MODELLING AND ECONOMETRIC FRONTIERS IN MARKET INTEGRATION AND PRICE TRANSMISSION ANALYSIS

<p> </p> <p>The broadness and inherent non-linearities in the market integration concepts have resulted in diversities in modelling framework. We critically review the current frontier models of market integration and highlight their weaknesses within the framework of competitive equilibrium theory and arbitrage dynamics. While the methods developed based on the former theoretical framework provide deeper equilibrium notions of markets functionality and implied efficiency, the study reveals that unaccounted time dynamics from inter-market relations can result in erroneous market outcomes and loss of crucial policy information. The extents to which techniques currently applied in dynamic frame are limited by non-linear complexities imposed by transactions costs and switching equilibrium conditions are also demonstrated. Sample splitting technique is suggested to address higher level nonlinearities imposed by switching equilibrium conditions and transactions cost.  </p> <p> </p> <p> </p> <p> </p> <div> <p><br></p> </div> <p> </p

ASSESSMENT OF HONEY PRODUCTION AS A MEANS OF SUSTAINABLE LIVELIHOOD IN IBADAN METROPOLIS

<p> </p> <p>Honey is a <a href="http://en.wikipedia.org/wiki/Sweetness">sweet</a><a href="http://en.wikipedia.org/wiki/Food">food</a> made by bees using <a href="http://en.wikipedia.org/wiki/Nectar_%28plant%29">nectar</a> from flowers. Honey bees form nectar into honey by a process of <a href="http://en.wikipedia.org/wiki/Regurgitation_%28digestion%29">regurgitation</a>, and store it as a primary food source in wax <a href="http://en.wikipedia.org/wiki/Honeycomb">honeycombs</a> inside the <a href="http://en.wikipedia.org/wiki/Beehive">beehive</a>. Because of its unique composition and chemical properties, honey is suitable for long-term storage, and is easily assimilated even after long preservation. Honey, and objects immersed in honey, has been preserved for decades and even centuries. The main uses of honey are in <a href="http://en.wikipedia.org/wiki/Cooking">cooking</a>, baking, as a spread on <a href="http://en.wikipedia.org/wiki/Bread">bread</a>, and as an addition to various beverages, such as <a href="http://en.wikipedia.org/wiki/Tea">tea</a>, and as a sweetener in some commercial beverages. The importance of honey cannot be over emphasized and as a result, this paper therefore sought to determine the level of participation in the honey production, cost and benefit in relation to the livelihood of people in Ibadan metropolis. The methodology adopted for data collection for this study includes purposive random sampling of four (4) selected rural areas in Ibadan metropolis. A total of sixty structured questionnaires were administered and retrieved from the honey producers.  Simple descriptive statistics tools such as frequency and percentage were used to describe the socio-demographic characteristics of the respondents. Gross margin analysis was used to determine the cost and return while Chi square was employed to determine the level of participation and profitability of honey production in the study area. Honey production business is a profitable enterprise that meets the nutritional requirement and diet need of people depending on them. It is therefore recommended that more awareness activities on the importance of honey should be encouraged by both private and public sectors concerned such as Agricultural Development Programme (ADP), NGOs among others</p> <p> </p> <p> </p> <p> </p> <div> <p>KEYWORDS: Honey production, Bees, Participation, Profitability, and Livelihood.</p> </div> <p> </p