1,720,968 research outputs found
Market efficiency and price transmission: the case of Italian and US agricultural prices
Full text linkThe increasing co-movements between the world oil and food prices in the 2000s has prompted interest in the information transmission mechanism between the two markets. This research investigates the market integration and price transmission of some important agricultural commodities traded in a market area that includes United States and Italy for the period January 1999 to May 2012. US and Italian agricultural markets are connected by a consistent volume of trading and by the recognized influence of the CBT price signals on the Italian agri-commodity markets.
This study extends the knowledge on the oil–agricultural commodity prices nexus (particularly for the Italian case) and on the price transmission dynamics from international (US) to domestic market (Italy). A multiple approach is applied starting from detecting structural breaks in the time series, proceeding with cointegration and price transmission analysis, to end with a causality approach.
The results suggest that there is quite evidence of market integration between crude oil and US food prices with non linear causality direction going from oil to agri-commodity prices; cointegration and price transmission between US and Italian food prices suggest to accept the hypothesis of a unique price; there is no clear evidence of causality between oil and Italian agri-commodities, but evidence of linear causality from US to Italian agricultural markets, suggesting the oil price volatility is transmitted directly to the US agri-market and indirectly to the Italian one.
Understanding the dynamics of the economy leads to better economic policies
Volatility in US and Italian agricultural markets, interactions and policy evaluation
No full textThe aim of this paper is to analyse the volatility and interactions among prices of agricultural commodities in Italy and US using the time series analysis. The cross market interactions are examined to test the hypothesis that the increased volatility of agricultural prices has been caused by crude oil price, then the cointegration and causality among different markets is also tested to find evidence of market integration. For this analysis the spot prices of wheat, corn, soybeans in US and Italy and crude oil prices spanning from 2002 to 2010 are used. The results suggest the following considerations: i) the existence of causality in US markets with exogeneity of the oil on the US agricultural commodities, ii) evidence of cointegration between US and Italian commodities, suggesting a condition of market efficiency, iii) no evidence of cointegration between oil and Italian agri-commodities. The conclusion is that the oil volatility is transmitted to the US Ag- markets while US Ag- markets have influenced the volatility of the Italian agricultural markets
The Management of Risk in Farm Planning
No full textUncertainty occurs when changes in farm incomes are affected by unpredictable yield and/or price fluctuations while n case of risk it is possible to associate a probability distribution. Determinants of risk/uncertainty are classified into: i) business: climate, stock levels,price volatility due to contingent market conditions; ii) finance: cost of capitals and growing integration between agricultural and financial markets. In this paper it is discussed the whole farm planning by using a sumex utility function and MOTAD to find an efficient portfolio combining a set of activities with different risky prospects. This approach allows to parameterize the risk for specific traits of the sumex utility function. The empirical analysis is performed by defining a typical farm of 100 Ha located in the Northern part of Italy using a sample with 15 years historical observations about the most diffused cereal and oilseed crops (source: Eurostat). The results suggest a trade off between expected returns and risk: if the value of gross income is expected to increase, the farmers tend to specialize in the most profitable portfolio activities, while in the opposite situation it is not so evident that the diversification will drive to cope the risk with profits
Volatilità dei prezzi agricoli: un confronto fra prodotti e paesi dell'UE
No full textL'articolo analizza la volatilità dei prezzi di alcune derrate agricole di largo consumo. L'analisi effettuata con la trasformazione logaritmica delle serie esaminate dimostrano una volatilità evidente nel periodo 2007-09 e un successivo assestamento dei prezz
“Planning the Agrifood supply chain: a case study for the FVG region”
No full textThe aim of this paper is to discuss the planning of regional Agri-food supply chain using an integrated database territorial information. The objective is to optimize the chain performance using alternative solutions. Evidences are obtained with a case study performed in FVG region applied to maize-crop. Firstly it is explored the chain network composed by farms, collection points and processing plants; then territorial, agronomic and climate information are integrated to simulate realistic production forecast model applied to maize crop. Finally a program from graph analysis is used to allocate the production through the chain. The economic performance is evaluated using the net revenues varying with the intensification of maize production and adoption of different organization solutions (independent and cooperative). Conclusions are that the chain performance is influenced by a combination of technology and organization decisions and the policy maker can use these results to orient their targets about regional planning
L'agricoltura nel nuovo contesto dello sviluppo rurale: produzione di beni paesaggistici ed implicazioni economiche
No full textUn'importante conseguenza della nuova PAC è la transizione dell'agricoltura verso la produzione di beni congiunti costituiti da una componente tangibile (attributi fisici) ed una componente intangibile rappresentata da attributi astratti quali tipicità dei luogo di produzione, immagine del territorio, valore edonico del paesaggio, certificazione di qualità ambientale, logo di filiera. Questa strategia richiede un esame del valore dei beni agricoli congiunti e della remunerazione della componente intangibile, priva di diritti di proprietà, con incentivi. In questo articolo il paesaggio rappresenta un caso di studio di bene congiunto il cui sviluppo è attribuibile alla politica di sviluppo rurale, le cui evidenze sono le aree ad alto valore naturalistico e nuove colture ad elevato impatto paesaggistico capaci di attivare sistemi di produzione locale. A supporto di questa impostazione vine discusso come caso di studio la lavanda di Venzone
Cross-Cultural Consumer Behavior: Use of Local Language for Market Communication—A Study in Region Friuli Venetia Giulia (Italy)
No full textCross-cultural consumer behavior is of market interest due to globalization of marketplaces, migration, multicultural marketplaces, and diffusion in the EU of many languages. The objective of this study is to check whether the local language used in a marketing communication could affect the consumers’ preferences for food products. The theoretical foundation is the consumer motivational approach that goes deeper into motivations interfering with the consumers’ preference order. The multivariate conjoint analysis is used to evaluate the preferences for attributes described in different languages. A number of students from the University of Udine (located in the northeastern part of Italy) have been submitted to interviews to examine their preferences for a simulated sandwich package reporting information in different languages, distributed by vendor machine. The results suggest that the consumer’s reaction to local language depends on sociodemographic profile, cultural background, language knowledge, and family education, and the local language could actually be used as a market tool for market segmentation. These results are of interest to many EU countries with bilingual communities such as Spain, Belgium, the UK, Switzerland, and most of the Italian regions where local languages are still alive. © 2017 Taylor & Francis
(2010), “The whole farm planning decisions in a growing uncertain contest”, III Workshop on Valuation Methods in Agro-food and Environmental Economics, "Decisions and choices under uncertainty in Agro-food and Natural Resources Economics", Barcelona, 1st - 2nd July, pp. pp 1-15
No full textMany authors have discussed the consequences of risk or uncertainty in farm planning caused by fluctuation in yield (moderate), deregulation of agricultural policies and wider price fluctuations caused by market volatility in energy market. The economists have developed a suite of contingency plans for the state-events affecting the farm planning and proposed solutions to minimise the effects od adverse risk events (Kaine et al, 1994). Larger yield and quality variability are risky prospects causing wider fluctuation in activity gross margins to be evaluated in farm decision making. This paper will develop this topic with reference to a virtual farm for the simulation of a stochastic production frontier representing a combination of farm enterprises at minimum risk using a linear version of the quadratic approach and separable utility function. The results demonstrate the usefulness of information generated by MOTAD to support farm decisions in a risky contest caused by yield and price fluctuations
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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