items were scored and scale reliability tested. The structure of the FRL dimensions was tested with exploratory factor analysis using principal component analysis and varimax rotation. Hierarchical cluster analysis (HCA) using Wards method was employed for market segmentation. Profiles of the clusters (segments) were achieved by comparing the mean scores on the dimensions for each segment with the population mean scores on the same dimensions.

Six distinct food-related lifestyle segments were identified. The hedonistic segment, representing 28 percent of consumers was the largest group, followed by conservative consumers (21%), extremely uninvolved consumers (16%), enthusiastic consumers (14%), moderate consumers (13%) and adventurous consumers (8%). The segments were found to have different attitudes towards food and different socio-demographic profiles.     

An innovative means of urban land development: A case study of Trichur in India

Summary

For more than seven decades, several Indian states have used the plot reconstitution technique in managing urban land development. Recently, Kerala, a small southern state, has experimented with this technique for the first time in a scheme in Trichur. The Trichur experience is unique in that it incorporates significant innovations over a somewhat similar method of land readjustment which is widely practiced in the Asian‐Pacific region. Formulated for complete cost‐recovery, the Trichur project incorporates the active cooperation of the landowners and officials, and is a time‐bound programme to complete all land development and building construction works within six years of the finalization of the scheme proposals.

This paper attempts to explore the use of this innovative means of land development in Trichur with a view to assessing the potentiality and constraints in its use, and identifying critical areas where further refinements would be desirable. Based on fieldwork in the state and intensive interviews, the paper finds the Trichur experience to be of great importance as a viable strategy of urban land development and management. The paper concludes with some recommendations on legal and institutional aspects, and stresses the need for refinements in the scheme preparation and information dissemination for transferability and wider application of the technique.     

A Policy Evaluation of Transport Subsidies for Poultry Litter in West Virginia

In 2000 and 2001, the West Virginia Department of Agriculture administered a pilot transport subsidy program to demonstrate the feasibility of moving surplus poultry litter nutrients to areas with nutrient-deficient soils. Three subsidy program goals were evaluated ex post : (1) attracting first time buyers; (2) subsidizing economically feasible litter use; and (3) encouraging environmentally appropriate litter use. The first two goals were met with 62% of participants being first time users and 89% of the subsidized litter being an economically feasible replacement for commercial fertilizer. Under the third goal, environmental protections provided by program participants were found to be comparable to those practiced by poultry growers. While the program met these goals over the short term, most participants did not become committed users of litter without continued transport subsidies.     

Agricultural Economics at 50: Scholarship of the global agricultural economics community

Last year, Agricultural Economics reached its 50th volume, after 34 years. In this article, we reflect on the evolution of the journal during this period. We describe the evolving editorial structure of the journal and the composition of the editorial board from only editorial advisory board to both associate editors and editorial advisory board. We also employ bibliometric analysis to showcase the evolution of the average number of pages per article, number of articles per volume, authorship patterns that reflect the steady rise in collaborative research, article content, research coverage, as well as the journal's impact as chronicled by its citations over the period under consideration. We conclude by briefly defining some goals and providing perspectives for the future of the journal in the face of the evolving publishing landscape. We found that although articles published in the journal remain predominantly on agricultural topics, significant changes in topical coverage has occurred in the last two decades. While 20 years ago, only very few articles were classified under environmental issues and mathematical and quantitative methods, the share of articles published in these areas increased by 19% and 45%, respectively, over this time period.     

Consumer Attitudes Towards GM Food

Abstract

To communicate effectively with consumers about genetically modified (GM) food, gaining insight in the formation of consumer attitude regarding GM food is essential. Therefore, the current paper first reviews relevant literature describing how consumer attitudes towards GM food are formed. Next, Structural Equation Modelling (SEM) is applied to own quantitative data to model the formation of consumer attitude towards GM food. Previous analysis of these quantitative data led to the identification and characterisation of four consumer segments (Halfhearted, Green Opponents, Balancers and Enthusiasts) based on beliefs and attitudes towards GM food. Based on the SEM results, recommendations are formulated for each of the four identified consumer segments.     

Consumer Motives and Purchase Preferences for Organic Food Products: Empirical Evidence From a Consumer Survey in Bangalore,South India

ABSTRACT

Consumer organic food choice motives and purchase preferences were studied in a structured quantitative survey (N = 201) in Bangalore, with the aim of identifying consumer segments based on these motives and preferences. Further, sociodemographic differences between the clusters were studied. Face-to-face interviews were used to sample the data, which were analyzed with factor and k-means cluster analysis (SPSS 16.0). Five latent factors were identified based on the motives, representing a set of consumer concerns labeled here as “food phobia” (health),” “environment,” “humanity,” “healthy eaters,” and “control.” Further, three clusters emerged from these motives representing 38%, 37%, and 25% of the sample size. The factors differ in terms of variance. Here, the records of perceived healthiness (food phobia) were the most important element, explaining 18.37% of the total variance. These clusters were differing in terms of the level and order of motivations. The health factor was a most important motive in two clusters, followed by environment. Further, humanity was the most important motive for the third cluster. This may reflect a heterogeneous nature of consumers in study area. Additionally, five clusters were identified based on the preferences, and profiles of these clusters differed in terms of sociodemographic factors and consumption pattern. Segments were identified based on motivating factors and preferences, and linking them with food choice motives and products preference provides the input needed by marketing professionals and policy makers to calibrate more efficient marketing strategies to better focus and position their products and design their communication strategies for target segments.     

The impact of capital transfer tax on agriculture a preliminary assessment

Abstract

This paper aims to measure and compare technical efficiencies in the England and Wales dairy sector from stochastic production functions in the immediate post‐quota period. Milk Marketing Board data for a stratified random sample of dairy farms for 1984/85, 1985/86 and 1986/87 are used. The results show that average levels of efficiency have initially fallen and then stabilized over this period. Moreover, there is a high degree of correlation between the rankings of the efficiency measures.     

国际粮食市场波动对中国的影响及政策思考

近几年国际粮价的急剧波动对国际社会产生了巨大的冲击和影响。在世界粮食供求变化、出口限制政策以及国际资本投机等多重因素的作用下,国际粮价急剧震荡并在很短的时间内飙升至30年以来的历史高位,此后又快速回落。国际粮食价格波动对中国既有消极影响也有积极影响,但总的来说影响相对较小。本文最后从耕地保护、市场调控以及国际合作等方面提出了保障中国粮食安全的政策思考。