Master of Science / Department of Agricultural Economics / Timothy J. Dalton / Smallholder farmers in Tanzania remain susceptible to food insecurity and poverty. To combat these challenges, the country and development organizations have turned to agriculture. In particular, value chains have been identified as a point of interest. Specifically, the maize value chain is of critical importance since maize is the staple crop of the country as well as the staple carbohydrate in the Tanzanian diet. Markets are beneficial because they enable households to specialize in agricultural production according to their comparative advantage. Specifically, markets have been shown to be one tool for increasing welfare, measured through the proxy income. The objective of this thesis is to identify the determinants of a household’s decision to participate in the maize market as well as identify the determinants of a household’s decision regarding how much maize to sell in a given market. This research examines formal and informal market participation among 908 households during the 2008 long rainy season. Probit models were estimated to determine market participation for the formal, informal, and aggregate sale market levels. A Heckman OLS model was used to further analyze the value sold by the household in a given market. Econometric results indicate that “quantity harvested” positively and significantly impacts market participation decisions as well as value sold decisions. The variable “male-headed households” was positive and significant in the formal market while the variable showed no significant impact in the informal market participation model. Both “radio ownership” and “mobile telephone ownership” proved to be positive and significant in the formal model while only the ownership of a radio was significant in the informal market. Additionally it was found that for the formal market participation decision, “bicycle ownership” was positive and significant. Overall, it appears that households participate in the informal market as a way to meet cash needs since farmers were not price-responsive. However, in the formal market farmers were found to be very price-responsive, following neo-classical economic theory.

Master of Science / Department of Agricultural Economics / Vincent Amanor-Boadu / Transaction costs, one of the most significant barriers to market participation, may vary by buyer type. Depending on who a farmer sells their produce to, they may alter their potential transaction costs consequently influencing their market participation. This study examines the effect of buyer type on smallholder market participation in Northern Ghana where poverty is still endemic and often exacerbated by fewer opportunities for commercialization such as limited access to markets. The analysis is based on data from the agriculture production survey conducted in 2013 and 2014 and the Population based Survey conducted in 2012 in northern Ghana. Analysis is performed using the Double Hurdle approach to control for self-selection bias, ensure more flexibility on the variables affecting the decision to sell and how much to sell as well as to provide unconditional effects of the variables on market participation. The results reveal greater market participation of cash crop producing farmers than those producing a lower value food crop - Maize. The results also show that farmers selling to aggregator-type middlemen and other buyers have a propensity to sell more. The aggregators and ‘other buyers’ buy in bulky, offer lower prices and are associated with lower transport, loading and offloading costs than consumers. Farm output, access to information and price also have a significant positive impact on intensity of market participation. These findings support policy initiatives such as supporting aggregator-type middlemen, increasing the provision of information, promotion of cash crops as well as supporting more interventions focusing on increasing production and yields.

Theoretical models predict that ambiguity is an asset pricing factor in addition to risk, however few of them have been tested in the real market. This thesis tests one of the hypotheses that, investors’ propensity to invest in stocks is reduced when ambiguity in the marketplace increases. The hypothesis is tested by using equity fund flows and households’ equity holding as measurements of the market participation, and using dispersion in analysts’ forecasts about aggregate returns as measurement of ambiguity. The results confirm this hypothesis, since the increases in ambiguity are significantly and negatively related to equity fund flows, as well as the likelihood that the average household invests in equities. Moreover, the results also find that the fund flows in non-dividend paying stocks are more sensitive to the changes in ambiguity, and investors transfer capital from the equity market into more liquid asset classes during high-ambiguity periods. In addition, this thesis also tests whether there is heterogeneity in individuals’ ambiguity aversion, and examines the psychological roots of ambiguity aversion. FNE theory explains ambiguity aversion as the result of fearing negative evaluation from others. It predicts that married households are more ambiguity averse; while households with higher income and education, or households that are more mature, are less ambiguity averse. On the other hand, self-evaluation theory explains ambiguity aversion as the result of minimizing anticipated regret. It predicts that households that are more optimistic, or have less income, are less ambiguity averse; while households that have negative market experience, or have higher income, are more ambiguity averse. The results show that married households, or households with high income / negative market experience, are more ambiguity averse; and households that are more optimistic / more mature, are less ambiguity averse. Therefore, both theories have successful predictions, suggesting that the ambiguity aversion is the combined result of the two motivations.

