The existing literature on household wealth accumulation has hitherto recognized the lifecycle effects, household socio-economic characteristics, bequest motives, and intergenerational transfers as important factors affecting household net wealth. The two empirical essays in this thesis expand the literature by emphasizing the likely roles that a household's tenure choice and home equity borrowing decisions have in its wealth accumulation process. The first essay, entitled "Homeownership and Household Wealth Accumulation", tests whether homeownership has placed the owner household on a more favorable wealth accumulation path, based on past observations that the values of owner-occupied housing have grown at a real rate greater than those of financial or other tangible assets. The premise is that, while the tenure choice decision is affected by a household's net wealth, the housing tenure chosen could place a household on different wealth accumulation paths over its life-cycle. Controlling for selection bias arising from tenure status, the results indicate that typical homeowners and renters have distinct wealth accumulation processes. While homeownership improves the wealth position of homeowners, the renter households are, however, better off in their existing tenure than otherwise. It appears that households self-select themselves into the appropriate tenure that optimizes their wealth accumulation paths. The second essay on "Household Consumption/Investment Behavior and Home Equity Loans" investigates which behavioral model underpins the homeowners' consumption and investment decisions of home equity loan funds, and how these decisions impact portfolio decisions and wealth accumulation. It concludes that the 'life-cycle model' and the 'precautionary savings model' prevail over the 'bequest motive model' in motivating the household consumption/investment decisions of home equity loans. Home equity loans alter the illiquid nature of housing investment through convenient tapping of housing equity, and reduce household preference to hold liquid assets to meet precautionary needs. Their presence encourages loan users to hold smaller shares of liquid cash and financial assets in total assets, and to diversify from housing asset to business, real estate and illiquid nonhousing assets. They generally reduce homeowners' net wealth, reflecting a tendency for borrowed funds to be consumed or invested in loss-incurring assets. / Business, Sauder School of / Graduate

Rational use of Nigeria's forest resources is analyzed with the objective of identifying policies towards wood products exports which should enhance the contribution of the forestry and forest industries sector to the economy. From an examination of the role of international trade and expansion of exports in economic development, it is concluded that the experience of currently underdeveloped countries does not vindicate the 'classical' view of foreign trade as an "engine of growth". Nigerian economic growth is closely connected with developments in foreign trade.. The full impact of trade on the economy has not been realized due to political and institutional obstacles. Forestry and forest industries can exert a potentially propulsive influence on economic development. Several factors determine the role of forestry in economic growth. The sector need not be a leading one in every economy. The importance of the sector should be judged on the basis of its relative efficiency in utilizing scarce resources to promote national welfare. Several studies, particularly by the FAO, have ascribed a major role to wood products exports in accelerating economic growth in tropical developing countries. International trade in tropical hardwoods has expanded greatly in the last fifteen years. The developmental patterns reveal that the trade is heavily concentrated on logs directed to markets in industrially advanced countries. It is argued that such trade patterns largely benefit the importing countries. Tropical developing countries should regulate the use of their forest resources for national development through domestic processing of wood before export." The developmental trends of Nigeria's wood products export trade reveals a striking similarity to those of other tropical developing countries. Logs account for about 86% of the total annual export volume; 70% is in three wood species, and 90% is directed to Western Europe. Over the last decade, the annual volume and value of Nigerian wood products exports have declined continuously. The export decline is attributed to resource deficiency and unsettled policies, rather than deficiency of external demand. Appraisal of the role of forestry in the national economy showed that the sector is declining in relative importance. The sectoral contribution to the economy was assessed using such indicators as, share of GDP, contribution to domestic incomes, employment, foreign exchange earnings, investment and value-added, as well as linkage effects. The pattern of commercial exploitation of timber for export and uncontrolled shifting cultivation are the predominant factors reducing the impact of the sector on the economy. To maximize benefits from use of the forest resource, Nigeria must adopt sound policies towards the wood products export trade. Urgent steps should be taken to increase domestic processing of wood, expand the range of timbers used and diversify markets. Three alternative policies are identified and analyzed on the basis of relevant national goals, evaluation criteria, constraints and process. The policy alternatives include, laissez-faire (or "do nothing"), incentives to private industry, and government regulation and control of exports. A laissez-faire policy is rejected because markets for wood products are imperfect. Private industry, motivated solely by profits, cannot be relied on to voluntarily implement the desired change in wood products export patterns. A combination of elements of the other two policy alternatives is justified. Incentives to private industry should include reduction or elimination of export taxes on processed wood products, lower fees and royalties on lesser-known timbers, provision of wood seasoning and treatment facilities at minimal cost, and assistance in negotiating shipping space and freight. Government should cooperate closely with private industry in research, product development and export promotion. The use of incentives must be justified to avoid misallocation of the economy's resources. A ban should be placed on exports of premium timbers, such as mahogany, iroko and guarea, in log form. Other timbers may be exported as logs on the condition that there is no domestic buyer. Establishment of statutory marketing of timber under a Timber Marketing Board is rejected. Indigenous enterprises would be the greatest losers under such a policy. Government should control wood products export marketing by establishing compulsory grading standards and a timber inspection service. The Nigerian Timber Association should be reorganized and partially financed by government. Expansion of wood products exports is not a requirement for Nigeria. The need for consistency between forest and national development objectives is stressed. The basic policy considerations include the productive and protective functions of forests. A forecast of potential wood requirements indicates a possible increase from 60 million m³(r) in 1971 to 93 million m³(r) in 1985, and 130 million m³(r) by 2000. Early plans must be made to supply these requirements within the limits of economic feasibility. The problems of forestry and forest industries development include land use and land tenure, productivity and utilization of the forest resources, poor equipment and wood processing methods, inadequate financing, lack of trained personnel and meagre research. These problems must be resolved if forestry is to contribute significantly to achievement of national goals. The need for integrated planning of the sector is emphasized. Recommendations are made for the attention of government and the wood-based industry. Most important among these, is the establishment of a National Forestry and Forest Industries Development Council, including government and industry representatives. The Council should be charged with responsibility for planning of the forestry and forest industries sector, and interpretation of policy. Policy analysis is a complex exercise, especially under the environment prevailing in a developing country. Nonetheless, reliance on foreign trade needs to be de-emphasized. The use of forest resources should be dictated by national goals. / Forestry, Faculty of / Graduate

