1,721,176 research outputs found
Hedging effectiveness of European wheat futures markets: An application of multivariate GARCH models
Full text linkThe instability of commodity prices and the hypothesis that speculative behaviour was one of its causes has brought renewed interest in futures markets. In this paper, the hedging effectiveness of European and US wheat futures markets were studied to test whether they were affected by the high price instability after 2007. In particular, the focus of the paper is to test of whether the increasing presence of financialisation of commodity trading in futures markets mentioned in the literature has made them divorced from the physical markets. A multivariate GARCH model was applied to compute optimal hedging ratios. Important evidence was found of a slight improvement, after 2007, in the effectiveness of hedging with the European futures
Exploring the Hedging Effectiveness of European Wheat Futures Markets during the 2007-2012 Period
Full text linkAbstractThe hypothesis that speculative behaviour was the cause of the instability of commodity prices has brought renewed interest in futures markets. In this paper, the hedging effectiveness of European and US wheat futures markets were studied to test whether they were affected by the price instability observed after 2007. Indirectly, this could also be thought as a test of whether the increasing presence of speculators in futures markets have made them divorced from physical markets. A multivariate GARCH model was applied to compute optimal hedging ratios. No important evidence was found of a change in the hedging effectiveness after 2007
Living La Vida Local: Exploring the Possibilities of Living on a Local Diet in Edinburgh
No full textThe global system of food production is currently facing a confluence of pressures, and without change, our ability to achieve environmental sustainability and ensure future food security for all will be severely undermined. One option that has been endorsed in recent years is local food, which is seen as a fairer, healthier and more efficient alternative that can bring benefits to society, the economy and the environment. Influencing consumer demand and encouraging sustainable consumption is no easy task, and this dissertation aims to explore the difficulties in and opportunities for dietary change. In the summer of 2012 a study was conducted involving a sample of 12 Edinburgh residents who attempted to live on a diet based exclusively on locally produced food for two weeks. The participants were asked to record details of the food they purchased, what they cooked and ate, while keeping a diary to reflect upon the experience. The findings that emerged suggested a fundamental change in environmental attitudes and perceptions of local food. Participants also revealed insightful evidence of common external variables which prevented behavioural intentions being converted into action
Developing a Local Food Program at the College Level: Lessons from Farm-to-College Programs in the USA
No full textAs the modern-day food system becomes increasingly industrialized on a global scale, the negative consequences for both human health and the environment are accelerating. Advocates for local production and distribution, leading to healthier consumption patterns, are increasingly vocal as the benefits of more sustainable food systems are acknowledged. Large public and private organizations, including local governments, NGOs, and educational systems are at the forefront of this sustainable food trend. In the US, the number of universities implementing sustainable food programs is growing rapidly, creating a new food services concept known as the “farm-to-college” movement. In Scotland, sustainable dining programs in large institutions are beginning to emerge. The University of Edinburgh will be the first university in Scotland to implement the Food for Life program as it hopes to achieve the Soil Association’s Bronze Catering Mark, a program with many features mirroring US farm-to-college schemes.
In an attempt to better inform future dining programs that launch local, sustainable initiatives, such as the University of Edinburgh, this study examines a number of U.S. universities farm-to-college programs. The research evaluates the following for each program: motivations, goals, common barriers, best practice strategies, and evaluation and education programs. In-depth semi-structured interviews were held with leaders experienced in all phases of designing and implementing a diverse set of US universities
Demand for low carbon food products
Full text linkThe emissions associated with food consumption make up approximately 20-30
percent of Scotland’s total greenhouse gas emissions (GHG). Reducing demand for
high carbon footprint food products may provide an effective instrument for reducing
GHG emissions. However, there is concern that using consumption based taxes may
also have negative consequences on nutrition. Therefore, this thesis investigates the
likely effect of carbon consumption taxes on GHG emissions and the resulting
impact on nutrient consumption.
The data used for the analysis are the Scottish part of Kantar Worldpanel data for the
UK for the period 2006-2013 along with various sources of carbon footprint and
nutrient data. This thesis models a carbon consumption tax which is based on the
carbon footprint of the products of interest.
The impact of the taxes on demand for food products were measured through the use
of demand systems. Two forms of demand systems were used: Almost Ideal Demand
System (AIDS) and an Exact Affine Stone Index (EASI) which allow for the
estimation of price elasticities based on time series data. These Marshallian price
elasticities were then used for estimating carbon footprint and nutrient elasticities
which allow for the estimated change in GHG emissions (represented as carbon
emissions) and nutrients. The price elasticities were particularly important for
identifying the substitutes and complements of the different food products. This is
useful as some food products such as poultry have a lower carbon footprint relative
to beef products.
