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1
Bourbeau, Benoı̂t, Teodor Gabriel Crainic, Michel Gendreau, and Jacques Robert. "Design for optimized multi-lateral multi-commodity markets." European Journal of Operational Research 163, no. 2 (June 2005): 503–29. http://dx.doi.org/10.1016/j.ejor.2003.07.022.
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Carlsson, Per, and Arne Andersson. "A flexible model for tree-structured multi-commodity markets." Electronic Commerce Research 7, no. 1 (March 2007): 69–88. http://dx.doi.org/10.1007/s10660-006-0063-y.
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Kumar Mahalik, Mantu, Debashis Acharya, and M. Suresh Babu. "Price discovery and volatility spillovers in futures and spot commodity markets." Journal of Advances in Management Research 11, no. 2 (July 29, 2014): 211–26. http://dx.doi.org/10.1108/jamr-09-2012-0039.
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Purpose – The purpose of this paper is to investigate empirically the price discovery and volatility spillovers in Indian spot-futures commodity markets. Design/methodology/approach – The study has used four futures and spot indices of Multi-Commodity Exchange, Mumbai. The study also employs vector error correction model (VECM) and bivariate exponential Garch model (EGARCH) to analyze the price discovery and volatility spillovers in Indian spot-futures commodity market. Findings – The VECM shows that agriculture future price index (LAGRIFP), energy future price index (LENERGYFP) and aggregate commodity index (LCOMDEXFP) effectively serve the price discovery function in the spot market implying that there is a flow of information from future to spot commodity markets but the reverse causality does not exist. There is no cointegrating relationship between metal future price index (LMETALFP) and metal spot price index (LMETALSP). Besides the bivariate EGARCH model indicates that although the innovations in one market can predict the volatility in another market, the volatility spillovers from future to the spot market are dominant in the case of LENERGY and LCOMDEX index while LAGRISP acts as a source of volatility toward the agri-futures market. Research limitations/implications – The results are aggregate in nature. Further study at disaggregated level will provide further insights on behavior of specific commodity prices and the price discovery process. Originality/value – The paper provides useful information about the evolution and structures of futures commodity trading in India, related literature and relevant methodology concerning the hypotheses.
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Maitra, Debasish, and Varun Dawar. "Return and Volatility Spillover among Commodity Futures, Stock Market and Exchange Rate: Evidence from India." Global Business Review 20, no. 1 (November 21, 2018): 214–37. http://dx.doi.org/10.1177/0972150918803801.
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This article aims to investigate return and volatility spillover among commodity, stock and exchange rate markets. The article further looks into whether there is any change in return and volatility spillover during the crisis and post-crisis periods and whether there is any in the behaviour of spillover changes between agro and non-agro based commodities. The study uses Vector Auto Regression followed along with by Granger causality are to understand the causality of returns. We have performed multivariate volatility model to study the volatility co-movement of different assets. Unidirectional return spillover from the Multi Commodity Exchange (non-agro commodity) to stock indices and exchange rates is found. Stock indices are found to influence exchange rates to return; whereas the only dollar explains the return in stock indices. Equity markets have been found to have a return spillover on NCDEX (agro commodity) during the post-crisis period. However, each asset market is found to have volatility spillover effects on the other asset market. Commodity indices have more spillover effects on stocks.
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Safiullin, Nail, Bulat Safiullin, and Olga Schnaider. "Factors of determinism, uncertainty and stochasticity in stock and commodity markets." E3S Web of Conferences 110 (2019): 02039. http://dx.doi.org/10.1051/e3sconf/201911002039.
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One of the main methodological principles of modern economics is the separation of the positive and normative study area. Traditionally, the dominant regulatory approach is associated with a "pre-scientific" era - with the economic views of antiquity and the Middle Ages. Thus, the very evolution of the economic analysis can be considered as a process of gradual replacement of a regulatory elements and achieve ever greater degree of objectivity of research. In this paper, the economic theory of multi-dimensional stock and commodity market in the green economy is considered in detail. The current state of the theory of markets and market mechanisms is discussed. The research methodology and theory of multi-dimensional stock and commodity market in the green economy, adapted to the real conditions of the transformation of the Russian economy, are substantiates. Various forms of heterogeneity of market processes are identified and classified, including factors of demand, supply and competitiveness arising from the terms of the transformation of the economy attracting green investment.
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Koy, Ayben. "Testing Multi Bubbles for Commodity Derivative Markets: A Study on MCX." Business and Economics Research Journal 9, no. 2 (April 25, 2018): xxx. http://dx.doi.org/10.20409/berj.2018.105.
