Agricultural Economics electronic theses and dissertations (MU)
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The items in this collection are the theses and dissertations written by students of the Department of Agricultural Economics. Some items may be viewed only by members of the University of Missouri System and/or University of Missouri-Columbia. Click on one of the browse buttons above for a complete listing of the works.
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Item Minimum land required to attain specified income levels, Southeast Missouri Delta, 1975(University of Missouri--Columbia, 1966) Kelly, Alfred B."In economic theory, land, labor, capital and manage ment are considered scarce resources, and their optimal allocation among competing uses is the essence of the study of economics. An optimal allocation is one in which the marginal value product of the last units of all resources used is the same in all alternative uses to which society has designated the resources to be allocated, or for a specific resource the last unit applied in any one use will produce the same marginal value product as the last unit of that resource applied to any other use. All resources will then be receiving their opportunity cost at their highest and best economic use. This condition will theoretically result in the maximum economic product from the use of all resources and will, therefore, give the greatest possible net national product to our society. A basic assumption underlying this principle is perfect competition. The assumption of perfect competition in agriculture abstracts from the real world by assuming perfect knowledge, perfect mobility and no government intervention. Therefore, this principle cannot be attained In reality but can be used as a guide or norm to be approximated in constructing a study model."--Introduction.Item Analysis of management and financial performance of local farmer cooperatives in Missouri(University of Missouri--Columbia, 1986) Chapeshamano, Chama S.; Ratchford, C. BriceLocal farmer cooperatives are important to agriculture and to farmer members. They provide services, farm inputs, and market farm produce on behalf of members. Continued survival of local farmer cooperatives in Missouri has been seriously threated by socio-economic problems in recent years. Studies have shown that the number of local farmer cooperatives in Missouri is slowly declining due to mergers, liquidations, and other problems. Furthermore, almost half of local cooperatives in Missouri are losing money and profitability has continued to drop since 1980. With this scenario in mind, the basic purpose of this study was to examine relationships between characteristics of cooperative management and profitability of local cooperatives. The aim was to provide cooperative members and leaders with information that may be useful in selecting directors and in employing managers who have potential to improve financial performance. Data were obtained by a survey of board presidents, vice-presidents, and managers and from the 1982/83 financial records of participating locals. Frequency tables, chi-square test of independence, and multiple linear regression were used to analyse data. Results show that in 1982/83, profitability of local farmer cooperatives in Missouri was related to directors' compensation for performing management duties and to cooperative management training received by managers. Furthermore, long-term profitability of locals was related to the degree of member participation in electing directors. Financial support from members, measured by total net worth, and patronage dividends received from regional cooperatives were significantly related to long-term profitability of local cooperatives in Missouri. However, continued reliance on patronage refunds from regionals seem to weaken long-term profitability. Lack of statistically significant relationships between personal characteristics of directors and managers and financial performance show that factors which influence profitability are more complex than we can explain by examining characteristics of individuals in management positions. Most of the variance in long-term profitability of locals cannot be accounted for by cooperative management and financial structure variables examined in this study. Factors external to local cooperatives appear to influence profitability much more than management variables.Item Beef and pork demand : an examination of the structural change hypothesis(University of Missouri--Columbia, 1986) Mintert, James R.; Braschler, CurtisThis study investigates whether or not a structural change has occurred in pork and beef demand during the 1950-1984 period. A sequential search technique known as the switching regression model is used to identify the most likely time frame for a structural break to occur. A Chow test is then conducted to determine if the "pre" and "post" structural change models are significantly different from a regression model estimated over the entire time frame. Unlike most meat demand investigations, this study utilizes a generalized functional form approach to equation estimation which allows the data to determine the optimal functional form. Since economic theory does not yield any a priori information regarding functional form choice, typical model estimation approaches which utilize linear and/or double logarithmic functional forms without testing for their appropriateness can yield biased test results and, hence, inappropriate conclusions. This study solves the functional form choice problem via use of the Box-Cox generalized functional form. Both nominal and deflated (CPI, 1967=100) pork and beef demand models were estimated from 1950-1984. Optimal functional forms varied with the commodity and whether or not price and income data were deflated. Beef and pork structural change tests conducted using both nominal and deflated models all rejected the null hypothesis that no structural change took place during the 1950-1984 period. The time frames identified as break points varied with the commodity and whether deflated or nominal models were uti1ized. Out of sample 95 percent prediction intervals were generated for 1985 and 1986 retail pork and beef prices. Failure of the post structural change models’ prediction intervals to contain the actual 1985 prices suggests the possibility that the changes in pork and beef demand have not been captured completely.Item Estimated grain transportation supply and demand elasticities at selected Gulf ports(University of Missouri--Columbia, 1980) Musick, Joseph A.; Headley, Joseph C.; Rudel, Richard K.Grain transportation is an important factor affecting the marketing of grain produced in the Mississippi River Valley. The production