High productivity rates, usage of nonproductive land, renewability and recovery of waste nutrients and potential for CO2 emission reduction represent some of the advantages that selected algae species might have over competing products. Many research studies have investigated potential usage of algae for different purposes, such as cosmetics or aquaculture; however most of the research studies have focused on the feasibility of algae as a source of second generation biodiesel and feed meal. Because of its high costs of production, using algae only for the purpose of biodiesel production might not be profitable. Thus, for global scale algae commercialization it is important that it be used as a feed meal along with being marketed to the biodiesel industry. One of the major problems faced by economists when attempting to analyze the feasibility of algae is the absence of a market for algae-based fuel and meal. Given that no market exists, prices for algae cannot be observed and realistic investment analysis becomes difficult to perform in this sector. The objective of this study is to estimate a potential price of algae meal using hedonic pricing techniques. For that purpose, twenty two different feed meals commonly having the same usage as Post Extracted Algae Residue (PEAR) are decomposed into their chemical constituents in order to calculate the market value of each characteristic. Calculated prices of these characteristics are then used to estimate the price of algae meal and compare it to different feed meals. Results suggest that algae prices are strictly variable to its chemical components across different algae types. Besides, PEAR represents a sustainable source of financial value and might be considered one of the cornerstones in making algae commercialization a feasible and profitable option.

Master of Science / Department of Agricultural Economics / Ted Schroeder / Feeder cattle are placed into feedlots at varying weights. This placement weight is the result of procurement decisions by cattle feeders and of marketing decisions by cow/calf and stocker/backgrounder producers. Increased understanding of the behavior of these markets can help both buyers and sellers of feeder cattle make these decisions. Past research has used linear or quadratic variables or interaction variables in order to model the effects of weight on price. This study instead divides the market for feeder cattle into ten distinct subsets which are evaluated independently. The feeder cattle market for four major cattle feeding states in the Southern Great Plains (Nebraska, Kansas, Oklahoma and Texas) was divided into ten subsets, five in each gender. Each of these represent feeder cattle coming to market in a 50 pound weight range, centered upon 525, 625, 725, 825 and 925 pounds. Each of these subsets was analyzed using seven independent variables selected based upon previous research and economic rationale. These variables were the live futures price, previous feedlot returns, feeder cattle inventory, interest rate, feedlot capacity utilization, cost of gain and pasture conditions. The data for these variables were collected from public sources, aggregated into monthly observations and differenced to correct for nonstationarity. Analysis was conducted using ordinary least squares regressions. Results are reported and trends between weight classes discussed along with their implications. Findings support that feeder cattle of different weights are not perfect substitutes and that market and production factors do not influence all weights of feeder cattle the same. In fact, factors which positively and negatively affect feeder cattle price seem to signal that demand for, or in the case of pasture supply of, feeder cattle of a particular weight has changed and that placement price-weight relationships will adjust accordingly.

Doctor of Philosophy / Department of Agricultural Economics / Timothy J. Dalton / Economic indicators (price, income, taste, and preference) and non-economic (information, time and equipment, food quality and safety) indicators are key elements of the food environment that need further investigation in developing countries.The main objective of this thesis is to evaluate the effect of these factors on consumer behavior in West Africa, especially in Niger and Burkina Faso. The first essay analyzes the implications of world cereal price shocks on rural household welfare in Burkina Faso by establishing a link between farmers and world markets. The approach is grounded in agricultural household modelling with the world price for cereals, transmitted to farmers, through local producer and consumer prices. Household net welfare after a price shock is derived as a function of behavioral responses to local price change induced by the international price shock.The main result of this analysis is that the increase in prices during the period from 2006 to 2014 is translated to welfare improvement ranging from 0.02 percent for 2006 to 0.06 percent for 2011 for farmers in Burkina Faso. The second essay assesses urban consumers' preference for food quality attributes of value-added cereal products in Niamey, Niger. It combines qualitative and quantitative methods to evaluate the effect of quality attributes on consumers' food choice. A particular focus is placed on assessing consumers' marginal willingness-to-pay (WTP) for quality attributes in an experimental setting. The evaluation accounted for taste and preference heterogeneity inherent to consumers’ responses to changes in quality attributes. The results suggest market demand inferred from significant marginal WTP for the nutritional quality attribute as measured by the expiration date, the presence of micronutrients, and the country of origin of the product. In addition, demand is found to be highly heterogeneous across consumers socio-demographic and economic characteristics. As a result, better communication and appropriate targeting by food processors and policymakers could be an additional tool to enhance food quality and diet through the market. Finally, the third essay theoretically and empirically assesses the impact of a time-saving food attribute on consumer’s food choice in urban areas of Niger. The theoretical assessment relied on a ``Beckerian’’ time allocation model to derive how a time-saving food product affects consumers' utility and food choice. The empirical approach combines hedonic tasting, random utility and a latent class framework to identify taste heterogeneity patterns underlying consumers' choice. Both the hedonic and latent class models confirm the theoretical prediction that a time-saving characteristic can either increase or decrease the demand for food that embodies the attributes. A significant market segment of about 38% includes consumers with a positive valuation of the time-saving product, highlighting the potential of this attribute to increase consumers welfare, reduce energy use and prevent food preparation-related health issues.

