Production response to price risk and market liberalization of Nigerian major agricultural crops

This study models supply response for major agricultural crops in Nigeria which include the standard arguments and price risk. The data comes from Central Bank of Nigeria annual reports and statement of account, National Bureau of Statistics＇ abstract of statistics and annual Agricultural survey manual. The data are analyzed using autoregressive distributed lag and cointegration and error correction models. The results indicate that producers are responsive not only to price but also to price risk and exchange rate.

AGILITY INDEXES AND APPLICATION OF PRODUCTION PLANNING

The agility of production planning is defined as two characters： synchronization and flexibility. Measurement indexes for evaluating agility are then divided into two dimensions separately. Synchronization includes two horizontal indexes： order lead time ratio and demand fulfilling rate; Two vertical indexes： instruction-reaction cycle time and resource matching rate. Flexibility includes five indexes： scope flexibility, delivery flexibility, variety flexibility, capacity buffer, inventory buffer and modification flexibility. Quantitative formulas for each measurement index are constructed. One application is discussed to illustrate the feasibility and reasonability of the indexes.

Examining techno-economic interactions among fish species:A case of small-scale demersal fishery

Using the multi-product dual revenue function framework,this paper examines the nature and extent of technical and economic interactions among five demersal species of Al-Batinah demersal fishery,Oman during the 2010-2016 period.The parameters of the system of output supply functions are estimated using Zellner’s seemingly unrelated regressions(SUR)technique.The likelihood ratio test in relation to the structure of the multi-output production technology rejects the null-hypothesis of input-output separability and non-jointness in inputs.These results suggest that the underlying production technology is non-separable between the outputs and the quasi-fixed input,and the harvesting level of one species is likely to have spill-over economic effects on the harvesting levels of others.The own-price elasticities of output supply are found to be positive,inelastic,and statistically significant in four out of five cases suggesting that,other things being equal,fishers’supply decisions are influenced by the prevailing market prices of outputs.The estimated values of the cross-price elasticity of supply are negative,inelastic and statistically significant at the 5%level for eight output pairs.The calculated values of the Morishima elasticity of substitution(MES)indicate the presence of substitutability between ten output pairs.The cross-price elasticity estimates are in the range of􀀀0.001(between Emperor and Catfish)to􀀀0.275(between Seabream and Grouper)which is lower(in absolute value)than that of the MES estimates.The magnitudes of the cross-price elasticity and the MES estimates indicate the extent of spill-over effects of one species on the other and signal the extent of species targeting by fishers.A statistically significant spatial,seasonal,and inter-annual variability is observed in all species cases.Finally,the implications of the findings are discussed from the perspective of developing effective management approaches,achieving sustainability of fisheries resources and improving fishers’socio-economic conditions stipulated in the Five-Year development plans for the sector.