Agriculture is considered a critical sector in attaining economic growth for most economies in Africa. However, for the sector to play its role, it needs to be commercialised to enable smallholder farmers to participate in markets and, hence, improve their incomes and livelihoods. In most developing economies, smallholder farmers find it difficult to participate in markets because of the numerous constraints and barriers mostly reflected in the transaction costs that make access to input and output markets difficult. When analysing the effects of transaction costs on market participation, much attention has been accorded to farmers while ignoring middlemen/traders who are also part of the marketing system. Furthermore, studies on the effect of transaction costs on market participation tend to focus on grains and cereals while ignoring agrocommodities that are more perishable. The purpose of this study was to holistically examine the effects of transaction costs on participation of smallholder farmers and middlemen in banana markets of the Great Lakes region in central Africa. The study adopted a non-separable household model which incorporated fixed and proportional transaction costs in the function of maximising utility subject to resource constraints. The Heckman procedure was used to determine the factors affecting the discrete choice of smallholder farmers on whether to sell and quantities to sell while catering for selection biases. Probit analysis was used to determine the farmers’ choice of selling point while the ordinary least squares method was used to analyse the extent of participation of traders. Variables capturing transaction costs in regards to information gathering, negotiating, contracting, monitoring and enforcing of contracts were used in the analyses. The empirical analyses were based on secondary data availed for 2666 farming households and 494 traders located in Burundi, Democratic Republic of Congo and Rwanda. The results of the study indicate that fixed and proportional transaction costs distinctly affect the participation of smallholder farmers in markets. Belonging to farmer groups facilitates information exchange which reduces fixed transaction costs and, hence, increases the likelihood of farmers to participate in markets. The size of a household, distance to markets and ownership of transport means, which is linked to proportional transaction costs, influence the extent of farmer participation in markets. The choice of selling point was significantly influenced by household size, the gender of the household head, off farm revenue, access to price information and the extent of remoteness of household. The effects of transaction costs on market participation of smallholder farmers were more evident in the analyses for bananas than in the one for beans. The participation of traders was significantly influenced by gender, trading experience and supply distance which relate to the bargaining prowess, business networks and per unit transport cost, respectively. Interventions geared towards supporting associations for farmers may facilitate information exchange and enhance bargaining and contracting skills which subsequently reduce transaction costs. Policies aimed at supporting investment in rural infrastructure, in terms of feeder road networks and market places, can lead to reduction in transaction costs and thereby enhance participation of farmers and traders in markets. / Thesis (PhD)--University of Pretoria, 2011. / Agricultural Economics, Extension and Rural Development / unrestricted

The authors report the results from a survey about financial literacy, financial market participation and numerous factors such as age, income, and education etcetera, which may or may not affect the level of financial literacy and financial market participation among Swedish adults. The study has a qualitative approach and the the survey is conducted on 80 random chosen Swedish individuals in Jönköping.  The major findings in this study were the following; Individuals with high financial literacy are more likely to have money invested in stocks and/or funds than individuals with low financial literacy. Education and age affect market participation, whilst the variables gender and income does not. The sample did not show a significant correlation between education and financial literacy. However, taking several underlying factors in to account one can see a pattern between these two variables. For example, individuals with a Master’s Degree have higher knowledge about financial concepts than individuals with a High School education. Age does not have as great impact on financial literacy as education, but there is still a pattern to observe, in general, the older we get the wiser we become. Individuals with higher income, have in general a higher financial literacy than individuals with low income. At last, men in general possess a higher knowledge about financial concepts than women.

abstract: Recent research finds that there is significant variation in stock market participation by state and suggests that there might be state-specific factors that determine household stock market participation in the United States. Using household survey data, I examine how accounting quality of public companies at the state level affects households’ stock market participation decisions. I find that households residing in states where local public companies have better accounting quality are more likely to invest in stocks. Moreover, those households invest greater amounts of their wealth in the stock market. Cross-sectional tests find that the effect of accounting quality on stock market participation is more pronounced for less affluent and less educated households, consistent with prior findings that lacking familiarity with and trust in the stock market is an important factor deterring those types of households from stock investments. In state-level tests, I find that these household outcomes affect income inequality, which is less severe in states where high public-firm accounting quality spurs more stock market participation by poorer households. Conversely, in states where public firms have lower accounting quality, stock market participation among poorer households is less common, and a larger share of high equity returns accrues to richer households, exacerbating income inequality. / Dissertation/Thesis / Doctoral Dissertation Accountancy 2020