of corn, grain sorghum, wheat, and soybeans in the valley represented 77 percent of total U.S. production of those commodities in 1976. Export markets represent a major market outlet for producers of grains and oilseeds. Approximately 60 to 65 percent of total U.S. exports of grain and oilseeds are exported through the Gulf ports. Major ports are located on the Mississippi River and North Texas Gulf. Approximately 70 to 75 percent of grain exports from the Mississippi River Gulf ports are received by barge. Approximately 80 percent of grain exports from the North Texas Gulf ports are received by rail. These two port areas were selected for study. Data for the study represent thirty-two quarterly observations on specified variables for the years 1970 through 1977, inclusively. Data were obtained from several sources, including the Association of American Railroads, the U.S. Department of Agriculture, the U.S. Army Corps of Engineers, and rail and barge firms. An explanatory analytical model was developed and consisted of eleven equations designed to estimate relationships among the identified variables. Ordinary and two stage least squares regression analysis was employed as the method of study. Tests of hypotheses were employed as a means of testing the findings for statistical significance. The conclusions of the study were: (1) rate elasticity of demand for grain transport by barges and rail cars was inelastic at the Mississippi River and North Texas Gulf ports; (2) rate cross elasticity of demand for grain transport by barges and rail cars was inelastic at both ports; (3) rate elasticity of rail car demand was relatively more elastic at the Mississippi River Gulf than at the North Texas Gulf; (4) rate elasticity of supply was inelastic for both rail and barge modes; (5) demand for barge and rail movements of grain at both ports was subject to seasonal effects; and (6) the utilization rate of rail cars in grain movements was positive and inelastic with respect to rail rates and also subject to seasonal effects. Based on the findings of this study, certain implications can be drawn for shippers and carriers of grain* The rate inelasticity of demand for grain transportation services implies that industry marginal revenue is negative. Therefore, carriers are reluctant to allocate additional resources to grain transportation. The results of this study imply that rail rates for grain transportation services should increase. Increased transportation rates contribute to high costs for grain shippers. However, these findings indicate that rail car utilization in grain transport increases with rail rates for grain. Increased rail car utilization and decreased delay cost result in reduced cost to grain shippers. Hence, increases in the relative rail rate for grain may not contribute to higher total shipper cost. Additional research to determine cost of delays to shippers was recommended. Limitations to and conclusions of the study were cited. Data employed in this study were aggregated and restrict the results to market situations. The type of analytical model and method of study also limit the application of the results. Weaknesses of the model were due to the failure of the parameter estimates to exhibit relationships as hypothesized in some instances. Regression results were based upon historical data, consequently, the results are applicable only to the extent that future behavior of carriers and shippers of grain is consistent with prior behavior. In addition, demand estimates are applicable only to the selected ports.Item Optimal disease management : a dairy herd application(University of Missouri--Columbia, 1985) French, James B.; Headley, J.C.Animal disease programs usually recommend high applications of drugs and pesticides to control or eliminate the disease without regard to economics. This is particularly true in the case of infectious animal disease because of the dynamics and uncertainty associated with its spread. On the assumption that these programs arc inefficient from the decision maker's perspective, a theoretical model of this problem was developed. The model considers both the problems of disease dynamics and decision making under uncertainty with regard to disease prevalence and the impacts of disease on production. Theoretical results suggested that total elimination of the disease may not be optimal and that control strategies based on known infection status or thresholds may be more efficient than total application strategies. Comparative dynamics showed that an increase in the intertemporal discount rate would increase the threshold level at every point on the time path to the new steady state. It was also hypothesized that an increase in risk aversion would decrease the steady state threshold. A stochastic simulation model of paratuberculosis in a Wisconsin dairy herd was modified to permit flexible control strategies based on threshold levels. Eleven strategies were evaluated including: a 100 percent vaccination strategy, vaccination above specified threshold levels, vaccination above and cull below threshold levels, a 100 percent cull strategy and good sanitary conditions only. Stochastic dominance techniques were applied to distributions of net present value of profit. This assumes that expected value of net present value of the outcome is the appropriate maximization criterion, which requires restrictive assumptions on decision maker utility functions and/or preferences concerning temporal flow of outcomes. For comparison, the net present value of a negative exponential utility function was calculated at comparative levels of risk aversion. Results indicated that, under conditions specified for the simulation model, total elimination of the disease is optimal and occurred in all but one strategy, good sanitary conditions only. The 100 percent vaccination strategy is optimal for all individuals ranging from moderately strong risk loving to extreme risk averse. Extreme risk loving individuals were found to have several threshold based strategies as part of their efficiency set. There was supporting evidence that increases in risk led to lower threshold levels and that increases in the discount rate led to higher threshold levels. Comparisons between the two approaches to temporal resolution of outcomes indicated differences. The net present value of expected utility gave the 100 percent cull strategy as the optimal strategy for moderately risk adverse individuals. This contrasts with the 100 percent vaccination strategy being optimal for the alternative approach. This finding points out the danger of relying on distributions of net present values of outcomes for temporal decision analysis. Advances in multiattribute stochastic dominance may alleviate these problems.