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  • Articles  (17)
  • Prices  (9)
  • Beverages  (8)
  • 2010-2014  (17)
  • Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition  (17)
  • 1
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    Determinants of Occupational Safety for Agribusiness Workers (2014)
    Oxford University Press
    Details
    Publication Date: 2014-09-06
    Description: Increases in crop yields and changing cropping patterns have placed stress on agribusiness handling and storage facilities. The objective of this research is to gain insight into the relationship between safety culture and safety performance, and to identify the determinants of safety culture in agribusinesses. The research suggests that investments in labor inputs such as increased training, consistent discipline, and recognition of safety achievements all increase safety culture. Furthermore, improvements in employee perceptions of safety culture have a positive impact on reducing employee injuries. Congress has recently funded nine centers to work on occupational health and safety research in agriculture, fisheries, and forestry.
    Keywords: J43 - Agricultural Labor Markets, L66 - Food ; Beverages ; Cosmetics ; Tobacco ; Wine and Spirits, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 2
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    Futures Prices in Supply Analysis: Are Instrumental Variables Necessary? (2014)
    Oxford University Press
    Details
    Publication Date: 2014-12-13
    Description: Crop yield shocks are partially predictable—high planting-time futures prices have tended to indicate that yield would be below trend. As a result, regressions of total caloric production on futures prices produce estimates of the supply elasticity that are biased downwards by up to 75%. Regressions of the world’s growing area on futures prices have a much smaller bias of about 20% because although yield shocks are partially predictable, this predictability has a relatively small effect on land allocation. We argue that the preferred method for estimating the crop supply elasticity is to use regressions of growing area on futures prices and to include the realized yield shock as a control variable. An alternative method for bias reduction is to use instrumental variables (IVs). We show that the marginal contribution of an IV to bias reduction is small—IVs are not necessary for futures prices in supply analysis.
    Keywords: Q11 - Aggregate Supply and Demand Analysis ; Prices
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 3
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    Maximum Likelihood Estimation of the Standard Commodity Storage Model: Evidence from Sugar Prices (2014)
    Oxford University Press
    Details
    Publication Date: 2014-12-13
    Description: We present a Maximum Likelihood estimator for the standard commodity storage model with stockouts, based on prices only. While it imposes no additional assumptions on the model, the Maximum Likelihood estimator has small sample properties superior to those of the Pseudo Maximum Likelihood approach. We provide a proof that is crucial for applying our estimator to the model with normal harvests and possibly unbounded prices, thereby eliminating an inconsistency in the empirical storage model literature. Applying our Maximum Likelihood estimator to a series of annual sugar prices from 1921 to 2009 provides new evidence for the empirical relevance of the standard storage model. Our results imply a cutoff price at which discretionary stocks go to zero, which is higher than the price obtained by applying the Pseudo Maximum Likelihood estimator to the same data. The implied frequency of stockouts is lower, and price correlations, skewness, and kurtosis implied by the model closely match those seen in the annual sugar price data. We find the price of sugar to be highly responsive to small changes in consumption. When inventories are not available to buffer the effects of negative supply shocks on consumption, prices must increase sharply to induce the consumption changes needed to clear the market. Our results show why production shocks are not necessarily aligned with price spikes; the same production shock can give rise to very different price responses, depending on whether or not there are sufficient stocks to buffer its impact.
    Keywords: C51 - Model Construction and Estimation, C52 - Model Evaluation and Selection, Q11 - Aggregate Supply and Demand Analysis ; Prices
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 4
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    Wine Prices and Quality Ratings: A Meta-regression Analysis (2014)
    Oxford University Press
    Details
    Publication Date: 2014-12-13
    Description: This article examines the empirical support for the hypothesized hedonic theoretical relation between the price of wine and its quality. The examination considers over 180 hedonic wine price models developed over 20 years, covering many countries. The research identifies that the relation between the price of wine and its sensory quality rating is a moderate partial correlation of +0.30. This correlation exists despite the lack of information held by consumers about a wine's quality and the inconsistency of expert tasters when evaluating wines. The results identify a moderate price-quality correlation, which suggests the existence of strategic buying opportunities for better informed consumers. Strategic price setting possibilities may also exist for wine producers given the incomplete quality information held by consumers. The results from the meta-regression analysis point to the absence of any publication bias, and attribute the observed asymmetry in estimates to study heterogeneity. The analysis suggests the observed heterogeneity is explained by the importance of a wine's reputation, the use of the 100-point quality rating scale, the analysis of a single wine variety/style, and the employed functional form. The most important implication from the analysis is the relative importance of a wine's reputation over its sensory quality, inferring that producers need to sustain the sensory quality of a wine over time to extract appropriate returns. The reputation of the wine producer is found not to influence the strength of the price-quality relationship. This finding does not contradict the importance of wine producer reputation in directly influencing prices.
