Masters Degrees (Agricultural Economics)

Permanent URI for this collectionhttps://hdl.handle.net/10413/6553

Browse

Now showing 1 - 20 of 92

Economic evaluation of a transport development programme for small-scale cane growers.
(1995) Erasmus, Jaco.; Nieuwoudt, Wilhelmus Liberté.
The recent deregulation measures in the South African sugar industry have the effect of removing most of the previous restrictions to entry faced by potential small-scale cane growers. To accommodate the current and envisaged expansion the Government of KwaZulu-Natal is implementing an infrastructure programme as part of a comprehensive Small-Scale Cane Grower Expansion Programme. This study uses Cost-Benefit Analysis procedure to determine the viability of the first phase of this infrastructure programme aimed at improving transport routes for small growers in ten mill areas. Two representative mill areas were evaluated, namely Amatikulu and Sezela, situated on KwaZuluNatal's North and South coasts respectively. Three models were constructed as the Sezela area was subdivided into the Kwa-Hlongwa (labour intensive) and Cabhane (plant hire) projects. Both financial (reflecting returns to resources engaged before financing) and economic (reflecting the contribution to the total economy) results were computed, using a real discount rate of 8%. The financial Net Present Values (NPVs) calculated for Amatikulu, Cabhane (Sezela) and KwaHlongwa (Sezela) respectively are: R3.2 million, R7.61 million and R911 thousand. The economic NPVs calculated for Amatikulu, Cabhane and Kwa-Hlongwa respectively are: R8.18 million, R7.91 million and Rl.91 million. These results, reflecting the tangible costs and benefits, indicate that all the projects are viable as measured in both financial prices (before financing) and economic prices (after shadow pricing and transfer payment correction). A sensitivity analysis was conducted as a risk analysis procedure to see what effect the changing of key variables would have on the investment criteria. Indications are that the economic NPV criterion (which measures the contribution to the total economy) is positive for a wide range of discount rates for all projects. Indications are that the financial NPV becomes positive after 9, 13 and 18 years for Cabhane, Amatikulu and Kwa-Hlongwa respectively. It is expected that since the economic NPVs for the different projects are higher than the corresponding financial NPVs, the economic NPVs will become positive after a shorter period of time than that indicated by the financial NPVs. The Amatikulu model was found to be sensitive to changes in yield and B Pool sucrose price (as measured by changes in the economic NPV criterion), while the Cabhane and Kwa-Hlongwa models were found to be sensitive to changes in yield, % cane adoption and the B Pool sucrose price. The economic NPVs of the Amatikulu and Cabhane models are, however, still positive after a 30% ceteris paribus decrease in the individual assumptions experimented with. Kwa-Hlongwa's economic NPV becomes negative if the base assumption of yield or B Pool sucrose price is reduced by 30%. It is, however, unlikely that the base assumptions of yield or B Pool sucrose price would drop by 30% for an extended period of time. In addition to this, the base results obtained for the Kwa-Hlongwa model could be seen as conservative as the delayed cane development projected for the base model could well be accelerated and the intangible benefits characteristic of the labour intensive construction method present at Kwa-Hlongwa are not accounted for in the results obtained. In view of results obtained in the base models and sensitivity analyses, indications are that the benefits of the project will outweigh the costs by a considerable margin, making the project a viable investment decision.
An economic analysis of soil conservation policy for selected commercial farms in KwaZulu-Natal.
(1995) Barlow, George Richard.; Nieuwoudt, Wilhelmus Liberté.
Inherent in the erosion process is a high level of uncertainty. This is associated with the inability to accurately quantify and predict the consequences of prolonged erosion for agricultural production, or estimate the time period over which induced innovations will be able to compensate for it. Therefore, there are incentives to formulate strategies that will achieve tangible reductions in erosion. Data were collected through a postal survey conducted in October 1993, from the following five commercial farming regions: Dalton/Wartburg, Camperdown/Eston, Dundee, Estcourt, and Winterton. Soil conservation incentives are expected to differ according to enterprise types and site-specific circumstances, and stratifying according to these regions incorporates a diverse spectrum of agricultural systems. There were 480 potential survey respondents, and 159 (35 percent) usable questionnaires were returned. The response rate is relatively good for a postal survey, although results may be slightly biased in favour of farmers that are concerned or interested in soil conservation. Adoption of soil conservation measures is modelled as a multi-stage decision process, representing the following phases: awareness of the erosion problem, the perception that erosion is worth trying to resolve, farmers' technical and financial abilities to implement soil conservation measures required for their farms, and finally the actual adoption of conservation practices. A logistic regression analysis shows visible erosion impacts, knowledge of erosion's adverse implications for agricultural productivity, farmers' willingness to invest their own capital in conservation activities, predominantly crop farms, and sufficient financial resources, have significant positive impacts on adoption. The mean predicted probability score for the Technical Ability model is 0.54, illustrating farmers' lack of technical soil conservation skills to implement appropriate conservation measures is a major constraining factor within the adoption process. Variables influencing conservation effort, reflecting the extensiveness and effectiveness of soil conservation measures, are expected to differ from those affecting adoption, and effort is modelled separately using linear regression. Results support prior expectations indicating conservation effort depends mainly on the following financial characteristics: farmers' willingness to invest their own capital in conservation activities, debt fmancing, and on-farm financial and managerial benefits from implementing soil conservation activities. Farmers' perceptions regarding the monitoring and enforcement of soil conservation legislation are also analyzed using frequency tables. Although 65 percent of respondents believe that violations of Act 43/1983 will be discovered, only 20 percent perceive that transgressions will be both detected and subsequently prosecuted. This suggests the transactions costs related to enforcing prosecutions are high, and the possibility of being prosecuted is unlikely to encourage farmers to implement soil conservation activities. Agents (eg. Soil Conservation Committees and extension officers), and media (eg. extension service reports) play an invaluable role in promoting soil conservation. High transactions costs associated with enforcing legislation indicate it may be appropriate for the government to play an active part in research, and in providing information about erosion and soil conservation, to facilitate a better functioning land market. This is distinct from having a clear advantage over market forces in the use of this information. Cross-compliance programs, should perhaps be considered as short to medium-term strategies, to encourage farmers to implement soil conservation activities.
Institutions to govern wildlife in the developing regions of KwaZulu-Natal.
(1995) Wynne, Adrian Theodor.; Lyne, Michael Charles.
