The U.S. wool industry has long received lower prices for comparable wool types than those of Australia. In order to better understand such price differences, economic evaluations of both the U.S. and Australian wool markets were conducted. This research focused on two primary objectives. The first objective was to determine what price differences existed between the Australian and U.S. wool markets and measure that difference. The second objective was to calculate price differences attributable to wool characteristics, as well as those resulting from regional, seasonal, and yearly differences. In order to accomplish the objectives, the study was set up into three different hedonic pricing models: U.S., Australian, and combined. In the U.S. model, there were significant price differences in season, year, region, level of preparation, and wool description. In addition, average fiber diameter (AFD) had a negative nonlinear relationship with price and lot weight had a positive linear relationship with price. The Australian model was notably different than the U.S. model in that there were only three variables. The yearly variable follows the same general pattern as the U.S. data but with a smaller span of difference. The seasonal price differences were distinctly different than the U.S. because of the difference in seasonal patterns. In addition, the AFD had a similar negative nonlinear relationship with price. The final model combines both the U.S. data and the Australian data. The combined model had only three variables: season, year, AFD and country. As in the case of the previous two models, AFD had the same negative nonlinear relationship and similar price elasticity. Overall, there was a -30.5 percent discount for U.S. wool when compared to Australian wool. This can be attributed to several different factors. One of which is that the Australian wool industry has a more extensive marketing scheme when compared to the U.S wool market as a whole. However, this is only a beginning to future research that needs to be conducted. Continuing this study for future years, having more descriptive categories, and additional countries would further add explanation to wool prices.

The U.S. wool industry has long received lower prices for comparable wool types than those of Australia. In order to better understand such price differences, economic evaluations of both the U.S. and Australian wool markets were conducted. This research focused on two primary objectives. The first objective was to determine what price differences existed between the Australian and U.S. wool markets and measure that difference. The second objective was to calculate price differences attributable to wool characteristics, as well as those resulting from regional, seasonal, and yearly differences. In order to accomplish the objectives, the study was set up into three different hedonic pricing models: U.S., Australian, and combined. In the U.S. model, there were significant price differences in season, year, region, level of preparation, and wool description. In addition, average fiber diameter (AFD) had a negative nonlinear relationship with price and lot weight had a positive linear relationship with price. The Australian model was notably different than the U.S. model in that there were only three variables. The yearly variable follows the same general pattern as the U.S. data but with a smaller span of difference. The seasonal price differences were distinctly different than the U.S. because of the difference in seasonal patterns. In addition, the AFD had a similar negative nonlinear relationship with price. The final model combines both the U.S. data and the Australian data. The combined model had only three variables: season, year, AFD and country. As in the case of the previous two models, AFD had the same negative nonlinear relationship and similar price elasticity. Overall, there was a -30.5 percent discount for U.S. wool when compared to Australian wool. This can be attributed to several different factors. One of which is that the Australian wool industry has a more extensive marketing scheme when compared to the U.S wool market as a whole. However, this is only a beginning to future research that needs to be conducted. Continuing this study for future years, having more descriptive categories, and additional countries would further add explanation to wool prices.

Virginia is the east coast's largest producer of eastern oysters and produces more than any other state. As the industry grows to meet increasing demand, more conflicts have arisen with other resource users, especially waterfront property owners. Some landowners claim oysters impact recreational and aesthetic uses of their property, therefore lowering the value of the home. Using a hedonic property value model, this study examines the effect of oyster aquaculture on waterfront properties by using 2,245 property sales from 16 counties and independent cities and information on aquaculture activity from 2012-2016. The results suggest that oyster aquaculture has a positive effect on waterfront property values, but a negative effect when using cage equipment. / Master of Science / Virginia is the east coast’s largest producer of eastern oysters and produces more than any other state. As the industry grows to meet increasing demand, more conflicts have arisen with other resource users, especially waterfront property owners. Some landowners claim oysters impact recreational and aesthetic uses of their property, therefore lowering the value of the home. This study examines the effect of oyster aquaculture on waterfront properties. The results suggest that oyster aquaculture has a positive effect on waterfront property values, but a negative effect when using cage equipment.