The Holstein beef sector is a fascinating and integral part of the United States beefsystem; however, it has been largely overlooked in academic research. Holstein beef has longsuffered from perceptions that it is of poor quality. Recent changes in slaughter industrystructure, marketing systems, and production models have made the Holstein systemunbelievably complex. Coupled with econometric modeling, this sector analysis uses a semistructuredinterview approach to evaluate the reality of these perceptions, the impact of thesechanges, and to determine what truly drives the Holstein beef market. Results suggest that manyof the perceptions of Holstein beef are inaccurate; the market for Holstein steers was found to bequite similar to the market for native steers. Recent changes in production systems appear tohave been driven by changes in market preferences. Finally, the driving forces behind theHolstein market are not that different from the driving factors in the native cattle market,although some of the impacts were found to be different.

Cattle producers are faced with difficult decisions on how they market theircalves. This study examines the different characteristics that play a role in determiningthe price of a group of animals. Identifying characteristics that determine pricedifferentials relative to the price premium given to producers participating in CPH salesis important information when producers are making a marketing decision. The modeldeveloped in this study provides producers with evidence of what characteristics generatethe highest price, as well as relative differences between sales locations and types ofsales. The more information available to producers, the better equipped they are to makedecisions.

Kentucky plays an important role in the complex U.S. beef cattle industry. Thisstudy focused on the feeder cattle production sector of Kentucky's beef cattle industry.Primarily a cow-calf state with a substantial backgrounding sector, Kentucky is a largesupplier of feeder cattle to the cattle finishing sector. Price relationships within themarket for Kentucky feeder cattle were examined using historical price data fromKentucky livestock auction markets. This research revealed many interesting pricerelationships that Kentucky producers may use in order to increase the profitability of thecow-calf and/or backgrounding operations. A segment of this research includes aGrazing Management Decision Tool which was constructed to enable producers toevaluate the potential profitability of various grazing scenarios using current marketforecasts.

One of the major objectives of every farmer, rancher, or feedlot operator is that of trying to maximize profits by marketing their cattle for greatest net returns. For this reason, it is very important at which market the producer decides to sell his cattle, Local supply and demand conditions are constantly causing prices and price differentials between markets to fluctuate, making the decision of choosing the market which will yield the greatest net return rather difficult.

The objective of this study was to examine specific factors that affect the selling price of feeder calves marketed through the Mississippi Feeder Calf Board Sale program, an alternative marketing strategy developed to offer producers an opportunity to increase prices received for their calves. A hedonic model was utilized to measure the effects of individual lot attributes on price. Results of sales conducted from 2008 to 2016 revealed a positive relationship between sale price and steer percentage, Brahman influence, the provision of information on growth implant practices, and number of loads per lot. Conversely, price was negatively associated with number of days from sale to loadout and the consignment of assembled lots or those consigned from multiple sellers. Lot hide color classification demonstrated varying effects on prices received. This data can enable commercial producers to evaluate production practices and make educated management decisions to improve the value of their cattle.

This thesis analyzes the effects on the price impacts of the Commodity Procurement Program when canned peaches are purchased. The main objective is to assess the effects of canned peaches purchases on the farm-level price of canning peaches. Interviews of the industries that participate in the Commodity Procurement Program are used to understand how the industry interacts with commodity procurements and to evaluate if the industry feels that commodity procurements have a significant effect on procured fruits' and vegetables' prices to help better judge the overall effectiveness of the commodity procurement program. A theoretical model of the Commodity Procurement Program's effects on the vertically related markets is constructed. Data are collected for the processor-level and farm-level peach markets. The results provide evidence that the quantity demanded of commodity procurements for canned peaches has a statistically significant negative effect on both the partial and final processor-level price. Also the results indicate that the quantity demanded of commodity procurements for canned peaches does not have a statistically significant effect on the final farm-level price. The results from the Breusch-Pagan tests for the processor-level partial reduced form price equation, the processor-level final reduced form price equation and the farm-level final reduced form price equation indicate that there is no significant evidence that the quantity demanded of commodity procurements stabilizes or destabilizes the farm-level or processor-level price. / Master of Science

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