In practice, property rights to wild flora and fauna are determined by de facto property rights to the land on which they are found. However, access to wildlife may become open regardless of land tenure due to the growing demands of expanding rural populations living at subsistence levels. This precarious outcome is more likely in areas where land is "communal". Traditional common property user groups are unstable because transaction costs become inhibitory in large groups. Non-user groups with small management teams (eg. companies and trusts) are better equipped to devise and enforce rules restricting access to communal resources. Three community-based organisations (CBO's) from KwaZulu-Natal are described, viz. Dukuduku Forest, Shongweni Resources Reserve and the Thukela Biosphere Reserve. Support for conservation rules appears to be strongest amongst communities at the Shongweni Resources Reserve where: community management organisations are formal institutions with legally binding constitutions; community representatives are broadly accepted and share decision-making power with the resource owner, and; community members get direct benefits from the Reserve. However, in all three cases change was prompted by agents who stood to lose substantially when neighbouring communities invaded or poached resources on their land. This is an important finding as it suggests a need for outside intervention in communal areas where common property institutions have collapsed and natural resources are being over-utilised. The case studies are analyzed and compared using criteria suggested by the theory of Institutional Economics to determine why some CBO's are more successful than others. It is concluded that individuals have an incentive to abide by rules if they are assured of receiving benefits in return for their compliance. Creating appropriate management institutions is a necessary first step, but it may also be necessary to subsidise their development programmes and support local enforcement owing to the high cost of protecting and instituting conservancies for commercial purposes.
Implications of new labour legislation for commercial agriculture in KwaZulu-Natal.
(1996) Newman, Robert Anthony.; Ortmann, Gerald Friedel.
New labour legislation was introduced to agriculture in September 1993. This study examines the effects of the new legislation on agriculture, mainly in terms of increased farmers' transaction costs when dealing with labourers. The new legislation introduced to agriculture includes the Basic Conditions of Employment Act (BCEA), Unemployment Insurance Act (UIA) and Agricultural Labour Act (ALA). Data were collected via a postal survey of 450 commercial farmers in KwaZulu-Natal (including 150 sugar-cane farmers, 150 dairy farmers and 150 beef farmers), of whom 135 returned usable questionnaires. The questionnaire dealt with the financial and labour structures on the farm, implementation of the new legislation, use of contractors, impact of minimum wages, education and trade unions. The supply of labour to agriculture in South Africa is relatively elastic, due to the high percentage of unemployed people. An increase in the cost of labour may cause farmers to use more substitutes, such as machinery, new technologies and contractors. The study examines machinery and labour contracting in commercial agriculture in KwaZulu-Natal and to what extent new labour legislation may affect farmers' attitudes towards the use of contractors. Descriptive statistics show employment of contractors, impact of enterprise type on use of contractors, and farming activities which are contracted out. Logistic regression suggests that on-farm implementation of new labour legislation, enterprise type, age of the respondent and turnover (farm size) influence a farmer's decision whether or not to contract in machinery contractors. New labour legislation has affected the structure of labour on commercial farms in KwaZulu-Natal by increasing transactions costs between labourer and farmer, and by raising wages; for example, farmers now have to pay overtime rates for work after-hours and on Sundays. Survey respondents indicated that, if minimum wages were imposed, cash wages would be paid and perquisites would be charged for. If the minimum wage was set above present wages, labour would be replaced with machinery and contractors. Respondents would prefer an industrial council to determine minimum wages (if they are imposed), accounting for enterprise and regional differences. Study results show that average cash wages for general (unskilled) farm labour are negatively related to distance between the farm and nearest large town or city, and positively related to turnover (farm size) and application of the new legislation. Enterprise type influenced the cash wage, value of rations paid to general farm labour and the provision of land rights for workers. Substitution of cash for non-cash benefits, and capital for labour may occur if the new legislation is strictly enforced. Farmers feel that there are a number of management problems they face in the future, involving labour, unions, government and finance. Future opportunities include marketing, export of produce, and labour upliftment and training.
An economic evaluation of water treatment costs in the Umgeni catchment area.
(1996) Dennison, Diane Bridget.; Lyne, Michael Charles.
This study has two objectives: first, to identify the main contaminants responsible for high water treatment costs in the Umgeni catchment area, and second, to predict water treatment costs from observed levels of contaminants. Reliable information about the origin of high water treatment costs is required to inform both policy and planning decisions. Partial adjustment models of water treatment costs are estimated using ordinary least squares regression and principal component analysis. First a model is estimated for the DV Harris treatment plant, which draws water from Midmar Dam. This model highlights important policy issues and explains 61 per cent of the variation in chemical treatment costs. Environmental contaminants have a marked impact on real water treatment costs at the DV Harris plant. Water treatment costs increase when levels of alkalinity, sodium and turbidity fall. Conversely, real costs rise with higher levels of dissolved oxygen and water stability. Paradoxically, clean water - typical of Midmar Dam is expensive to treat. Water treatment costs also rise when concentrations of the algae, Chiorella, decline. Second, a model is estimated for the Durban Heights treatment plant, which draws water from Nagle and Inanda Dams. This model explains 68 per cent of the variation in chemical treatment costs. Biological contaminants have a marked impact on real water treatment costs at the Durban Heights plant. Again, water treatment costs increase when levels of, Chiorella fall. Apparently the level of Chiorella varies inversely with the level of other, more expensive, contaminants at both treatment plants. Conversely, real costs rise with higher levels of total kjeldahl nitrogen, temperature, Anabaena and Microcystis. Water treatment costs also rise when turbidity and concentrations of silica, suspended solids and iron increase. The model predicts actual water treatment costs well (except during occasional peak cost periods) and provides a useful tool for scenario testing. For example, a simulation exercise in which turbidity levels were held constant at 6 NTU (nephelometric turbidity units) indicated an annual saving of R54 531 in water treatment costs.
Market reform, contestability and determinants of the Maize Board-Miller marketing margin in the South African maize industry.
(1996) Vigne, William James Frederick.; Darroch, Mark Andrew Gower.