abstract: Celiac Disease (CD) is now widespread as one in 133 people are currently diagnosed, while there were only one in 150 in 2006. Much of the research concerning CD is still in the early stages, as formal epidemiological studies are relatively recent. CD is aggravated by the consumption of gluten, which is found mainly in wheat, rye, oats, and barley. Not surprisingly, the rising prevalence of CD has created a significant business opportunity for food manufacturers in developing products that are tailored to CD sufferers. While the entire Gluten-Free (GF) industry has been experiencing double digit growth rates, the expansion in available snack foods has outstripped all others. Observation of GF snack food prices suggests that food manufacturers are responding to high retail prices associated with GF foods. However, GF foods are often also advertised with other attributes that generally sell for a premium over conventional foods. Therefore, whether the high retail price for GF snack foods can be attributed specifically to the GF attribute is an empirical question. The objective of this research is to determine whether there is a retail-price premium for GF snack foods and, if there is, to estimate its magnitude. A hedonic pricing model is used to answer this question. Specifically, a hedonic pricing model was applied to a unique dataset of snack food products in order to estimate the marginal value for the GF attribute, while controlling for a number of other important attributes. Results show that the GF attribute is both economically and statistically significant, implying a premium of nearly $1.86 above gluten-containing products. Production costs for smaller manufacturers can be two to three times higher for GF foods relative to non-GF foods, but this still implies an excess premium of over $0.50 (assuming 40% margins). However, high premiums may not last as large retailers are utilizing their influence over suppliers to keep retail margins low. Therefore, the primary implication of the research is that the rapid growth in recent years can easily be explained on economic grounds for large agribusinesses, as this implies a major profit opportunity. / Dissertation/Thesis / M.S. Agribusiness 2010

Thoroughbred racing is referred to as “the sport of Kings”, because historically it was a leisure activity of the upper-class. Thoroughbred breeding on the other hand has transformed from a hobby of the upper-class to a worldwide agricultural industry. With the deep involvement of the royal and rich in the Thoroughbred industry, the auction prices of horses are raised significantly at the top end of the market. Research in the biological sciences suggests there exits correlations between dam age, foal birthrank, and the racing performance of Thoroughbred horses. This study first investigates how the market values these biological factors and whether they are correlated with racehorses’ career earnings. We further test the impact of sire age as there is limited literature related to the subject. By using a Hedonic pricing model, results show that Thoroughbred buyers at Keeneland September Sale are willing to pay more for the yearlings at 1st, 2nd, and 3rd birthranks, yearlings out of younger mares age from 4 to 10, and yearlings by experienced sires age from 12 to 18. Results from multivariate regressions suggest negative correlations between foal birthrank, parent age and career earnings.

Hay auctions have generally been understudied due to their unique market structure. Therefore, the factors that influence the price of hay at auction markets are not well-known. The price of hay at auction markets reflects the various characteristics that differentiate each lot of hay sold. This study is aimed at analyzing the determinants of Central Kentucky hay prices. A hedonic price model is estimated using data collected from a Central Kentucky hay auction. Known hay attributes include forage species, form, bale weight, and nutritive value. An important aspect of this analysis is to determine whether the quality measures of the hay are significant factors in determining hay prices in this auction setting. While price discovery of hay is important, it is also important to know about the insurance that is available to producers. Insurance for hay production is very limited with only two insurance programs available to Kentucky producers. An evaluation of the Noninsured Crop Disaster Assistance Program is conducted by simulating yields from an alfalfa producer and alfalfa trials from University of Kentucky Agriculture Research Centers in Princeton and Lexington, Kentucky. This analysis reveals the effectiveness of the coverage levels offered through the program for alfalfa producers in Kentucky.

No description available.

Master of Science / Department of Agricultural Economics / Ted C. Schroeder / Value-added management at the cow-calf level is integrated across breeding, health and nutrition programs. Hedonic pricing models are necessary to navigate through the layered management standards imposed by certified health and marketing programs on the cow-calf sector. Previous research in feeder calf pricing models provides insight on the use and development of ordinary least squares in estimating price effects. Breed, vaccination program, age-and-source verification and natural-beef production have become more relevant as vertical coordination has influenced commercial cow-calf producers. This study provides the industry with new information pertaining to the revenue opportunities that exist for cow-calf producers through increased coordination in the beef industry. Video and satellite auction markets are recognized as a national pricing mechanism for feeder cattle in the United States. These markets represent the management and marketing practices of national cow-calf producers and the tastes and preferences of a national stocker and feedlot industry. Previous research in feeder cattle pricing models is applied to the current genetic, management, marketing and market structure information from video auction markets to discover relevant price effects pertaining to value-added calf production. More intensive value-added management practices were expected to enhance the revenue of cow-calf producers selling their calves through video auction markets. This research confirms that verified health and genetic claims produce higher calf prices compared to commodity calves. Weaned calves with at least two rounds of respiratory vaccinations generated an additional $5.50 to $7.50 per cwt., and weaning created $2.75 to $4.50 per cwt. in premiums over non-certified health programs. There were statistical differences among the premiums for each aggregated breed influence, and Angus and black and black-white faced cattle offered the highest breed premiums at $5.25 to $7.50 per cwt. compared to Brahman-influenced calves. Age-and-source verification presents the best opportunity for video auction market premiums among recently developed marketing programs. Statistically significant premiums ranged from $1.25 to $2.00 per cwt. for both steers and heifers over the last five years.