Self-reliance in wood products is one of the major objectives of Kenya's forest policy; stated as the management of forest resources for the adequate provision of the needs of the country in timber and other forest products to meet the community's requirements, and where possible provide for exports. The implications of such a policy are such that strategies formulated, programmes designed and practices employed in production of wood resources and wood-based products should be geared towards the anticipated needs of the intermediate consumers, which in turn are only responding to the needs of the final consumers - the society. It is argued here that such production strategies, programmes and practices cannot be formulated and pursued to satisfactorily fulfill the policy objectives, without first identifying and understanding the needs of the specific target markets. Among factors identified as necessary in understanding the target markets are market structure, size, location and dynamics of consumption pattern-determining parameters such as time, demographic and economic factors. Using production and consumption data, primarily for the period 1960-1975, quantitative and qualitative methods were used to analyze and describe the various markets of wood products, as the basis of forecasting the probable future market trends. On the basis of current management and consumption trends, forecast estimates indicate possible internal wood supply deficits during, and beyond, the period 1996-2000 AD. Current and projected market trends indicate a progressive shift from mechanical wood industries and products, mainly sawnwood, towards fibre-based reconstituted wood products - fibreboards, particleboards and paper products. This projected development would tend to favour greater attention by forest management to the potentials of not only natural forests but species diversification of man-made forests. The fibre-based industries can satisfactorily utilize small-sized logs, hence shorter rotations, and a wide range of species composition since some of the products do not exhibit individually specific wood characteristics. Plantation-species diversity, in addition to avoiding the risks of possible loss in case of an epidemic, has the advantages of comparative climatic and zonal suitability in establishment. Trends indicate that fuelwood is, and for some time will continue to be the single major component of wood consumption, rising from about 15 million M³ (rw) by 1975 to about 30 million M³ (rw) per year by 2000 AD; yet forest management seems to have no supply strategy for this product. A major identified deficiency in forestry production-utilization-marketing as a system has been insufficient coordination in wood production management decisions with different industries' development programmes and anticipated market trends, and their requirements. Probable future wood supply-demand balances were comparatively estimated on the basis of potential supplies from current and planned wood production programmes and the projected markets. From the view point of wood production management decisions, medium and long-term market forecasts can be considered more meaningful than short-term needs, since the latter will have to draw from maturing stocks, while current and planned forest establishment programmes are the basis of future medium and long-term supplies. For this reason, emphasis has been laid on the medium and long-term forecasts, up to 50 years from now, or 1 to 2 production rotations. This analysis indicates that while management has placed emphasis on plantation forestry for industrial wood supplies, the strategy, despite its merits, is biased in favour of predominantly two exotic softwood species groups, comprising of cypress and pines despite the feasibility of producing wood supplies from potentially commercial and marketable indigenous species (mainly hardwoods) and other exotic hardwoods. While natural forests constitute about 92 percent and plantations 8 percent of Kenya's forests, little management effort has been directed at commercial wood production from the former, whose annual supplies average 20 percent of total industrial wood harvested. Quantitative and qualitative analysis of indigenous woods in natural forests indicates great commercial potential of these indigenous resources. There is a need for a shift from exclusive reliance on silvicultural considerations and wood production per se as the main criteria for production management, to a set of criteria that gives sufficient consideration emphasis on utilization and marketing requirements. Greater co-ordination between foresters, industries and marketers is required in the areas of research, development decisions, information gathering and dissemination, and wood resources allocation and sales to facilitate Production Planning for the target market needs. / Forestry, Faculty of / Graduate