The dissertation analyses market reform in the South African Maize Industry at two levels. Firstly, aspects of the theory of contestable markets are used to analyze maize grain marketing reform and identify what measures are appropriate to promote contestability (ease of entry and exit, and potential rather than actual competition as a means of constraining uncompetitive behaviour). A brief history of the South African Maize industry since 1931 shows a highly regulated grain marketing system which lacked contestability. Recent amendments to the Maize Marketing Scheme such as abolition of controlled prices for maize products at retail/merchant (1960) and wholesale/milling (1971) levels; movement away from limited registration of maize processors (1977); and abolition of the statutory single channel fixed price pool scheme and storage control allowing "free" trade within the domestic market (1995), promote market contestability. Contestability can be further enhanced by reduction of sunk costs through possible on-farm storage and handling facilities (bunker storage, plastic tunnels, steel and concrete silos) and the leasing of existing silo space (possible excess capacity and alternative uses) by producers and maize traders. The maintenance of some statutory powers for the Maize Board (single channel exports, compulsory registration and levy payments) still limits contestability. Secondly, the determinants of the Maize Board - Miller (MBM) marketing margin between 1977 - 1993 (period defined by data limitations) are identified using Ordinary Least Squares (OLS), Three Stage Least Squares (3SLS) and Principal Component Analysis. The MBM margin was positively related to miller market power (proxied by industry conjectural elasticity), the real miller maize meal selling price, real variable processing costs, and a change in Maize Board maize grain pricing policy after 1987 (export losses reflected in low real net producer maize price). The estimated conjectural elasticity was low, indicating competitive conditions, although concentration ratios indicate entrenched, but falling, market power. The main component of the Maize Board-Miller (MBM) marketing margin for 1977 - 1993 was variable processing costs. The real consumer price of maize could be reduced via lower real processing costs of maize meal, possibly with the removal of fixed administered prices of inputs (like electricity) and moderation of real wage demands in negotiations between trade unions and millers. Foreign exchange and import controls may, however, raise input costs if the Rand should continue to weaken. The increased number of "bosmeulens" (small mills not registered with the Maize Board and using relatively inexpensive technology not having substantial sunk investment) entering the market means that mill sunk costs may be less of a deterrent to entry in future. The 1987 Maize Board pricing policy change captured the effect of input price risk on the MBM margin indicating a significant effect of past maize pricing policies on this margin. The Maize Milling Industry appears to be competitive (low industry conjectural elasticity) over the study period, although the oligopoly component still contributes significantly to the MBM margin. Miller market power may possibly be exerted on other products (e.g. wheat) as white maize may be seen as a loss leader. This interrelationship between maize and other grains in processing is an area for future research.
Grain marketing policies and food aid in Lesotho : implications for food security.
(1996) Makenete, Andrew Lehlohonolo.; Ortmann, Gerald Friedel.
Food security is a necessary condition for the survival of every nation, household and individual. With the failure of the food self-sufficiency policy in Lesotho alternative food security objectives are suggested. Supply and demand factors need to be considered to develop a holistic and balanced view of food security. Maize marketing and pricing policies as well as food aid impact on food (in)security since they affect the movement and trade of maize grain and maize meal, the primary staple of Lesotho. A study was conducted amongst policy makers, government officials, retailers and millers in Lesotho to review the maize marketing system and procedures for setting maize prices at producer, mill-gate and consumer levels. Set prices distort price signals which influence decisions to allocate and distribute resources to provide goods and services for markets. Lesotho is a net importer of maize grain, the major staple, implying that maize pricing and marketing policy affect food security. Results indicate flexible informal marketing channels, fixed formal marketing channels and declining real producer, mill-gate and consumer prices in recent years. Falling real South African Maize Board export grain prices and evidence of subsidies to commercial Lesotho mills explain these price trends. Changes to the one channel formal marketing system and nationally administered price structure that would encourage an open market system with less restrictive interregional maize trade are recommended. The extent of food aid dependence in Lesotho and the possibility of reducing reliance on food aid are also analyzed. Primary data on food aid statistics were collected from various food aid agencies and institutions, supplemented with secondary data obtained from government documents. Results show that reducing food aid dependence is unlikely in the longer term, which has implications for the level of food (in)security in Lesotho. Food aid to Lesotho supplements commercial imports to meet the shortfall in local cereal production. It improves nutritional and consumption levels of vulnerable households, but shows no correlation with producer and consumer prices. Food aid reduces government budgetary expenditures on food, saves on foreign exchange to pay for food imports, and when used as 'food for work' to build infrastructure, has multiplier effects on agricultural growth, leading to expanded income and employment in other sectors of the economy. Poverty alleviation measures and income generating activities must be the primary focus if food aid dependence is to be reduced.
Causes of bankruptcy amongst commercial farmers in South Africa : management and policy implications.
(1997) Swanepoel, Deon Smartenryk.; Ortmann, Gerald Friedel.; Darroch, Mark Andrew Gower.
The number of commercial farms declared bankrupt in South Africa rose sharply over the period 1948 to 1994. Aggregate farm bankruptcies rose from 18 farms (0,016 percent of all farms) in 1948 to 389 farms in 1994 (0,632 percent of all farms). The number of bankrupt maize farms increased from 16 to around 150 farms per year over the period 1970 to 1994, while the number of bankrupt extensive beef farms increased from 12 to about 50 per year over the same period. The objective of this study is to analyse factors affecting bankruptcies of aggregate farm bankruptcy during 1948 to 1994 maize and extensive beef farm bankruptcy from 1970 to 1994. Possible causes of farm bankruptcy include both business and financial risk factors. Business risk factors (inherent in a business and its operating environment, regardless of the way the business is financed) include drought, fluctuations in producer prices and changes in real government subsidies to agriculture. Financial risk factors (associated with debt financing) are reflected by variable real interest rates and the level of the aggregate farm debt/asset ratio. Principal components regression confirmed a priori theoretical expectations of farm bankruptcy determinants. The aggregate farm bankruptcy rate was positively related to the lagged aggregate farm debt/asset ratio and lagged real interest rates (financial risk factors), but negatively related to a lagged drought index (lower index values reflected drought) and lagged real government subsidies to agriculture (business risk factors). Maize and extensive beef farm bankruptcies were negatively related to lagged annual rainfall (business risk factor), but positively related to the lagged aggregate farm debt/asset ratio and lagged real interest rates (financial risk factors). Lagged real maize and beef producer prices (business risk factors) were negatively related to bankruptcy among maize farmers. Beef farm bankruptcies rose with lower lagged real beef producer prices and higher lagged real stockfeed subsidies and transport rebates (business risk factors). These results show that farm bankruptcy in South Africa is a dynamic process, with time lags between business and financial risk factors and ultimate farm bankruptcy. The aggregate, maize and extensive beef farm bankruptcy models also suggest that the rise in farm bankruptcies over time can partly be attributed to changes in agricultural price and macroeconomic policies.