The Republic of the Philippines is an example country when it comes to gender equality within education. However, this trend does not persist when it comes to female labor market participation. Current research shows that a mere 53,4% of all Filipinas are currently employed in the labor market against 81% of their male counterparts, indicating a wide engendered gap. This study investigates why so few of the highly educated female population find gainful employment by studying the perspectives of university graduate students in the rural province of Antique through the use of a wide range, quantitative survey across three universities, and 9 qualitative in-depth interviews. By using Nussbaum and Sen’s capability approach, an inventory of both known and new barriers is made, which are organized in the following categories: barriers on the supply side of the labor market, barriers on the demand side of the labor market, and other barriers. Revealing those barriers that have not been researched before contributes to the existing body of knowledge on impediments that hinder graduating Antiqueñas to enter the labor market. The hindrances as described and discussed in this thesis can be used to improve gender sensitive policies that have the ability to expand freedoms, capabilities, and functioning for Antiqueñas, but also for Filipinas in general, since the barriers; lack of good and productive vacancies, (early) motherhood, a wide gender wage gap, unpaid family work, patriarchic views on traditional female roles, and a divide in male and female jobs are all barriers that hinder Filipinas on a national level.

Thesis (M.Sc. Agriculture (Agricultural Economics)) -- University of Limpopo, 2020 / The purpose of this study was to analyse socioeconomic factors influencing formal and informal market participation by beef cattle farmers. Cattle production plays an important role in the provision of food worldwide. It important for farmers to participate in the market to improve their income and livelihood. Globally, it was discovered that livestock production contribute value to the economic development of various countries. Ethiopia is one of the countries that generate more income from the livestock production. In the study area farmers participate in the lower level of market participation. They sell at informal market than formal market because of insufficient market channel. The farmers seldom sell since their sale depends on the availability of the market. Hence it was important to analyse socioeconomic factors influencing informal and formal market participation by small-scale beef cattle farmers at Makhado Local Municipality. The aim of the study was to analyse socioeconomic factors influencing informal and formal market participation of small-scale beef cattle farmers in Makhado Local Municipality. The objectives of the study were to identify, describe the socioeconomic characteristic of beef cattle, determine the level of market participation of the beef cattle and analyse the influence of socioeconomic factors in the participation of the beef cattle farmers in both the formal and informal market in Makhado local municipality. Structured questionnaires were used to interview 82 cattle farmers who participate in both informal and formal markets. Descriptive statistics were used to analyse socioeconomic characteristics of the cattle farmers. The logistic regression model was used to analyse factors that influence the participation of small-scale cattle farmers in both formal and informal markets. Lastly, market participation index tool was used to analyse the percentage of each farmer’s participation in different markets. The descriptive statistic results were showing men dominating participation in the market than women. The findings illustrate that farmers participating in the market were mostly pensioners who depend on social grant. Most of them are married and v have low level of education. The study also revealed that most beef cattle farmers are engaged in cattle farming for the purpose of sale instead of consumption. The logistic regression model results shows the coefficients for the independent variables such as gender, family size and farming experience to be significant at 1%. Age, marital status, monthly income, and distance to the market were found to be significant at 5%. Membership association were found to be significant at 10%. Educational level, extension services as well as the market information were found to be insignificant. The market participation index tool results revealed that the participation of beef cattle farmers in level 1 was 74.39%, level 2 18.29%, level 3 3.66% and lastly, in level 4, it was 3.66%. Additionally, the study revealed that only 1 farmer had a minimum score of participation of 3 and another farmer scored the highest participation of 23 out of all 82 farmers who participated in different market channels namely, homestead, village market, auctions, town market and fresh produce market. The study indicated various constraints faced by cattle farmers in both formal and informal markets. However, for a farmer to be a full participant all farmers should be able to participate in all the above-mentioned market channels. Additionally, for a farmer to increase his/her level of market participation, there is a need for each farmer to sell many cattle per year in different marketing channels mentioned above. It is also vital to increase the cattle productivity and to decrease identified constraints that negatively influence market participation of beef cattle farmers. Furthermore, constraints influencing market participation of beef cattle farmers need to be addressed to increase the sale of cattle by farmers. This requires assistance by both government and non-governmental stakeholders. Government stakeholders include extension officers, agricultural experts and veterinaries, while nongovernmental stakeholders include meat quality experts, agricultural cattle commercial farmers, and cattle farm managers. / Department of Agriculture, Forestry and Fisheries