    Keywords: C21 - Cross-Sectional Models ; Spatial Models ; Treatment Effect Models, Q11 - Aggregate Supply and Demand Analysis ; Prices
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 5
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    Is the reduction of chronic diseases related to food consumption in the hands of the food industry? (2014)
    Oxford University Press
    Details
    Publication Date: 2014-07-03
    Description: Up to now, most nutritional policies have been set up to inform consumers about the health benefits induced by more balanced diets. Reviews of the impacts of these policies show that the effects are often modest. This has led governments to implement, in more recent times, policies focused on the market environment, especially on the characteristics of the food supply. The goal of this paper is to review theoretical and empirical studies focusing on changes in the food supply induced by alternative policies, and to attempt to draw from them policy guidelines and conjectures to test in future research.
    Keywords: I38 - Government Policy ; Provision and Effects of Welfare Programs, L66 - Food ; Beverages ; Cosmetics ; Tobacco ; Wine and Spirits, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 6
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    Crop Supply Dynamics and the Illusion of Partial Adjustment (2014)
    Oxford University Press
    Details
    Publication Date: 2014-09-02
    Description: We use field-level data to estimate the response of corn and soybean acreage to price shocks. Our sample contains more than 8 million observations derived from satellite imagery and includes every cultivated field in Iowa, Illinois, and Indiana. We estimate that aggregate crop acreage responds more to price shocks in the short run than in the long run, and we show theoretically how the benefits of crop rotation generate this response pattern. In essence, farmers who change crops due to a price shock have an incentive to switch back to the previous crop to capture the benefits of crop rotation. Our result contradicts the long-held belief that agricultural supply responds gradually to price shocks through partial adjustment. We would not have obtained this result had we used county-level panel data. Standard econometric methods applied to county-level data produce estimates consistent with partial adjustment. We show that this apparent partial adjustment is illusory, and we demonstrate how it arises from the fact that fields in the same county are more similar to each other than to fields in other counties. This result underscores the importance of using models with appropriate micro-foundations and cautions against inferring micro-level rigidities from inertia in aggregate panel data. Our preferred estimate of the own-price long-run elasticity of corn acreage is 0.29, and the cross-price elasticity is –0.22. The corresponding elasticities for soybean acreage are 0.26 and –0.33. Our estimated short-run elasticities are 37% larger than their long-run counterparts.
    Keywords: Q11 - Aggregate Supply and Demand Analysis ; Prices
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 7
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    How far do shocks move across borders? Examining volatility transmission in major agricultural futures markets (2014)
    Oxford University Press
    Details
    Publication Date: 2014-03-07
    Description: This paper examines the dynamics of volatility across major global exchanges for corn, wheat and soybeans in the USA, Europe and Asia. We follow a multivariate GARCH approach and account for the potential bias that may arise when considering exchanges with different closing times. The results indicate that agricultural markets are highly interrelated and there are both own- and cross-volatility spillovers and dependence among most of the exchanges. In particular, Chicago plays a major role in terms of spillover effects over other markets. Additionally, the level of interdependence between exchanges has only increased in recent years for some commodities.
    Keywords: C32 - Time-Series Models, G15 - International Financial Markets, Q11 - Aggregate Supply and Demand Analysis ; Prices
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 8
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    Pass-Through and Consumer Search: An Empirical Analysis (2014)
    Oxford University Press
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    Publication Date: 2014-07-23
    Description: Retail-price pass-through is one of the most important issues facing manufacturers of consumer packaged goods. Although retailers tend to pass higher wholesale prices through to consumers quickly and completely, they often do not pass on trade promotions. Currently, asymmetric pass-through is commonly thought to result from retailers’ exercise of market power. Alternatively, it may be because of consumer search behavior and retailers’ competitive response. We test this theory using a panel threshold asymmetric error-correction model applied to wholesale and retail scanner data for ready-to-eat cereal for a number of retailers in the Los Angeles metropolitan market. We find that consumer search behavior contributes significantly to imperfect pass-through. By allowing pass-through to depend on market power and consumer search costs, we find results that are contrary to the conventional wisdom. Namely, market power causes retail prices to fall quickly and rise slowly, whereas consumer search behavior causes retail prices to rise quickly and fall slowly—precisely the "rockets and feathers" phenomenon.