Demand and supply factors in the export of South African fresh oranges to the European Union (EU) : 1976-1993.
(1997) Khuele, Percival Ramapulana Selai.; Darroch, Mark Andrew Gower.
This is the first empirical study of the factors affecting the demand for and supply of South African (SA) fresh orange exports into the five main European Union (EU) markets: the United Kingdom (UK), France, Germany, the Netherlands and Belgium. Simultaneous-equation models of SA fresh orange export demand and supply were specified for each market and estimated by Two-Stage Least Squares using annual data for the period 1976-1993. Export demand was negatively related to the price of SA fresh oranges relative to the price of fresh oranges from Israel in the UK, Germany, Netherlands and Belgium. In France, however, export demand was negatively related to the SA export price relative to the price of fresh oranges from Morocco. Israel appears to be the major fresh orange competitor for SA in the UK, Germany, Netherlands and Belgium, while the main competitor in France is Morocco. Export demand was also positively related with lagged SA fresh orange exports in all export demand functions. This implies that consumers in the EU markets do not adjust fresh orange consumption immediately following a relative price change, probably due to habit formation. Estimated short-run relative price elasticities of export demand were inelastic in each EU market. Export supply in all markets varied directly with lagged net export realisation price relative to the SA domestic fresh orange price. Export supply in the UK also depended on the UK price of SA oranges relative to the French price. Conversely, export supply to the other four markets was positively related to the SA orange price in each market relative to the price in the major UK market. In addition, lagged exports (showing export orientation), and supply shocks (weather) positively influenced export supply to all markets. Export supply was price inelastic in both the short-term and long-term, supporting a priori expectations that supply reacts sluggishly to changes in the relative price of fresh orange exports. The low relative price elasticities of export demand imply that Capespan International and future orange exporters may consider alternative markets to the traditional EU markets to increase real revenue. Lower import tariffs if citrus is included in a Free Trade Agreement (FTA) with the EU would make SA fresh orange exports more competitive with exports from Israel and Morocco. Fresh orange exports from SA to the EU under this scenario are unlikely to increase markedly as long-run supply is price inelastic.
Risk and market deregulation : attitudes of commercial farmers in KwaZulu-Natal.
(1997) Stockil, Ross Christopher.; Ortmann, Gerald Friedel.
In a postal survey conducted among a sample of 112 commercial farmers in KwaZulu-Natal during 1996, sources and dimensions of risk, computer use and farmers' attitudes towards free trade and deregulated domestic markets were studied. Respondents were on average 49,5 years of age, had 24,3 years of farming experience and 14,1 years of formal education. The majority (60 percent) were individual owners of their farm business. KwaZulu-Natal was divided into three relatively homogenous areas, namely the Coastal Belt, Lowveld and Midlands. The average farm area operated in the Coastal Belt was 511 hectares, 1121 hectares in the Lowveld and 866 hectares in the Midlands. Sugar-cane was the main enterprise in the Coastal Belt, sugar-cane and beef in the Lowveld, and beef, dairy, sugarcane, timber and pigs in the Midlands. Land was cash-rented by 21 percent of respondents. Median household income for respondents who had off-farm employment was R47 375. Coastal Belt respondents had the highest debt/asset ratio (0,141) and turnover (R2 086 000), followed by respondents from the Lowveld and Midlands. Only one respondent was not aware of GATT (General Agreement on Tariffs and Trade). The most common information sources used to read about GATT included newspapers, Farmer's Weekly and Effective Farming. Most respondents expected a decrease in product prices, farm profits and land values if GATT provisions were successfully implemented, but approximately equal proportions of respondents expected input prices to increase and decrease. Most respondents supported free trade. Sixty-four percent would alter farming operations if import tariffs were reduced and/or domestic markets deregulated. Responses to deregulation included seeking market information, adding value to products, controlling costs, changing the size and/or mix of enterprises currently operated, and enterprise diversification. Changes in the cost of farm inputs, government legislation (tax, labour, and land redistribution), the Rand exchange rate, and product prices were considered as the most important sources of risk. Factor analysis of risk sources showed that various dimensions to risk exist, including changes in government policy, enterprise gross income, credit access and cost changes. Computers, a risk management tool, are more likely to be adopted by larger farm operators with higher levels of education and who use more information sources, whilst operators of extensive production systems are less likely to adopt a computer. Progressive, full-time farmers who considered themselves better financial managers and anticipated their land prices to increase under liberalised trade, were supportive of free trade. Respondents who viewed changes in environmental regulations, variability in crop and livestock prices, changes in the Rand exchange rate and the cost of inputs, and further reduction of import tariffs on farm products as important sources of risk, were opposed to free trade. Farmers with higher levels of debt repayment and knowledge of import tariffs were also likely to oppose free trade. Years of farming experience was negatively related to attitudes towards deregulated domestic markets, whilst dairy farmers, better financial managers and those more willing to take risks were more likely to support market deregulation.
Improving the economic competitiveness of South African agribusiness firms : the role of ISO 9000 quality assurance standards.
(1997) Turner, Christopher Robert.; Ortmann, Gerald Friedel.