The results suggest that applying carbon consumption taxes would likely reduce
carbon emissions though the reduction is relatively small. The net effect of taxing all
major food products would likely reduce emissions by 543,208.75 tCO2e/y which
represents approximately five percent of the total emissions in Scotland attributed to
food consumption (no land use change considered). However, taxing only meat and
milk food products could reduce emissions by approximately 1.6 million tCO2e/y.
While this reduction is much larger than when all food products are taxed, it is
considered that modelling all the major food products offers a more realistic
understanding of how households will change their demand for the different food
products. The effect on nutrient consumption with regards to taxing all food products
suggests that households with lower socioeconomic status would likely experience
some favourable changes in terms of a reduction in sugar and energy. Though a
negative distributional effect is likely to occur when considering the decreased
consumption of vitamin D and the increased consumption of salt.
Therefore, a carbon consumption tax is estimated to reduce food based GHG
emissions by a relatively small amount. Despite the mainly positive effect on nutrient
intake, policy makers are still likely to be cautious when considering this instrument
because of the relatively small (compared to other studies) reduction in GHG
emissions
Date labelling and the waste of dairy products by consumers
Full text linkThe objective of this thesis is to advance our understanding of how consumers use date
labels and the implications of date-label use for household dairy product waste. It does this
by investigating the effect of psychological, social, and contextual factors on date-label use
and willingness to consume dairy products in relation to the expiry date. These effects are
tested using structural equation models and survey data gathered from 548 Scottish
consumers.
The results of this study make two contributions to the literature on date-labelling and
food waste. The first contribution is primarily theoretical. By improving our understanding of
how consumers use date labels and the implications of date-label use for household dairy
product waste, it supports the contention that food waste is best understood, not as a
behaviour, but as the outcome of multiple behaviours. It argues that in order to understand
why food waste is created, it is important to identify the factors that affect the individual
behaviours that lead to it, such as date-label use, and how these behaviours relate to one
another. These results also have implications for communications and campaigning around
food waste reduction.
The second contribution has policy relevance. It provides evidence of the likely limited
effect of increasing the number of dairy products labelled with a best-before date rather than
a use-by date on food waste. This is an approach recently proposed to reduce household
food waste. It finds that better knowledge of the best-before date is associated with a higher
willingness to consume products after the best-before date has passed. However, perceived
risks about consuming products beyond their best-before date, including not just safety but
quality, freshness, and social acceptability, appear to interact with date-label knowledge and
dampen its influence. It argues that to be effective, any changes in date-labelling should be
accompanied by communication that goes beyond improving date-label knowledge, and
addresses the multifaceted nature of related risk perceptions and conceptions of date-label
trust
Retailers' Promotions: What Role Do They Play in Household Food Purchases by Degree of Food Access in Scotland?
Full text linkNew product development during inflationary times: the case of ready meals
Full text linkNew product development (NPD) is one of the most important activities on the operation of food supply chains and their constituting firms. Food companies introduce new products to enhance their competitive position or even to survive. The purpose of this work is to explore NPD behaviour in the context of the inflationary pressures of the period of 2021 to 2023. The focus is on the ready meals category, one of the most dynamic food categories in developed countries and also negatively associated with ultra-processed foods. The analysis used Mintel’s Global New Product Development (GNPD) UK dataset covering the period 2001 to 2023. Two aspects were analysed: (1) the distribution of introductory prices; and (2) the attributes highlighted by the firms in their products. To gain deeper understanding, the information was broken down by private label and branded products. The results indicate that the distribution of prices per 100 grams in 2021-23 was slightly different than 2016-19 and there was a positive growth on products with the economy attribute. Nevertheless, neither the product prices nor the attributes changed much with respect to the pre-inflationary period
What can we expect from a ban on junk food price promotions?
No full textThere's no silver bullet against obesity. Government and industry must collaborate, and support consumers, writes Cesar Revoredo-Gih
How UK food and drink exports to EU and non-EU countries have evolved over time
No full textThe decrease in UK exports in January made the headlines, but not enough attention has been paid to the evolution of UK exports to both EU and non-EU countries over time. Using ONS figures published since 1997, Cesar Revoredo-Giha analyses the evolution of export trends for food and drink products, frequently cited in the news as the focus of disruption by Brexit and the COVID-19 pandemic. He writes that trends in exports are the result of supply chain relationships between parts, something that requires trust, a long-term investment
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