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Dutt, Mala, and Sanjay Sehgal. "Domestic and International Information Linkages between Gold Spot and Futures Markets: An Empirical Study for India." Metamorphosis: A Journal of Management Research 17, no. 1 (May 8, 2018): 1–17. http://dx.doi.org/10.1177/0972622518761745.
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This article examines information linkages between gold spot market in India and gold futures at India’s Multi Commodity Exchange (MCX) and five international platforms [i.e., Commodity Exchange (COMEX), Dubai Gold and Commodity Exchange (DGCX), Tokyo Commodity Exchange (TOCOM), Hong Kong Exchange (HKE) and Singapore Mercantile Exchange (SMX)] from August 2008 to March 2015. Cointegration procedure and vector error correction model (VECM), supported by Granger causality, are employed to study price discovery process, and bivariate EGARCH-BEKK model is used to examine volatility spillover process. At domestic level, spot market dominates the futures in information transmission process. Internationally, DGCX leads all other exchanges in price discovery process, while COMEX leads in volatility spillovers. In price discovery, MCX leads only TOCOM till August 2013, while price discovery is absent thereafter. In volatility spillovers, MCX dominates TOCOM and HKE till this period and only HKE afterwards. Thus, information linkages between MCX and international exchanges appear to have been impacted severely since August 2013. The study highlights the need to re-establish price and volatility linkages between Indian and international exchanges, and also provides significant suggestions for policymakers. The study is relevant for investors, researchers and the academia. It contributes to market efficiency and information transmission literature for commodity markets.
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Labys, Walter C., and Montague J. Lord. "Inventory and equilibrium adjustments in international commodity markets: a multi-cointegration approach." Applied Economics 24, no. 1 (January 1992): 77–84. http://dx.doi.org/10.1080/00036849200000105.
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Babu, M., and S. Srinivasan. "Testing the Co-Integration in Indian Commodity Markets: A Study with Reference to Multi Commodity Exchange India Ltd." Indian Journal of Finance 8, no. 3 (March 1, 2014): 35. http://dx.doi.org/10.17010/ijf/2014/v8i3/71961.
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Fernandez, Cledwyn Primus Savio. "Futures Trading in Agricultural Commodities: Effects of the Ban on Selected Commodities in India." Artha - Journal of Social Sciences 12, no. 4 (October 18, 2013): 61. http://dx.doi.org/10.12724/ajss.27.5.
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The commodity market is one of the emerging markets in today‟s economy. Given that inflation is increasing alarmingly and the emergence of risk in all activities, the commodity market has a phenomenal contribution to the overall economy of India. The following paper – Futures Trading in Agricultural Commodities: Effects of the ban on selected commodities in India shall focus on the impact of hedging (risk management) and price discovery, which are two major aspects under the agricultural commodity market. Secondary data from two main sources namely the Multi Commodity Exchange Market and National Commodity Derivatives Exchange were used for analysis. The ban on futures trading under agricultural commodities that was implemented by the Government of India shall be dealt with specifically taking seven commodities – Wheat, Rice, Sugar, Chickpea, Potato, Rubber and Guar Seeds. The common element between all these commodities is that they were all banned from futures trading at some point of time or the other. An analysis using econometric and statistical tools shall be performed to check whether there exists any sort of relationship between the ban and the prevailing inflation in the economy and also the correlation between the prices before and after ban. This is purely an explanatory study wherein the strategies for buyers and sellers in the futures market will also be discussed.Keywords: Hedging, ban, futures trading, inflation
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Kim, Min Jae, Sehyun Kim, Yong Hwan Jo, and Soo Yong Kim. "Dependence structure of the commodity and stock markets, and relevant multi-spread strategy." Physica A: Statistical Mechanics and its Applications 390, no. 21-22 (October 2011): 3842–54. http://dx.doi.org/10.1016/j.physa.2011.06.037.
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Tomanić Trivundža, Ilija, and Mark Curran. "Normalising Deviance: An Interview with Mark Curran." Membrana Journal of Photography, Vol. 1, no. 1 (2016): 32–35. http://dx.doi.org/10.47659/m1.032.int.
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Irish photographer Mark Curran presents his on-going project THE MARKET, which is an exploration of the predatory nature of the functioning and condition of global markets. Focusing on financial and commodity exchanges, Curran provides a multi-layered and multimodal investigation of market culture, primarily through interviews and photographic portraits of traders, financial analysts and bankers from Dublin, London, Frankfurt, Addis Ababa and Amsterdam. In the interview, Curran talks about the limitations of using photography to critically represent the intangible and immaterial aspects of the working of the market and its repetitive normalisation of deviance.