Since the early 1960's, a great number of port impact studies have been conducted. Little assessment has been done of the methodologies used to conduct the port impact studies. This thesis compares and evaluates the main aspects of the methodology of port impact studies using two criteria: 1) the informational value of the results obtained with different methods; 2) comparison of relative costs for the implementation of the different methods. The thesis reviews twenty port impact studies to determine the main methodological approaches to port impact analysis. The thesis then discusses four main aspects of the methodology used in the individual port impact studies. The first of these aspects is the determination of the size and regional and personal incidence of transportation cost savings occurring in the regional economy (due to the utilization of low cost water-transportation services). An assessment follows of the measures used in the individual port impact studies to measure primary and secondary port impacts. The study then discusses the determination of the primary impact. The last aspect of the methodology discussed is the determination of the multiplier effect initiated by the primary port impact activities (i.e. secondary port impact). The conclusion of this thesis evaluates the use of information obtained in a port impact study for the establishment of a port policy. The studies reviewed were conducted between 1961 and 1976. Eighteen of the twenty port impact studies were carried out in the United States, one in Canada, and one in West Germany. Nineteen of the port impact studies had similar methodologies, while one of them differed significantly. This thesis isolates both theoretical and practical problems in the conduct of a port impact study. The thesis identifies two prime areas of research to improve the informational value of port impact studies. They are: 1) opportunity cost; and 2) external economies. / Applied Science, Faculty of / Community and Regional Planning (SCARP), School of / Graduate

This dissertation proposes a model oriented towards integrating farm households' production and consumption decisions into a unified theoretical and econometric framework. It is argued that some commodities such as household's labour and, in some circumstances, outputs produced by the farm are traded within the household-farm unit. The implication of this is that, in contrast with other forms of economic organization, farm households' utility and profit maximization decisions are not likely to be independent. Thus, the general objectives of the thesis are to develop a model appropriate to estimate farm households' supply and demand responses which explicitly considers the interdependence of utility and profit maximization decisions as well as to formally test the hypothesis of independence using Canadian farm census data. A model which considers two labour supply equations, i.e., on-farm and off-farm labour supply, and five net output supply equations including one aggregated output and four inputs (land and structures, hired labour, animal inputs, and farm capital) has been jointly estimated using Canadian farm data. The main hypotheses tested are independence of utility and profit maximizing decisions and homotheticity of households' preferences. This investigation suggests that utility and profit maximizing decisions are not independent and, moreover, that there are significant gains in explanatory power and efficiency by estimating the consumption (i.e., the labour supply equations) and the production equations jointly. Another finding of the study is that farm households' preferences are not homothetic. Estimates regarding the quantitative effects of changes in cost of living index, output price, wage rates, and other farm input prices on households' on-farm labour supply, off-farm labour supply, and net output supply are provided. Additionally, the effects of farm operators' educational level on their labour supply, output supply, and input demand decisions are also measured. / Arts, Faculty of / Vancouver School of Economics / Graduate