    Keywords: C35 - Discrete Regression and Qualitative Choice Models, L13 - Oligopoly and Other Imperfect Markets, L66 - Food ; Beverages ; Cosmetics ; Tobacco ; Wine and Spirits, Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
    Print ISSN: 0002-9092
    Electronic ISSN: 1467-8276
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 9
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    Using Behavioral Economics to Design More Effective Food Policies to Address Obesity (2014)
    Oxford University Press
    Details
    Publication Date: 2014-02-14
    Description: Many policy interventions that address rising obesity levels in the United States have been designed to provide consumers with more nutrition information, with the goal of encouraging consumers to decrease their caloric intake. We discuss existing information-provision measures and suggest that they are likely to have little-to-modest impact on encouraging lower caloric intake, because making use of such information requires understanding and/or motivation, which many consumers lack, as well as self-control, which is a limited resource. We highlight several phenomena from the behavioral economics literature (present-biased preferences, visceral factors, and status quo bias) and explain how awareness of these behavioral phenomena can inform both more effective information-provision policies and additional policies for regulating restaurants and public school cafeterias that move beyond information to nudge people towards healthier food choices.
    Keywords: D00 - General, I12 - Health Production, I18 - Government Policy ; Regulation ; Public Health, L66 - Food ; Beverages ; Cosmetics ; Tobacco ; Wine and Spirits, M31 - Marketing, M38 - Government Policy and Regulation, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 2040-5790
    Electronic ISSN: 2040-5804
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 10
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    Price volatility in food markets: can stock building mitigate price fluctuations? (2013)
    Oxford University Press
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    Publication Date: 2013-05-31
    Description: This article studies US corn price fluctuations in the past two decades. Price volatility is explained by volatility clustering, the influence of energy prices, corn stocks and global economic conditions. A multivariate generalised auto-regressive conditional heteroskedastic specification that allows for exogenous variables in the conditional covariance model is estimated both parametrically and semiparametrically. Findings provide evidence of price volatility transmission between ethanol and corn markets. They also suggest that macroeconomic conditions can influence corn price volatility and that stock building is found to significantly reduce corn price fluctuations.
    Keywords: C32 - Time-Series Models, Q11 - Aggregate Supply and Demand Analysis ; Prices
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 11
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    Profit persistence in the food industry: evidence from five European countries (2013)
    Oxford University Press
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    Publication Date: 2013-11-02
    Description: The present article is the first that analyses profit persistence in the European food industry. Based on the Arellano and Bond GMM estimator, the degree of profit persistence and the drivers of persistence are quantified for a large sample of food processing firms. The analysis reveals that the degree of profit persistence in the food industry is lower compared with other manufacturing sectors due to strong competition among food processors and high retailer concentration. Furthermore, firm size is an important driver of persistence, while firm age, risk and R&D intensity have a negative influence.
    Keywords: L12 - Monopoly ; Monopolization Strategies, L66 - Food ; Beverages ; Cosmetics ; Tobacco ; Wine and Spirits, M21 - Business Economics
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 12
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    Greek meat supply response and price volatility in a rational expectations framework: a multivariate GARCH approach (2012)
    Oxford University Press
    Details
    Publication Date: 2012-03-08
    Description: This paper examines supply response models in a rational expectations framework for each one of the four major Greek meat markets, i.e. beef, broiler, lamb and pork. A multivariate generalised autoregressive conditional heteroskedasticity model with Cholesky decomposition is used to incorporate price volatility into the rational expectations supply response model for each meat category and as a result the conditional covariance matrix remains positive definite without imposing any restrictions on the parameters. The empirical results confirm the existence of rational behaviour by meat producers in the four examined markets and indicate that price volatility is a major risk factor in Greek meat production. Furthermore, the last Common Agricultural Policy reform is found to have a negative impact on beef and lamb production in Greece.