Global free trade presents both challenges and opportunities for South African agribusiness firms. To improve their competitiveness, firms need to become more customer orientated and cost effective. Product differentiation (adding value to products) and niche marketing are just two approaches firms can use to satisfy consumer wants. Cost leadership can be achieved through economies of size, reducing transaction costs and adopting cost-saving technology. This study presents recognised strategies that firms can adopt to meet the challenges of competition. Total Quality Management (continuous process improvement) can be used in conjunction with process reengineering (radical process redesign), whilst both concepts are integrated into process management. The main focus of this study is on quality issues, especially the experiences with the ISO 9000 quality assurance standards amongst South African agribusiness firms. Worldwide, the ISO 9000 standards have received considerable support from firms seeking to improve their economic competitiveness. A postal survey was conducted in 1998 amongst 92 South African agribusiness firms to establish the extent of adoption of the ISO 9000 quality assurance standards, reasons for certification and the costs and benefits of adopting these standards. Almost 36 percent of respondent firms were ISO 9000 certified. The desire to improve customer service, a basis for quality improvement and the need to improve operational efficiency (reduce wastage) were the most important factors influencing certification. Certification had a positive impact on most performance indicators, in particular on documented processes (e.g. record-keeping), overall firm performance and quality of output.Total costs of achieving ISO 9000 certification did not exceed 1,02 percent of turnover. Cost economies were evident for large firms. Two-group and three-group Discriminant analyses were conducted to identify and rank factors that distinguish between firms which had adopted the ISO 9000 standards, those which had adopted alternative quality assurance systems, and those operating without any formal quality assurance standards. Results revealed that ISO 9000 certified firms tended to be larger, established firms with parent company affiliation, manufacturing products derived from agricultural output and exporting to developed countries. Most non-ISO 9000 certified firms had adopted an alternative quality assurance system. Firms with no recognised form of quality assurance tended to be cooperatives involved in service provision. The most important variable distinguishing ISO 9000 adopters from adopters of alternative quality assurance systems was turnover (firm size). The presence of size economies could prevent small firms from adopting ISO 9000. Due to the fact that the ISO 9000 quality assurance standards are internationally recognised and have received considerable international support, government might consider subsidising the costs of ISO 9000 certification amongst small and medium-sized enterprises wanting to export to developed countries. In addition, government and business associations could increase awareness of ISO 9000 and its associated costs and benefits amongst South African firms by disseminating relevant information.
Impact on South African meat demand of a possible free trade agreement with the European Union.
(1998) Badurally Adam, Muhammad Siddiq Ahmad.; Darroch, Mark Andrew Gower.
South Africa (SA) is currently negotiating for an 'interim agreement' which will lead to a Free Trade Agreement (FTA) with the European Union. In the 'interim agreement' trade barriers between the two are to be removed gradually. This study, therefore, examines the potential impacts of such an FTA on SA meat demand and prices. The objectives are to first, estimate a demand system model for SA beef, chicken, mutton and pork, and identify interrelationships among beef, chicken, pork and mutton consumption, using the Rotterdam Model developed by Barten (1964) and Theil (1965); and second, use the price elasticity of beef demand estimated from the model with a beef supply elasticity estimated by Lubbe (1992) to simulate the impact of EU beef imports on SA beef prices and meat consumption. Finally, the potential impacts on SA beef price of the likely outcomes of current FTA negotiations which include full reduction of current meat import tariffs, and/or reduction in EU beef export refunds, will be quantified. The extent of the reduction depends on the EU reclassifying SA as a meat producer or a meat importer, rather than the current EU classification of SA as a non-meat producer or importer. A review of literature indicates that no work on the study topic has been published in SA. The study estimates the Rotterdam model of SA meat demand for the years 1971- 1996 using data on annual per capita consumption of beef, pork, chicken and mutton, annual average retail meat prices, and per capita disposable income. The model is formulated in terms of changes in budget share allocations within this group of meats, based on consumer utility maximization subject to a budget constraint. It satisfies the adding up, negativity, homogeneity, and the Slutsky symmetry conditions, with the latter two conditions being imposed during model estimation. Conditional Slutsky cross-price elasticity estimates show that for a given 1 per cent change (rise or fall) in beef, chicken, mutton and pork prices, the beef price change would have the largest impact on consumption of the other meats which are all substitutes in consumption. The estimated conditional income elasticities show that beef and mutton are luxuries, while chicken and pork are necessities. Results show further that even if meat prices and per capita income do not change, there is a trend towards lower per capita beef and mutton consumption and higher per capita chicken consumption. A linear beef demand and supply model predicts that EU beef imports without an FTA reduced local beef prices by about 7 per cent in 1996. Cross-price elasticity estimates imply that the 7 per cent beef price fall reduced chicken, mutton and pork consumption by about 2.59, 5.53 and 3.36 per cent respectively in 1996. Local beef producers with small profit margins are probably adversely affected by current EU beef imports, while local consumers have probably benefited. The net short term effect of an EU-SA FTA on SA meat prices would depend on the likely outcomes of the current negotiations. If EU export refunds are retained when the current 40 per cent SA import tariff on beef is removed, EU beef exports would rise by some 32000 tons based on 1996 data. Elimination of the EU export refund would offset the price lowering effect of no SA import tariff. This would have raised the import cleared price of EU beef by 91.10 per cent based on 1996 prices. Under this scenario, there would be no EU beef imports to SA, and local producers and other overseas exporters would benefit. Higher retail beef prices for local consumers must be weighed against potential increased long-term investment by producers in the domestic livestock industry, as additional investment would benefit SA producers of yellow maize which is fed to local beef animals.
An economic analysis of restructuring the South African hake quota market.
(1998) Strydom, Marc Bradley.; Nieuwoudt, Wilhelmus Liberté.
Hake is the most valuable fisheries species in South Africa, with an estimated landed value of R658 million in 1997. Fundamental restructuring of the South African hake fishery is however recommended by the White Paper on Marine Fisheries Policy (1997). This study aims at providing economic solutions to some of these problems of restructuring. Management methods such as imposing upper limits on catches, access restriction (licenses), input restrictions and taxes have been shown to be unsuccessful at maximising economic rent generated by fisheries' resources. Hence the move by leading international fishing nations towards individual transferable quota (ITQ) management. According to the White Paper, South Africa intends pursuing very similar management techniques, to those employed by these leading countries, and it is therefore crucial that policy makers combine international experience with local knowledge and conditions, to draft the best possible fisheries' policy for the country. Factor analysis of data collected from a postal survey of existing South African hake quota holders and rejected hake quota applicants, suggests that distinct differences in attitudes towards restructuring exist amongst respondents. Four factors, representing groups of respondents defined as, (1) applicants, (2) quota holders, (3) small scale respondents (comprising of both applicants and quota holders), and (4) larger, longer established quota holders, sharing similar attitudes towards restructuring, were extracted. Applicants seem concerned with having to compete with established business for quota, opposing any form of payment for quota. Applicants also opted for a rapid change from the status quo, to a free and open system of allocation, where quota is also allocated as a fixed tonnage, as opposed to a proportion of total allowable catch (TAC). Current quota holders on the other hand, seem more concerned with issues of self-utilisation and the effect paying for quota might have on present business operations. Another group of respondents defined as smaller scale respondents (comprising of both quota holders and applicants) demonstrated concern about the present imbalance in the industry, where a few large companies receive the majority of quota. These respondents wish to see a rapid redistribution of quota, and a move towards a freer and open quota market. Analysis also revealed a group defined as larger, longer established quota holders who's primary concern seemed to be possible sudden reductions in quota allocation, and proposed methods of payment for quota. These companies have been receiving large allocations of quota in the past, and are therefore concerned with the impact restructuring might have on employment and international market share and competitiveness. Discriminant analysis revealed that the most important variable discriminating between current quota holders and rejected applicants was grandfathering (issuing quota according to past allocation). The second most influential variable involved new entrants paying a predetermined price for quota, demonstrating applicants' opposition to paying for a resource which current quota holders have been receiving free of charge in the past. Allowing new entrants the right to on-lease quota to established operators, and the issuing of 'paper' quota, were ranked third and fourth respectively. This highlights the opposing views of current quota holders and applicants on the issue of new entrants receiving token allocations of quota, when they are often not in a position to utilise it, and making a windfall gain by on-leasing to established quota holders. A substantial annual rent of approximately R279 million is generated by the South African hake industry, which is presently harvested free of charge by those issued with quota. These rents appear high relative to the landed value of hake of approximately R658 million. This may be evidence of the capital intensive nature of the hake industry, with large quota allocations needed to sustain an economically viable operation. Extraction of these rents through auctioning should be considered, while a portion of the TAC could be set aside for allocation to poorer communities.