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Sugirtha, R., and Dr M. Babu. "CO- Integration Approach Study of Crude Oil Prices and USD/ INR." Restaurant Business 118, no. 6 (June 15, 2019): 140–44. http://dx.doi.org/10.26643/rb.v118i6.8004.
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The crude oil price and US dollar/INR influence the value of Indian rupee as well as values of currencies of other countries . Over the past decades, oil price and US dollar dominate the overall global markets. The crude oil price and US dollars instability bond with the economic growth and welfare of a country. Hence the study examined the volatility of crude oil price and US dollar in the Indian commodity market, during the study period from 2009 to 2018. US dollar price were collected from the Reserve Bank of India (RBI) and crude oil price were collected from Multi Commodity Exchange (MCX). To check the volatility, the following statistical tools namely descriptive statistic, ADF and GARCH (1,1) model were used. Based on the result, crude price recorded low volatility compared to U.S dollar price during the study period.
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Nikishyna, O. V. "CONCEPTUAL APPROACH TO EVALUATING THE EFFECTIVENESS OF INTEGRATED COMMODITY MARKET." Economic innovations 19, no. 1(63) (April 24, 2017): 196–204. http://dx.doi.org/10.31520/ei.2017.19.1(63).196-204.
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In the article author allocated four approaches to the interpretation of category �efficiency�, namely: (1) target (qualitative); (2) resource; (3) resultant; (4) degree of implementation of planned indicators. Grounded allocation two categories of efficiency of functioning systems and subsystems � of market and sector. Proposed author's definition categories �efficiency of integrated commodity market�, namely: productivity the usage and the balance of intersectored movement of material, financial, labor and information resources for reproduction development of market system and increasing its integration level with ensuring the priority of interests the state and society. This definition develops of a resource-targeted approach to category �efficiency�. Efficiency of sector the integrated market can be interpreted in context of the resultant approach as a ratio of result to costs, which ensured its receipt. Defined three types of integration links between subjects of different sectors and markets: (1) sectored links; (2) inter-sectored links; (3) inter-market links � internal and external. Identified four stages of formation of integration links in multi-level of market systems: (1) establishment of links between elements of system; (2) strengthening links; (3) increasing the number of links; (4) emergence of new relationships, new integrative properties of the system. Substantiated the integration function of commodity market in macro system. The author proposed a conceptual approach to evaluating the effectiveness of integrated commodity market based on convergence of reproduction, logistics, integration and regulatory approaches, what forms the foundation of methodical assessment basis.
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Wawire, Amos W., Sabina M. Wangia, and Julius J. Okello. "Determinants of Use of Information and Communication Technologies in Agriculture: The Case of Kenya Agricultural Commodity Exchange in Bungoma County, Kenya." Journal of Agricultural Science 9, no. 3 (February 13, 2017): 128. http://dx.doi.org/10.5539/jas.v9n3p128.
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Access to markets by Smallholder farmers has conventionally been constrained by lack of market information. Efforts to strengthen access of farmers to markets has triggered the mushrooming of several projects that embrace ICT tools in promoting access to competitive market information. Nevertheless, most farmers still lack access to accurate market information, such as existing commodity prices. This study examines the determinants of the use of ICT tools among smallholder farmers for agricultural transactions. The study uses Kenya Agricultural Commodity Exchange (KACE), one of the ICT-based marketing platform, as the case study. The objectives of the research are to determine the factors that influence access to agricultural information, and establishing factors that determine the intensity of use of ICT tools in accessing agricultural information. Survey was conducted among 136 smallholder farmers in Bungoma County. Both purposive, and multi-stage sampling were used to obtain the sample for this research. The study finds that several farmer characteristics, farm and capital endowment factors affect the use of ICT tools, particularly mobile phones. Gender, age, literacy level, affordability, perceived importance, mobile ownership and group membership were found to be significant in influencing the decision to use KACE ICT tools and the intensity of use of these tools for agricultural transaction activities. The study further recommends for policies that support the expansion of ICT projects, training on their applications and sensitization on the use of these platforms. The study suggests for policies to address gender disparities on access and use of ICT tools for agricultural transaction.
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Mutebi Kalibwani, Rebecca, Jennifer Twebaze, Rick Kamugisha, Medard Kakuru, Moses Sabiiti, Irene Kugonza, Moses Tenywa, and Sospeter Nyamwaro. "Multi-stakeholder partnerships in value chain development." Journal of Agribusiness in Developing and Emerging Economies 8, no. 1 (March 12, 2018): 171–85. http://dx.doi.org/10.1108/jadee-08-2015-0038.