    Keywords: C51 - Model Construction and Estimation, D20 - General, Q11 - Aggregate Supply and Demand Analysis ; Prices
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
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  • 13
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    Stop or go? How is the UK food industry responding to front-of-pack nutrition labels? (2012)
    Oxford University Press
    Details
    Publication Date: 2012-10-30
    Description: The adoption of voluntary front-of-pack (FOP) nutrition labels by UK food retailers and manufacturers is explored. These labels highlight key nutrients, facilitating product comparisons. Information for 2,201 products launched between 2007 and 2009 was analysed. Binary and multinomial logistic regression models explore drivers of FOP label use. Products introduced more recently by retailers and certain food categories were more likely to carry FOP labels. Increasing the content of sodium and sugar decreased odds of FOP use in some categories, but with limited significance. Discussion includes policy options to optimise firm response and implications for evolving mandatory FOP labelling proposals.
    Keywords: L66 - Food ; Beverages ; Cosmetics ; Tobacco ; Wine and Spirits, Q18 - Agricultural Policy ; Food Policy
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 14
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    Remodelling the Working-Kaldor curve: the roles of scarcity, time to maturity and time to harvest (2012)
    Oxford University Press
    Details
    Publication Date: 2012-05-29
    Description: To explain convenience yield accruing to commodity inventory holders, time to maturity (TTM) and TIME to harvest should interact with current scarcity. Using weekly data for corn, wheat and soyabeans (1986–2009), the interaction (multiplicative) model performs better than traditional versions that, at best, incorporate TTM additively and ignore harvests. Among the competing proxies for scarcity, the combination of spot price and inventory beats either spot price or inventory separately, but the pure spot-price version is a close second. Our model still exhibits a clear ‘Working curve’ pattern, with slopes changing with TTM and pre- versus post-harvest periods.
    Keywords: G10 - General, G12 - Asset Pricing ; Trading volume ; Bond Interest Rates, G14 - Information and Market Efficiency ; Event Studies, N32 - U.S. ; Canada: 1913-, N52 - U.S. ; Canada: 1913-, Q11 - Aggregate Supply and Demand Analysis ; Prices
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 15
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    Functional foods as differentiated products: the Italian yogurt market (2012)
    Oxford University Press
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    Publication Date: 2012-12-28
    Description: In spite of the growing consumers' interest for functional foods, the knowledge regarding the demand for these products and their profitability is limited. Adapting the LA/AIDS (Linear Approximated–Almost Ideal Demand System) model by means of Pinkse, Slade and Brett's distance metric method (2002), this article studies demand, substitution pattern, and profitability of conventional and functional alternatives inside the yogurt category in Italy. Results indicate that, in the yogurt market, functional alternatives' demand is often less elastic than that of their conventional counterparts, that brand loyalty plays a key role, and that the profitability of the functional alternatives is, on average, larger than that of conventional ones.
    Keywords: L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms, L13 - Oligopoly and Other Imperfect Markets, L66 - Food ; Beverages ; Cosmetics ; Tobacco ; Wine and Spirits
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 16
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    Network externalities in supermarket retailing (2012)
    Oxford University Press
    Details
    Publication Date: 2012-12-28
    Description: Supermarkets face a two-sided demand for shelf space: consumers demand variety and suppliers demand shelf space. We exploit the asymmetric ability of consumers and suppliers to internalise network effects to derive a novel test of network effects in multi-product retail markets. Because consumers fully internalise network effects but suppliers cannot, retail margins rise and wholesale margins fall as variety increases. We test this hypothesis using retail scanner data for a ‘shopping basket’ of items from competing retailers using a structural model of retail variety and vertical pricing. Our results support the existence of positive, two-sided network effects in supermarket retailing.
    Keywords: C35 - Discrete Regression and Qualitative Choice Models, L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms, L13 - Oligopoly and Other Imperfect Markets, L66 - Food ; Beverages ; Cosmetics ; Tobacco ; Wine and Spirits, L81 - Retail and Wholesale Trade ; e-Commerce
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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  • 17
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    Price volatility in ethanol markets (2011)
    Oxford University Press
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    Publication Date: 2011-11-24
    Description: This research evaluates price volatility transmission in the Brazilian ethanol industry over time and across markets by using a new methodological approach proposed by Seo. The main advantage of Seo's method is that it allows for joint estimation of the co-integration relationship between the price series investigated and the multivariate generalised autoregressive conditional heteroscedasticity process. It thus allows the responses of both food price levels and volatility to unanticipated shocks to be considered together. Results suggest a strong link between food and energy markets, both in terms of price levels and volatility.
    Keywords: C32 - Time-Series Models, Q11 - Aggregate Supply and Demand Analysis ; Prices
    Print ISSN: 0165-1587
    Electronic ISSN: 1464-3618
    Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition , Economics
    Published by Oxford University Press
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