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The main objective of this study was to evaluate alternative marketing strategies involving options on live cattle futures contracts during the period of 1966-85. To predict the option premiums that would have occurred at various points in this period of time, the study did research on market premiums of options on live cattle futures contracts from October 30, 1984, to November 22, 1985. The research showed that actual premiums conform closely to the premiums estimated by the Black model of option pricing. The generalized stochastic dominance with absolute risk aversion function intervals is demonstrated in the study in order to make the evaluation. The results showed that under different risk preferences, the commodity options provide the dominant alternative for cattle producers. Options provided protection from losses resulting from falling cash price and in some cases raised average income of hedgers.

Call number: LD2668 .T4 1928 H46

Call number: LD2668 .T4 1958 A28 / Master of Science

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The objective of the thesis was to develop a computerized farm management information system that would assist ranchers, extension personnel and farm management specialists in their decision making process. Intensive formal farm planning was made feasible by the use of a multiperiod linear programming model supplemented by an input form, matrix generator and report writer software. The model developed represented the structure and production conditions of a beef cow/calf, cow/yearling ranch. It incorporated decision variables representing feeding and livestock activities and the cash flows associated with those activities. The management information system was tested on ten cow/calf, cow/ yearling ranches in the central interior of British Columbia. From the examination of actual test ranches, their management practices, and their problems, a hypothetical ranch was formulated. This ranch was used to illustrate the capabilities and output of the management information system. The capabilities documented were of a descriptive/budgeting, optimization, and research nature. The output consisted of an inventory report, income statement, cash flow summary, balance sheet, financial measures and ratios, and a livestock summary. The conclusion was reached that the management information system developed is a valid descriptive/predictive tool applicable to commercial beef operations. / Land and Food Systems, Faculty of / Graduate

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