This study utilized hedonic pricing models and regression analysis to evaluate if, and to whatextent distance to certain logistics nodes impact the transactional value of warehouses andlogistics properties. The study is conducted in Sweden, using data collected from transactionsthat have been conducted in the three largest cities in Sweden between the years 2016 - 2022.The logistical nodes that are tested within the study are the biggest seaports, airports andhighways in the big city regions. Furthermore, the distances to the central business districts ineach respective city are included in the analysis as well. The distances are collected bymeasuring the shortest road travel routes using Google Maps. Aside from the aforementionedlocational attributes that were tested, physical variables and dummy variables were includedin the model to investigate their effect on the transaction value of the logistics properties.Furthermore, these were included to prove the robustness of the proposed models. The results from the study indicate that all the logistical nodes tested are significant for thevalue of the industrial properties. Proximity to seaport, central business district and highwayshave a negative gradient, indicating a higher value of the logistics properties if in proximityto these nodes. While the distance to the airport is significant for the value of the logisticsproperties, the proximity to the airport does not induce a higher transaction value. The studyconcluded that the distance to seaport had an effect of -0,50%, CBD -0,83%, Highway-0,62% and Airport 0,47% per kilometer of change. This study aims to contribute to theexpanding literature on the topic of optimal warehouse location and to inform propertyowners of what attributes to consider when constructing logistic properties. / Denna studie använder hedoniska prismodeller och regressionsanalys för att utvärdera om,och i vilken utsträckning avstånd till logistiknoderna hamn, flygplats och motorväg påverkartransaktionsvärdet för lager och logistikfastigheter. Studien genomfördes i Sverige med hjälpav data insamlad från transaktioner som har genomförts i de tre största städerna i Sverigemellan åren 2016 - 2022. Transaktionsdatan samlades in genom Datscha. Vidare utreds ävenhuruvida avstånd till central business districts har en inverkan på transaktionspriset.Avstånden mäts genom att mäta de kortaste transportsträckorna mellan fastighet och nod.Avstånden i fråga har samlats in med hjälp av Google Maps. Resultaten från studien tyder påatt alla logistiknoder som testats har betydelse för fastighetens värde. Närhet till hamn, CBDoch motorvägar har en negativ koefficient, vilket indikerar ett högre transaktionsvärde påfastigheten i de fall de är belägna i närheten dessa noder. Avståndet till flygplatsen har ocksåbetydelse för värdet på fastigheterna. Denna variabel har dock en positiv koefficient, vilketindikerar att närhet till denna logistiknod har en negativ inverkan på transaktionspriset.Slutsatsen från analysen indikerar att avståndet till hamn hade en effekt på -0,50%, CBD-0,83%, motorväg -0,62% och flygplats 0,47% per kilometer av förändring. Denna studiesyftar till att bidra till den växande litteraturen om ämnet optimal lagerlokalisering och attinformera fastighetsägare om vilka attribut som ska beaktas när de bygger logistikfastigheter.

Fear of crime may differ between areas, even if levels of crime do not differ. Policymakers and companies should be interested in how much economical values individuals put on their emotions. No previous paper has tried to estimate the economic consequences of the kind of fear of crime that does not stem from an increase in crime. Through a hedonic fixed effect-approach and a unique data set, I close this gap by estimating the willingness to pay to avoid that fear. As the outcome variable, I use sold apartments in Stockholm municipality in the years 2017 and 2020. I find suggestive evidence of small to moderate effect of fear of crime on housing prices, even after controlling for crime levels, with an elasticity of -2% to -6%. The results are robust throughout different robustness tests. These findings may help politicians in their cost-benefit analyses when planning safety-increasing projects.