Use of credit and its impact on small-scale farmer development in KwaZulu-Natal.
(1998) Fenwick, Louise Joy.; Lyne, Michael Charles.
In 1995, the Strauss Commission of Inquiry was appointed to investigate rural financial services in South Africa. The inquiry was premised on the traditional view that the provision of financial services is a key strategy for rural development. New Growth Theory correctly emphasises that emerging farmers may face other, more binding constraints than liquidity. The first part of this study attempts to identify and prioritise liquidity and other constraints facing small-scale farmers. Credit becomes a relevant issue when low levels of liquidity are identified as an important factor constraining small-scale farmers. The second part of the study investigates factors responsible for external and internal credit rationing by small farmers. Data for the analysis were gathered from farm households in two districts of KwaZulu. A logit model is used to examine the extent of liquidity constraints relative to other constraints inhibiting small-scale fanning in KwaZulu-Natal. These other constraints include poor access to land, labour and information, and high transaction costs. The results suggest that liquidity is very important, while imperfect land markets, information, and high transaction costs are also significant inhibiting factors. The Heckman two-stage procedure is used to identify and rank the determinants of internal and external credit rationing in rural households. The results show that high transaction costs faced by rural households' limit their access to formal credit markets. Income and savings levels are significant determinants of the level of credit obtained, with savings acting as a substitute for credit rather than a source of information and collateral for lenders. Ownership of livestock does not contribute significantly to the level of credit used, but this is not surprising in view of their high collateral-specific risk. Better access to credit markets in rural areas will require public investment in infrastructure, literacy and vocational training, and legal reform in order to reduce transaction costs, improve income levels, and facilitate the efficient use of collateral.
An economic analysis of irrigation water rights transfers in selected areas of South Africa.
(1998) Armitage, Roger Myles.; Nieuwoudt, Wilhelmus Liberté.
Due to the enormous incremental construction cost of water storage and conveyance infrastructure, and because most water resources in South Africa have been fully appropriated, attention has changed from supply side responses to water scarcity to demand side responses. Emphasis is now on providing for optimal allocation and efficient use of water. Establishing water markets will generate significant efficiency improvements in water allocation and use. A survey of irrigation farmers along the Lower Orange River in November 1997, revealed that a market for unused "outer land" water rights had emerged. Discriminant analysis results show that water rights transferred to farmers with the highest return per unit of water applied, producing table grapes, and with high potential arable "outer land" without water rights. Trading developed within a centralised allocation system, and despite a significant extent of bureaucratic regulation. The institutional arrangements facilitating market development were well defined, reliable, enforceable, and transferable water rights, a large number of willing sellers, and an administrative function performed by the regional offices of the Department of Water Affairs and Forestry. Strengthening the market could be achieved by delegating authority to the regional Water Affairs office to approve trades, eliminating the need for a cultivation certificate to develop land, and in extending the support of Water Affairs to market transfers of canal and conserved water. A second survey of irrigation farmers in the Nkwaleni Valley in May 1998 found that no water market had emerged despite the scarcity of water. While 41 percent of farmers wanted to purchase water rights, no willing sellers existed. Demand to establish tradable water rights seems unlikely at present since crop profitability is similar for potential buyers and non-buyers. Further, farmers generally use all their water rights, and may be unwilling to sell water rights for land they have developed. Under the new Water Act, improving the equity in access to water resources is an important objective to be addressed by Government. However, in so doing it is not necessary to destroy water markets. Water markets will require that water use allocations be specified for reasonable periods, be inherently secure, and trading be legally permitted.
Factors influencing farmers' choice amongst various marketing alternatives for maize in South Africa.
(1999) Bown, Anthony Norman.; Ortmann, Gerald Friedel.; Darroch, Mark Andrew Gower.
