published_or_final_version / Statistics / Master / Master of Philosophy

published_or_final_version / Economics and Finance / Master / Master of Economics

published_or_final_version / Economics and Finance / Master / Master of Economics

published_or_final_version / abstract / Business / Master / Master of Philosophy

published_or_final_version / Business / Doctoral / Doctor of Philosophy

The "unusual" behavior of agricultural land prices is the subject of considerable debate and controversy and is the object of this research. There is little doubt that land prices have been increasing steadily since 1959 and dramatically throughout the decade of the 1970's. However, there is widespread disagreement among economists, appraisers, and other interested parties as to the causes of the dramatic increases in land prices. Net agricultural income is undoubtedly an important factor in the agricultural land market. Yet, land prices have continued to increase in the face of steady and even declining net incomes. Other factors often considered as exerting considerable influences are inflation, pressures from an increasing population, incentives to attain economies of size through ranch enlargement, and capitalization of government farm program "payments" into land values. The objective of this research is to identify the factors that exert significant influence on agricultural grazing land sale prices in two Eastern Oregon counties and to assess the impact of changes in these factors on the selling price of grazing land. A single equation linear regression model is used to identify the factors that have a significant impact on the price of grazing land. The variables determined to be positively correlated to the price of grazing land are the productivity of the land, the price of feeder cattle, inflation, and the assessed value of real property included in the land sales. The price of hay is negatively correlated with the price of grazing land. The inclusion of public land (USFS and BLM) grazing privileges in the sale was found to have no significant effect on the price of grazing land. In addition, purchases for the purpose of ranch enlargement are occurring at lower prices than purchases for ranch establishment. The major limitations of this study are the restrictions placed on the sales that are analyzed and the problem of standardizing a measure of land productivity. The first limitation is defensible given the stated objectives of the study and the need to limit the analysis to a roughly homogeneous class of land sales. The latter limitation prohibits generalization of the results to other areas without appropriate standardization of the measure of land productivity. / Graduation date: 1979

Fluctuating feeder cattle prices have a direct affect on the revenue variability of feeder cattle producers. Hedging in the commodity futures market is a marketing strategy which can, if properly used, reduce the financial risk of feeder cattle producers. If the closing basis value is known when a hedge is placed, a price can be established for the feeder cattle in advance. This fact prompted research in determining the factors which affect nearby feeder cattle basis in the Pacific Northwest. This research is an attempt to identify factors which influence the feeder cattle basis through their influence on the prices which compose the basis—i.e., the cash and futures prices. The feeder cattle cash price has been established as a function of the factors affecting the profit of feedlot operations. Controversy exists on the factors which influence the futures price of livestock products; however, the use of technical indicators is well established in the literature. For the purposes of this research feeder cattle basis is developed as a function of the profit factors and a lag-trend indicator along with dummy variables which influence feeder cattle futures contracts over time. The profit factors include expected slaughter price, corn price, and interest rate values. These profit factors are expected to influence the cash price of feeder cattle. The lag-trend indicator is a calculated trend of the basis over the past two time periods and is expected to represent the analysis made by traders in both the futures and cash markets of past events or prices. This analysis by traders in the futures market will be similar to their use of technical indicators. In specifying the model, two methods of analyzing the expected affects of the profit factors on the basis are acknowledged. In this research, the profit factors are assumed to influence only the cash price. Therefore, the effect of the factors on basis is hypothesized by making assumptions about the price movement of the feeder cattle futures price. The analyses produce various hypotheses about the expected effects of the profit factors on basis. The empirical results produce evidence that the estimated equations explain a good proportion of the Pacific Northwest basis of feeder cattle for light and heavy weight categories. After a close analysis of the profit factors, corn price is concluded to have a positive influence on 500-600 pound feeder cattle basis and a negative influence on 700-800 pound feeder cattle basis. However, due to the inability of the methods to hypothesize the effect of slaughter price on basis and/or to hypothesize, with consistency, the correct signs of the estimated interest rate coefficient, conclusions are not made about their influences on the basis. Feeder cattle producers can apply the information produced in this research in making hedging decisions. However, a thorough knowledge and analysis of hedging theory and market conditions should be undertaken first. Since a predicted closing basis is needed by feeder cattle producers to establish a "locked-in" cash price, further research in developing a forecasting model of feeder cattle basis is warranted. / Graduation date: 1981

<p>Forecasting, cost management and pricing policies are topics which have beenwidely investigated over time. Due to a lack of scientific research about therelationships between each of those subjects, these methods have beeninvestigated in combination with their outcomes. The purpose of this work was todevelop a framework which can be used by managers who want to make adecision in either of the subjects mentioned before. By the use of a qualitative, interpretive research design, a literature review was performed which led to some interesting findings. Generally, it can be said that the methods are not related directly, although the outcomes are linked and can often be used as a criterion for the decision making process for the other methods.</p>

No description available.

The Granger causality test was used to explore the price interdependence in the wholesale tomato markets of Fortaleza, Teresina and Sao Luis in the Northeast of Brazil. Following the results of this study, the conclusion is reached that, in general terms, the prices in these markets are established efficiently implying a competitive environment in the Northeast tomato markets. Fortaleza operates as a leading market "driving" the prices of the Teresina and Sao Luis secondary markets.