Master's Papers and Projects
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Browsing Master's Papers and Projects by Department "Agricultural and Applied Economics"
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- A Case Study Assessment of the Feasibility of Blended Training for Agricultural LendersMorris, Alicia M. (Virginia Tech, 2004-03-26)In a globally competitive economic environment, the paradigms of traditional training will be challenged as organizations and academic institutions find cost-efficient systems to educate their clientele groups. Farm Credit of the Virginias (FCV), a one billion dollar agricultural lending institution, commissioned the study team to enhance a traditional training program in marketing and credit to be an Internet-based online educational experience. More specifically, they wanted to know if trainees, staff and interns could accelerate their learning experience in a cost-efficient manner. The study was field tested on agricultural finance and marketing classes at Virginia Tech, as well as a group of trainees, interns and existing staff at FCV. Results indicate a breakeven number of 31 trainees for the FCV online program to be cost effective versus traditional face-to-face methods. Adult trainees reduced the amount of time to become productive employees from one year to six months. Participants spent less than ten percent of their time on the job in online training. Technology, flexibility of time and location, and accelerated learning through mentorship and on-job applications were definite benefits that led to an improved educational experience. It is recommended that a concept of blended education utilizing a combination of online and traditional face-to-face components delivers the superior training experience from an economic productivity and comprehension standpoint, both in adult and academic education.
- Export Taxes In Argentina: A Case StudyKnight, Russell Henry (Virginia Tech, 2005-04-29)With the recent agreement on a framework in the Doha Round for the WTO, trade liberalization is taking another step forward. Unfortunately, export taxes get overlooked as only five countries have this protectionist/rent seeking policy: Argentina, Malaysia, Indonesia, Russia and Ukraine (USDA FAS, 2004). However, the impact of these policies can be felt all over the world. The focus of the case study is on the differential export taxes (DET) placed on soybeans by the Government of Argentina and analyzing the impact of government intervention on trade. Argentina is the third-largest producer of soybeans, and the worldâ s largest exporter of soybean oil and meal with domestic consumption totaling less than five percent of the meal and oil that is processed. In Argentina there is a constant export tax level of twenty percent that is applied to all commodities in agriculture but in the case of oilseeds, raw soybeans are taxed 3.5% more than all other grains and oilseed products. This differential tax favors the exports of valued-added products, i.e. soybean oil and meal. Previous attempts to eliminate the DET have failed. FEDIOL, the Federation that represents the vegetable oils and fats industry in the European Union, filed a complaint against Argentina in the late 1970s and again in the early 1980s, but failed because the DET was not listed as a subsidy under the GATT.
- Investing in Agricultural Extension: the Case of AlbaniaDaku, Lefter S. (Virginia Tech, 1997-09-25)The purpose of this study is to provide a policy framework for designing an effective agricultural extension service in support of the market orientation of small farmers in Albania. The main findings and policy implications of this study can help guide the establishment of an agricultural extension service and define appropriate roles for the public and private sectors in providing extension services to Albanian farmers. A case study was conducted by interviewing researchers, extension specialists and university staff in Albania to identify the problems and constraints encountered in establishing extension service. Data from secondary sources, including surveys and case studies conducted by Tirana Agricultural University, were used to analyze the country's agricultural sector performance during the transition period. A three-part procedure is used to develop a policy framework for agricultural extension in Albania. The first part underscores the need for the many facets of extension and its goals to be viewed from a systems perspective, by examining its place within the matrix of support services and agricultural knowledge information system (AKIS). The second part emphasizes the need for an extension strategy and analyzes the main elements of a formal extension policy. A comparative analysis of the most eminent extension systems worldwide is provided to help design an appropriate extension system for Albania. It is argued that Albania needs an extension system that is "demand" as well as "supply-driven". Such an extension system needs to be designed based on the following basic principles: situation specificity, financial sustainability, system flexibility, and systemwide participation. A conceptual framework with respect to public goods and externalities is used in the third part to evaluate the incentive structure of private and public sectors for providing extension services to farmers. Two groups of factors that affect the private sector supply of extension are analyzed: (i) demand and supply-side factors that affect the profitability of the service and (ii) factors arising from the public good nature of extension output that affect the appropriability of returns of the service. It is concluded that a public-private extension balance should be achieved. The role of the public extension service to correct for undesirable effects of extension privatization is emphasized.
- Investment analysis for "Tomorri Ltd.", Berat, AlbaniaGjata, Enkeleida (Virginia Tech, 1995-09-15)"Tomorri Ltd." is an Albanian private company owned by Protopapa family that produces wheat flour for the Albanian domestic market. Its successful business operation not only enabled Tomori owners to recover their original investment over a relatively short payback period, but also provided them with an additional $100,000 available for new investment. The purpose of this paper was to identify the right investment decision for the Tomorri owners given three feasible alternatives. The primary method used to evaluate these alternatives was the Net Present Value approach. Net Present Value for each investment alternative was calculated based on a ten year stream of cash flows. A sensitivity analysis was then performed to test the responsiveness of the Net Present Values to fluctuations in the expected interest rates and salvage values associated with the three Alternatives. The results of the Net Present Value analysis were used to provide the owners of "Tomorri Ltd." with the optimal alternative of investing in a new compact flour mill outside of Tirana.
- Price Risk Management Strategies for Virginia Dairy ProducersAndino, Alexandra Elizabeth (Virginia Tech, 2004-12-15)The 1996 and 2002 Farm Bill changes in milk support price legislation deregulated the market and milk prices are more volatile than ever. The use of a mechanism to reduce farmers' exposure to volatile milk prices has therefore become essential. This study evaluates the impact of two hedging strategies, one conservative and the other an intermediate one (more sophisticated). Optimal parameters for the two strategies are searched over a period of 5 years. Then, the performance, in terms of increased profitability and reduced variation, is assessed and the best performer is chosen and applied to an out-of-sample dataset. With the in-sample data, both strategies generate higher mean monthly profits than with the no-hedging option. Comparison of both strategies indicates that the intermediate strategy outperforms the conservative one in terms of higher profitability and lower variance. Out-of-sample results confirm the findings of the in-sample results. The additional profits and the reduction in volatility can make the difference between keeping a farm profitable and bankruptcy.