This thesis is composed of three essays. In the first essay I identify the effects of imposing a broad range of environmental regulations under different market conditions.. I compare four types of regulatory controls under Perfect Competition, Monopoly, and Cournot Competition: Emission Standards, Design Standards, Concentration Standards, and Output Standards. I rank each of the standards in terms of firm profitability, industry output, abatement costs, and social welfare. I derive sufficient conditions for Design, or Concentration Standards, to dominate Emission Standards. I show how the different forms of regulation can raise industry profits by reducing the degree of inter-firm competition. Further, I show how environmental regulations can enhance competition and yield a "double dividend": higher Social Surplus and less pollution. In the second essay I extend the comparison of standards to an open country. I show how a country's choice of regulatory regime influences the level of environmental protection when governments care about the competitiveness of their industries. I show that the mode of regulation can create a "race to the bottom" if regulators behave strategically. I show that Emission Standards permit the race, as do Emission Charges. Design Standards, on the other hand, avoid the race altogether by breaking the link between environmental stringency and industrial competitiveness. Countries using Design Standards will always regulate emissions. This holds regardless of the environmental stance taken by competitor nations. If countries do not behave strategically, then Emission Standards and Emission Charges always dominate Design Standards. In the third essay I use the concept of home biases in traded goods, or "Border Effects", to rank industries and countries in terms of their openness to trade. I first confirm the presence border effects for individual sectors and individual industries among OECD countries for 1970 to 1985. I also examine whether country-specific border effects are determined by the sectoral composition of a country's production. I find limited evidence to support this. Rather, per capita incomes appear to be the most important factor. The conclusion I draw is that the level of development appears to be the prime factor in explaining the differences in country-specific border effects. What countries produce is of some importance. Therefore, we should see continued, though possibly slow, reductions in home biases as all countries continue to develop. This will partially determine the kind of environmental regulation used as well as their level. / Arts, Faculty of / Vancouver School of Economics / Graduate

M.B.A. / A general increase in price elasticity on farming inputs as well as increasing pressure on South African subsidiaries of international companies makes it important for a well-planned pricing strategy. This is accentuated by the fact that pricing is normally done only once a year in seed companies in South Africa, and customers are unlikely to accept more frequent price changes. The aim of this study is to determine a suitable pricing strategy for hybrid maize seed for Monsanto in South Africa. The study has the following objectives: To determine through a literature study the factors influencing the decision to buy hybrid maize seed in South Africa. To determine the price range that producers would be willing to pay for typical hybrid maize seed products. To evaluate Mark-up Pricing, Target-Return Pricing, Perceived-Value Pricing, Value Pricing and Going-Rate Pricing and to determine the best method or combination of methods for the pricing of hybrid maize seed. To formulate a pricing strategy for hybrid maize seed for Monsanto in South Africa. Of the typical product characteristics, yield is the most important factor influencing the decision to buy a product. Products that are priced very high signal high quality to the customer. No significant price elasticity exists for low, medium or moderately high priced products. Grain quality and growth season length characteristics are of little importance in influencing the decision to buy a specific product. Customers want to have first-hand experience of a product, before being willing to buy a substantial amount of it. They need to confirm the potential of a new breakthrough product on their own farms and conditions, before buying it. The most important source of information is own experience, which consists of some form of farmer trial, followed by large plot trials conducted by seed companies. If an independent large plot set of trials is made available, it would be preferred over the large plot trials conducted by seed companies as a source of information to farmers. For products of average quality, farmers are willing to pay between R453.13 and R565.79, with an inelastic zone between R483.33 and R525.68 per unit of seed. For products of superior quality farmers are willing to pay between R555.56 and R686.36, with an inelastic zone between R591.67 and R652.27 per unit of seed. Monsanto employees generally underestimate the price customers are willing to pay for products of average quality, but there is a danger that they could overestimate the prices customers are willing to pay for products of superior quality. Sealed bid and negotiated pricing methods are not very suitable for pricing hybrid maize seed. Perceived-value pricing and going-rate pricing should be used for products of superior and average quality. For new breakthrough products, a market skimming approach should be followed and products should be priced very high, since an inflated price signals very high quality to customers. Monsanto needs more structured benchmarking with regards to competitor productions costs. A structured benchmarking approach for evaluating hybrid performance, pricing and market share is also discussed.