Thesis (MScAgric)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: This study uses a double-hurdle (DH) model to examine the key factors influencing market participation decisions among maize-producing households in the former homelands of South Africa. In the first stage of the double-hurdle model, using data on South African rural maize growers, the decision whether or not to participate (binary variable) is used to estimate the maximum likelihood estimation (MLE), which is assumed to follow a probit model. In the second stage, the conditional quantity sold (continuous variable) is assumed to follow a truncated normal regression model, whereby the MLE is estimated by fitting a truncated normal regression into the quantity sold. The results of the double-hurdle regression point specifically to five key factors that were found to have a positive statistical effect on rural smallholders’ market participation decisions, and on the conditional quantity of maize they traded (viz. household size, land size, access to credit and government transfers for the first stage, which was estimated using the probit model, and age, education and employment status of the household head, use of tractor when cultivating, government transfers, quantity produced, market price, and own transport to the market for the second stage which was estimated using truncated normal regression). Based on the findings highlighted above, it is recommended that the integration of rural smallholders as market participants cannot be achieved without effective policy interventions that create and sustain an enabling environment that encourages greater participation. This includes improving access to land and road infrastructure; providing extension services and making available relevant advice and information related to both production and marketing aspects; and enhancing the accessibility of both credit and production input. / AFRIKAANSE OPSOMMING: Hierdie studie maak gebruik van die dubbel-hekkie (DH) model om die vernaamste faktore te ondersoek wat besluite oor markdeelname onder mielieproduserende huishoudings in die voormalige tuislande van Suid-Afrika beïnvloed. In die eerste stadium van die double-hurdle model, met gebruik van data oor landelike Suid-Afrikaanse mieliekwekers, is die besluit oor deelname of andersins (binêre veranderlike) gebruik om die maksimum-aanneemlikheidsberaming (maximum likelihood estimation (MLE)) te skat wat aanvaar word om op ’n probit-model te volg. In die tweede stadium is die voorwaardelike hoeveelheid verkoop (kontinue veranderlike) aanvaar om op ’n afgeknotte normale regressiemodel te volg, waardeur die MLE beraam word deur ’n afgeknotte normale regressie in die hoeveelheid verkoop te pas. Die resultate van die dubbel-hekkie regressie dui spesifiek op vyf sleutelfaktore wat gevind is om ’n positiewe statistiese effek op landelike kleinboere se markdeelnamebesluite te hê, en op die voorwaardelike hoeveelheid van mielies wat hulle verhandel (naamlik grootte van die huishouding, grootte van die grond, toegang tot krediet en regeringsoordragte vir die eerste stadium, wat geskat is deur gebruik te maak van die probit-model, en ouderdom, opvoeding en indiensnemingstatus van die hoof van die huishouding, gebruik van trekker tydens bewerking, regeringsoordragte, hoeveelheid geproduseer, markprys en eie vervoer na die mark vir die tweede stadium, wat geskat is met afgeknotte normale regressie). Gebaseer op die bevindings wat hierbo uitgelig is, word daar aangeraai dat die integrasie van landelike kleinboere as markdeelnemers nie moontlik is sonder doeltreffende beleidsingrypings wat ’n instaatstellende omgewing skep en onderhou wat groter deelname sal aanmoedig. Dit sluit in verbeterde toegang tot grond en pad-infrastruktuur; verskaffing van voorligtingdienste en relevante raad en inligting m.b.t. produksie- en bemarkingsaspekte; en die verbetering van toegang tot beide krediet en produksie-insette.

South African cement manufacturers are under financial pressure. Sales have declined due to the 2008 recession and electricity costs have tripled from 2005 to 2012. Electricity cost savings are therefore more important than ever. Unfortunately retrofitting highly energyefficient equipment is not ideal. These installations are costly and take a long time to implement. Alternative strategies that can produce quick results in reducing electricity costs are needed. One such alternative is a programme called Demand Market Participation (DMP). The DMP programme was implemented by Eskom, South Africa’s national electricity utility, to reduce electricity demand during supply shortages. This programme offers potential cost savings for clients with excess production capacity. Clients such as cement plants can switch off non-essential production equipment in Eskom’s peak demand periods for a financial incentive. To maximise the benefits for both the clients and Eskom, accurate electricity forecasting is needed, as are systems enabling a quick response to load reduction requests. In this study DMP opportunities on typical cement plants were identified. A DMP strategy to assist cement plants was developed to achieve maximum cost savings without influencing production, quality and safety. An existing energy management system (EnMS) was adapted to incorporate the new DMP participation strategy. The new EnMS and DMP strategy were implemented at a South African cement plant, resulting in savings of R220 000 per month. This translates into an annual cost-saving potential of R2-million for the plant, and an R13- million cost-saving potential for the total South African cement industry. / MIng (Mechanical Engineering), North-West University, Potchefstroom Campus, 2014