A postal survey was conducted in 1998 amongst a sample of 800 National Maize Producers' Organisation (NAMPO) members in the major maize producing regions of South Africa, namely the Northwest Province, Mpumalanga and the Free State. Study objectives were (1) to measure the extent to which large-scale commercial maize farmers were using, and intended to use, alternative maize marketing strategies which have evolved since the abolition of the Maize Board in 1996, and (2) to identify the business and personal factors influencing their use of price risk management tools (forward contracts, futures contracts, and options). The average age of respondents was 47 years. Respondents had a mean of 24 years farming experience and 14 years of formal education. They grew an average of 918 ha of maize annually, whilst mean annual turnover per farm was R 2.9 million, of which 68 percent was derived from maize. Seventy-two percent of respondents reported owning a personal computer for use in the farm business, and of these, 37 percent had Internet access. Farmers generally rated their skills in marketing management lowest relative to other aspects of management. Respondents had a better understanding of forward contracting than the more complex concepts of Futures contract and Options trading on the South African Futures Exchange (SAFEX). Most respondents used a portfolio of maize marketing channels in order to spread price risk in accordance with a sequential marketing strategy. Results indicate that sample maize farmers are making increased use of the forward contracting market relative to the spot market, while on-farm use of maize is also increasing. Both the percentage of respondents using SAFEX and the percentage of the value of the annual maize crop in the sample regions that was hedged on SAFEX increased markedly over the three-year study period. The hedging ratio - defined as the ratio of the crop hedged to that unhedged - rose from 27 percent in 1997/98 to 49 percent for 1998/99 and a projected 50 percent in 1999/2000. Amongst maize marketing intermediaries, elevators (eg. cooperatives and former cooperatives) handled approximately half the value of the annual maize crop in the study areas, and commercial users (eg. Millers) directly bought 15 percent of respondents' maize. Small traders/agents handled roughly 10 percent, and large traders (eg. Louis Dreyfus) another 10 percent of study farmers' annual maize crops. No users of currently operating Internet-based maize trading systems were identified. Survey respondents were classified as lower- and higher- level users of price risk management tools, based on their scores for an index of price risk management use. The index took into account three aspects of price risk management behaviour exhibited by sample respondents: the use of forward pricing mechanisms, the number of different marketing channels used, and the relative proportions of the producer's annual crop passing through these channels. Higher-level users of price risk management tools tended to operate larger farms, and be younger, less experienced, but more educated, computer adopters who were less likely to individually own their operations. Ordinary Least Squares (OLS) regression was used to estimate the effects of respondents' business and personal characteristics on their scores for the index of price risk management. The use of maize storage facilities, off-farm employment, use of formal crop insurance, operators' number of years of formal education and the proportion of farm turnover arising from maize all positively influence sample farmers' use of price risk management tools. Both the scale-dependent benefits and fixed transaction costs associated with using price risk management tools can be spread over a larger volume of output as the volume of maize marketed increases. The Operators' self-rated score of marketing management ability was negatively related to the use of price risk management tools, in contrast to the findings of previous studies in the USA. Many respondents indicated concern about a lack of competitiveness in the local spot market, and perceived that large maize buyers were manipulating maize prices. Farmers should use SAFEX Agricultural Marketing Division (AMD) Futures prices as guidelines in "discovering" prices when negotiating with maize handlers and millers about cash maize sales. Producers should also monitor their local basis (the difference between the local spot price and the nearby Futures price) to identify opportunities for the profitable transportation and/or storage of maize. A need was identified for further education of maize farmers regarding the use, costs and benefits of available maize marketing alternatives. Weekly agricultural magazines and maize marketing seminars may be the most effective mediums through which to inform maize farmers about prices and marketing services. Further research opportunities were identified in the monitoring of farmers' maize marketing activities as the South African maize market matures, and in establishing recommended hedging ratios for South African maize farmers.
Testing the efficiency of the South African futures market for white and yellow maize.
(1999) Wiseman, Jonathan Angus.; Ortmann, Gerald Friedel.; Darroch, Mark Andrew Gower.
An efficient futures market should provide a forecast of the future spot price which reflects all publicly available information; ideally, for effective price discovery such forecasts would also be unbiased. The trading of maize futures contracts began in South Africa (SA) in mid-1996 after the power of the Maize Board to set maize producer prices was abolished. Cointegration analysis of the efficiency of SA white and yellow maize futures markets shows that (1) the futures price for white maize was a biased predictor of the spot (cash) price for white maize in 1997, but an unbiased predictor in 1998 (evidence of a market learning process), and (2) the futures price for yellow maize was an unbiased predictor of the spot (cash) price for yellow maize in 1997 and 1998. White maize is predominantly used for human consumption and SA is considered a leader in the world market for white maize. Yellow maize is mostly used for animal consumption and is traded internationally on the Chicago Board of Trade in the United States of America. This makes the domestic futures price for yellow maize more susceptible to international maize marketing conditions than the domestic futures price for white maize. The relatively greater volume of trade in yellow maize would provide more reliable information about crop and market prospects to futures traders. Local producers of white and yellow maize can, therefore, use price information derived from recently introduced white and yellow maize futures contracts to forecast likely local white and yellow maize cash prices. This information can help them to decide whether, and what portion of their crops, to hedge against price risk using futures trading, and what cash prices to negotiate with millers and traders. Both markets, however, suffer from past spot price information having a significant effect on current spot prices. This violation of efficiency implies that futures market participants can use this information to make abnormal profits. There is a lack of spot price information in the maize industry, as there is no readily available price recording system that participants can use. The development of such a system would aid users in price discovery and allow for better decision making by participants.
Land redistribution in KwaZulu-Natal : an analysis of farmland transactions recorded in 1997 and 1998.
(2000) Graham, Andrew Wallace.; Lyne, Michael Charles.; Darroch, Mark Andrew Gower.
This research has two objectives: Firstly, to examine the rate of land redistribution in the province of KwaZulu-Natal during the years 1997 and 1998 as well as the performance of different modes of land redistribution. Secondly, to study the relationship between mode of redistribution, security of tenure and access to agricultural credit on land redistributed to disadvantaged households in the province during 1997. To measure the rate of land redistribution, results from a census survey of farmland transactions recorded in the province in 1998 were compared with the results from a previous survey conducted in 1997. It was found that 18885 hectares of commercial farmland transferred to disadvantaged owners in KwaZuluNatal during 1998, which implies an overall rate of redistribution of 0,35 per cent, down from 0,43 per cent in 1997. There were marked differences in the quality, quantity and agricultural performance of farmland transferred by different modes of redistribution. Private transactions accounted for the majority of the total land wealth and total land area transferred in both years, with mortgage loan transactions making the most significant impact. Also, the mode of land redistribution was an important determinant of the level of tenure security and agricultural performance. Individual households purchasing land through private transactions tend to exhibit much higher tenure security than those households which purchased land collectively under the government land grant programme. A logit model was employed to determine the probability of household agricultural borrowing. Results of the logit model on data gathered in a sample survey of 129 disadvantaged households that purchased farmland in KwaZulu-Natal during 1997 show that those farmers purchasing land through subsidised mortgage loans were more likely to borrow credit for agricultural purposes. The probability of agricultural credit use increases with more secure tenure, higher levels of wealth and liquidity, and higher education levels. These factors provide greater incentives for lenders to supply credit and for borrowers to use credit for investments and complementary inputs. The issues of tenure security and access to credit must be considered if land redistribution to the landless poor is to be successful in the long-term. It was recommended that government should reallocate scarce public funds towards programmes which assist emerging farmers to gain access to credit for the purchase and development of agricultural farmland. However, attention must also be directed towards scrapping the Subdivision of Agricultural Land Act, 70 of 1970, which currently impedes land redistribution through regulations preventing large farms from being subdivided and sold as smaller properties to viable emerging farmers. In addition, attention should be focused on converting existing government land grant projects into non land-user group schemes whereby land is set aside and managed in an effort to create a viable joint enterprise for the community to realise a benefit (income) stream.