M.Com. (Business Management) / The financial downturn in developed economies has led to South Africa and the rest of Africa’s economies to become increasingly attractive to foreign investors. The establishment of operations in an emerging market poses various challenges for multinationals, one of which is implementing Corporate Social Responsibility (CSR) effectively across all its subsidiaries. The objective of this study is to determine whether there are differences in expectations of CSR in a multinational organisation and CSR in its subsidiaries which operate in emerging markets. This will allow the multinational to assess whether its CSR strategy meets the expectations of all stakeholders. The study is focused on the financial services sector, specifically the banking industry. Through qualitative research methods, a case study research design approach was utilised to study CSR activities in a global bank and CSR experiences in its African subsidiaries. Data collected from research subjects through interviews was analysed using open, axial and selective coding procedures. The study concludes that there are definite gaps in CSR expectation between a multinational and its subsidiaries based in African emerging markets. Global CSR strategies may be applied consistently across a multinational’s subsidiaries, but failure to address core issues faced in an emerging market economy renders such strategies impractical.

D.Litt. et Phil. / The objective of this dissertation was to investigate the ostensible structural deterioration of the socio-economic position of the South African maize producers since the start of the eighties as a consequence of the low and erratic rainfall, the relatively high cost of finance, the worsening terms of trade of the industry and the secular decline in the real price of maize on the world market. The constant pressure of the four factors on the profit position of the maize industry compelled producers to pay less attention to the maintenance of soil fertility, technology and the remuneration and training of their workers. The need to succumb to exploitative practices in order to survive became a strong feature of the industry since the late eighties when the potential for the further improvement of productivity by economising on fertilizer and other inputs and using capital assets such as tractors and harvesters more intensively had run its course. The South African maize producer is faced by an adverse production or cost function, mainly as a consequence of the very erratic climatic and poor soil, environment in which he is finding himself. The grain producing industries all over the world are still closely governed by soil and climatic conditions, compared to the meat, dairy, poultry and horticultural industries, which have increasingly assumed characteristics of manufacturing industry. Technological developments in the grain industries such as hybridisation and the advent of the modern fertilizers, weed and pest herbicides and the tractor and mechanical harvester did not free the industry from the constraints imposed on it by the poor South African soils and erratic weather patterns. The production of grain, especially maize, is still subject to the cost constraint imposed by the law of decreasing returns. Co-incidental to the difficult production function is the more pronounced tendency of production to fluctuate and the growing disparity between supply and demand, not only in the South African market, but globally. This behaviour as well 'as the price support measures, by especially the USA and the European Union, are responsible for the constant weakening of the terms of trade of the industry and the secular decline of the global real maize prize.

The hypothesis was that salmon farming can be the basis for the establishment of a viable small business in British Columbia. The constraints on the establishment of a salmon farm imposed by government regulations, the availability of funds, and the market for pan-size salmon were presented and discussed. The pertinent biological knowledge associated with the rearing of captive salmon was summarized. A simple production model designed to produce approximately one-half million marketable, pan-size salmon within 15 months was derived from published accounts of studies at experimental fish farms. A hypothetical salmon farm was described in detail including estimates of the capital and operating costs associated with the farming and processing activities. The required information was obtained through interviews with knowledgeable members of the industry. The estimated revenues and expenses attributed to the hypothetical farm were analysed using pro forma financial statements to ascertain the financial position and the net cash flow which may be expected. The profitability of the farm was analysed by applying net present value and internal rate of return criteria to the net cash flow. Sensitivity analysis of the effect of changes to the product mix. market price, labour rate, feed price, tax rate, and stocking density upon the profitability of the farm was conducted. Estimates of the critical values of the above parameters which would allow the farm to be a feasible investment opportunity were derived. The conclusion is that pan-size salmon farming can be a feasible small business in British Columbia. / Business, Sauder School of / Graduate