4,565 research outputs found

    PROCUREMENT STRATEGIES: IMPACTS OF QUALITY RISKS IN HARD WHEAT

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    Analytical models were developed in this paper to evaluate cost/risk tradeoffs of three alternative procurement strategies in the case of hard red spring (HRS) wheat. Results indicate a naive strategy has the lowest expected cost, but a high probability of not conforming to end-use requirements. Two alternative specifications for the constant share strategy result in higher probabilities of meeting requirements, but at higher costs. The opportunistic strategy results in a higher probability of meeting requirements than either of the other two alternative strategies at a comparable cost.Crop Production/Industries,

    TRANSPARENCY AND BIDDING COMPETITION IN INTERNATIONAL WHEAT TRADE

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    One of the major trade policy problems identified by U.S. interests, including grower groups, traders, and policymakers, is that of pricing transparency. This has been a gnawing issue generally related to the pricing practices of competitor exporting countries with state trading enterprises (STEs). The transparency problem generally refers to the inability to observe rivals' terms of trade (including price, quality, credit, etc.) and is normally associated with commercial exporters competing against STE rivals. The perception being the less transparent competitors (STEs) would have a strategic advantage. A game theory model of bidding competition was developed to simulate the effects of information asymmetry amongst rivals. A Bayes-Nash equilibrium was used to derive equilibrium solutions. Several stylized examples were used to illustrate aspects of competition and to analyze effects on bidding strategies. Results indicate that: 1) anything that reduces uncertainties among rivals would reduce equilibrium bids and prices; 2) bidding situations in which there is less transparency have the effect of increasing bids and prices to buyers, and payoffs to sellers; and 3) increases in the number of rivals have the effect of reducing bids and mitigating the informational advantages of STEs. In all cases, less transparent sellers have an advantage in bidding competition relative to more transparent sellers. That advantage in our stylized case was in the area of 1-2$/mt. However, that advantage is mitigated with an increase in the number of transparent rivals and in the case where more transparent players have acted as agents for an STE and have more information about costs of an STE. Further, cessation of exports under U.S. EEP programs should have decreased the transparency of U.S. firms, increasing their competitiveness in the international grain trade.Price Transparency, Strategic Bidding, Game Theory, Bayesian-Nash, State Trading Enterprises, Export Enhancement Program, Wheat, International Relations/Trade,

    PROCUREMENT STRATEGIES: IMPACTS OF QUALITY RISKS IN HARD WHEAT

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    Development and organization of procurement strategies have escalated in importance with maturity of the food processing industry, as well as with the prospect of greater choice attributable to variety development and information technology. Conventional alternatives for procurement range from spot purchases with specifications for easily measurable characteristics, to varying forms of strategies with pre-commitment. In the case of grains these choices are complicated by two factors. First, there is intrinsic uncertainty associated with end-use qualities that are not easily measurable. Second, grain prices and therefore procurement costs vary spatially due to competing market regions. Thus, shifting origins may involve higher cost due to having to bid grain away from its next best market. We posed three procurement strategies and developed analytical models to evaluate the risks and costs among these alternatives in the case of hard red spring (HRS) wheat. The first involves no commitment. The second involves some form of irrevocable commitment and the third entails less commitment. Stochastic simulation models were developed for each with an objective of cost minimization subject to different levels of risk. The results indicate that the naive strategy has the lowest expected cost, but a fairly high probability of not conforming to end-use requirements. The constant share strategies result in higher probabilities of meeting requirements, but at substantially higher costs. The opportunistic strategy results in a higher probability of meeting requirements than either of the other two alternative strategies at a comparable cost.Marketing, Agribusiness,

    ECONOMIC EVALUATION OF CROPSHARE AND CASH LEASE CONTRACTS IN SOUTH DAKOTA AND NEBRASKA

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    Factors influencing choice of share or cash rental leases for cropland are examined using a 1996 dataset containing 1071 lease contracts in Nebraska and in South Dakota. Logistic regression results indicate tenant's age, capital position, and relationship with landlord were more important than leased land use or crop management variables.Farm Management,

    Was Old Jules Right?: Soil Stewardship on Leased Land

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    In a country where more than 40% of the agricultural land is farmed by tenant operators, the question of how that land base is farmed becomes paramount In this study we examined soil erosion levels in relation to land tenure and surveyed tenant farmer practices and attitudes in Nebraska and South Dakota, We found leased land was farmed and maintained by tenants in an environmentally sustainable manner, Furthermore, we found no evidence to suggest variation from this norm due to type of lease, size of farm, type of farm organization, or landowner classification, While educational level and years of experience (age) contributed to soil stewardship practices, to a great extent tenant farmers in these Great Plains states farmed leased land in a conscientious manner to maintain their integrity and reputation in the community as being a good farmer, Landowners, as well as society at large, benefit from this perspective

    Feedback-enhanced algorithm for aberration correction of holographic atom traps

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    We show that a phase-only spatial light modulator can be used to generate non-trivial light distributions suitable for trapping ultracold atoms, when the hologram calculation is included within a simple and robust feedback loop that corrects for imperfect device response and optical aberrations. This correction reduces the discrepancy between target and experimental light distribution to the level of a few percent (RMS error). We prove the generality of this algorithm by applying it to a variety of target light distributions of relevance for cold atomic physics.Comment: 5 pages, 4 figure
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