Adoption of hybrid maize seed, fertilizer and machinery technologies by communal farmers in KwaZulu-Natal.
(2001) Essa, John Abdu.; Nieuwoudt, Wilhelmus Liberté.
This study investigates the characteristics of technology adoption by small-scale farmers, notably the factors influencing the adoption of hybrid maize seed, inorganic fertilizer and machinery technologies. The study also on the basis of socio-economic and institutional factors, identifies the dimensions of small-scale farmers. Data for the study were obtained from a sample survey of 160 households in the Amangwane and Amazizi wards, located in the Okhahlamba magisterial district of KwaZulu-Natal during August 2000. The chief aim of this study is to generate empirical information that can be used to devise programs to encourage small-scale farmers to adopt agricultural technologies. The motivation of the research emanates from the fact that there is limited empirical information as to the actual adoption patterns of agricultural technologies by small-scale farmers. The nature and relative importance of factors associated with technology adoption is time and location specific. The study by using more recent and broader information builds on previous studies in order to complement technology adoption research on small-scale farmers. Understanding what factors influence the adoption of farm technologies and categories or dimensions of small-scale agriculture should provide information on policy options to stimulate technology adoption and improve growth in agricultural productivity. A categorical dependent variable was specified to identify farmers' adoption pattern of hybrid maize seed and fertilizer. Seventy-two farmers were adopters of both hybrid seed and fertilizer, 56 were adopters of either hybrid seed or fertilizer while 32 farmers were non-adopters. The results of binary logistic regression analysis indicate the adoption of hybrid maize seed and fertilizer is positively associated with, in order of importance, larger farms, older household heads, more value of livestock and better access to information sources. An index that indicates farmers' status of adoption of machinery technologies was constructed using a principal component analysis technique. The analysis showed that the adoption of machinery technologies can be represented by the single index which could be used as a dependent variable. A principal component regression analysis was subsequently used to determine factors contributing to the adoption of the machinery technology index. The results indicate that adoption was higher for (1) older and male headed households in general and residents of the Amangwane ward in particular; (2) operators of more arable land, owners of more livestock and earners of more non-farm income; and (3) households with large family labour, and households that made use of extension services and information sources. These results are consistent with hypothesised relationship between technology adoption and the predictors and are supported by previous empirical findings. Priority should be given to policies that alleviate the tenure insecurity problem on arable land and this in turn promotes a land rental market. This would involve an institutional change and legal infrastructural support services. Arable land holding is highly skewed within the communal setting and the state needs to address this equity issue on arable land through redistribution or reform policies. The state needs also to invest in public goods that alleviate the problems of private investors for example by encouraging credit providers or promoting rural financial markets to alleviate liquidity constraints and enhance adoption. Investment in farmer training and education should therefore, be seen as priority if higher adoption rates and an improvement in income are to be achieved. Inadequate and poor extension and information services imply an urgent need for the formation of community and farming associations and for the provision of extension services to groups of farmers. Investment in these areas may reduce the cost of technology transfer programmes. The results of a principal component analysis to identify the dimensions of small-scale farmers in communal areas of KwaZulu indicate that farmers fall into distinct categories. Component 1 is an emerging commercial and a more mechanised household while component 2 is a land-less farm household that is more educated and earns more non-farm income largely from contractor services. Component 3 is a non-farm female headed household that depends on income from land renting and non-farm jobs. Component 4 is a small intensive garden farmer, headed by a relatively educated female who has access to institutional services. Component 5 is relatively less educated, a female-headed and land-poor household that rents land and produces intensively. It is concluded that a single policy measure cannot do justice to the needs of all of the farmers since it would affect different households differently. An integrated and a comprehensive programme is needed that would promote agriculture; facilitate income transfer or safety nets to alleviate poverty and the relief of short-term stress; address the problems of tenure insecurity; overcome the gender inequalities in accessing resources; and restructure institutional supports by providing rural finance, and an extension and legal infrastructure.
Projecting international demand for and supply of protein feed.
(2001) McGuigan, Sean Michael.; Nieuwoudt, Wilhelmus Liberté.
South African imports of protein feed (oilcake or meal) increased 210% from 1990 to 1998/1999. Over that same period local production increased by only 14% and imported protein feed now accounts for over 50% of local requirements at an estimated annual import cost of about R1 billion. Internationally, protein prices reached high levels in 1996/97 following increased Asian demand but then fell considerably in response to the Asian financial crisis and increased supply. The South African Protein Research Trust, who invest in research aimed at stimulating the local protein industry, are interested in the most likely long-term trends. Projections of world meal prices and local protein requirements under a variety of scenarios indicate the possible cost of future imports and the potential for local production. These can help strategists to make informed decisions when evaluating plans that impact on future production capacity. Two interactive spreadsheet models have been developed which estimate protein usage and price under various scenarios and thereby serve as a decision support system. The first model projects future world supply of and demand for oilcake and calculates equilibrium price and consumption using estimated price elasticities of demand and supply. Demand projections are driven by estimated population and income growth while supply is forecast based on past production trends. The model incorporates dynamic income elasticities of demand that decline with rising real incomes. Assuming a 3% annual growth in supply the model forecasts that real price for protein meal will remain relatively constant at 1999 prices to 2020. However, if supply increases linearly price is forecast to increase 22% by 2020. Developing Asia, notably China, accounts for most demand growth and projections are sensitive to income growth assumptions for China. A second model estimates South African consumption of oil cake to 2020 Novel features of the model include: the price of protein is endogenous as it is generated by the international model; it incorporates estimated rates of technological progress in livestock production, and predicts the resulting real price change and; use is made of declining income elasticities of demand. Population growth projections include the estimated effect of AIDS which could reduce population growth rates by killing adults and children and reducing fertility amongst women who are HIV positive. Total protein consumption in 2020 is projected at 1.54 million tons (a 24% increase from 2000) under low income growth and 1.96 million tons (a 58% increase from 2000) under high income growth. Declining broiler, egg and pork product prices (projected to decline in real terms because of expected technological advances) contribute to increasing protein usage even in the absence of significant real income growth rates. Population growth remains the most important demand driver and scenario analysis reveals that alternative population growth rates impact significantly on projections.

Browse

Browsing Masters Degrees (Agricultural Economics) by Issue Date