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Purpose The purpose of this paper is to demonstrate that agricultural commodity value chain development using multi-stakeholder partnerships (MSPs) can fast-track improvement in the livelihoods of rural farming households. With the view that such partnerships can raise farmers’ incomes, the study uses the case of the organic pineapple (OP) value chain in Ntungamo, Western Uganda, to understand the governance features that hold the value chain partners together, to analyse the costs and margins to the participating farmers, to identify opportunities for demand-driven upgrading of the farmers’ skills and knowledge, and the role that partnerships play in such upgrading. Design/methodology/approach The study uses the qualitative tools of value chain analysis: value chain maps of stakeholders, processes and support services of the OP value chain, and a quantitative tool to analyse costs and margins to the participating farmers. Interviews were conducted with key informants from the OP innovation platform, and survey data collected for the planting season, February–July, 2014, across three farmer categories of certified organic, conventional, and farmers not participating in the innovation platform. Findings Careful selection of partnerships to develop the value chain is found to be critical. Partners to involve should be those that enable the upgrading of farmers’ knowledge, skills and technologies to position them for better markets. Partners should also include those that enable the improvement of margins to the farmers and efficiency of the value chain. The strategic MSPs should be bound by formal contracts, to ensure stable relationships in the value chain and hence sustainable market access for the farmers. Research limitations/implications Although carried out on a specific value chain in a specific local context, this is not likely to limit the applicability of the findings to commodity value chains in a range of local contexts. Originality/value The study fulfils the need to highlight the role that stakeholder partnerships can play in value chain development and how they can be sustained by governance and institutional arrangements.
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Spartak, Andrey N., and Tatiana A. Voronova. "Medium- and Long-Term Trends in the Development of the World Economy." International Trade and Trade Policy, no. 4 (January 3, 2020): 5–30. http://dx.doi.org/10.21686/2410-7395-2019-4-5-30.
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The article deals with long-term trends in the world economy and international trade, new challenges for global development, including digitalization and servicification of the economy, trade wars and increasing geopolitical tensions in the world. Also the medium-term prospects of world economic and commodity markets situation are analyzed, as well as specific economic developments in the largest countries and groupings – the USA, EU, China and India. The unprecedented scale of trade and economic confrontation between the United States and China has significantly increased uncertainty in the global market and provoked an explosive growth of trade protectionism, destabilized the foundations of the existing world economic order. Long-term structural shifts in international trade are associated with an increase in the share of services and expanding range of tradable services due to digitization, in the world energy market – with the US becoming one of the largest net exporters of energy and the formation of a highly competitive global gas market due to the explosive growth of LNG exports and the diversification of its suppliers. Almost all future scenarios are dominated by downside risks and strategic uncertainties, which increases the demand for multi-vector policy and diversification in foreign economic activity.
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Kaushik, Nikhil. "Do global oil price shocks affect Indian metal market?" Energy & Environment 29, no. 6 (April 4, 2018): 891–904. http://dx.doi.org/10.1177/0958305x18759790.
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The main objective of this paper is to investigate the spillover effect of global crude oil prices on Indian metal market using dynamic conditional correlation generalized autoregressive conditional heteroskedasticity models. The study considers Indian metal market, Multi Commodity Exchange of India Limited METAL index and two precious metals gold and silver, and three industrial metals aluminium, copper and zinc over the period from 1 June 2006 to 31 March 2017. The results of the study show moderate co-movement between West Texas Intermediate (WTI) crude oil and Indian metal market. Precious metals gold and silver do not show either upward nor downward trend even in global financial crisis 2008–2009 while industrial metals aluminium, copper and zinc are weakly correlated to crude oil prices. In addition, it is found that global crude oil prices have short-term as well as long-term memory effect on Indian metal market and metal prices. The study presents the case for diverse stakeholders to improve strategic oil reserves for stabilizing oil prices during global turmoil. Also, policy makers and practitioners may draw meaningful conclusions from findings of the present study to improve future market for stabilizing spot prices of metals while operating in Indian metal markets.
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Berezovska, Lyudmyla, and Anastasiia Kyrychenko. "STATE REGULATION OF CAPITAL MARKET IN UKRAINE." Scientific Notes of Ostroh Academy National University, "Economics" Series 1, no. 21(49) (June 24, 2021): 4–9. http://dx.doi.org/10.25264/2311-5149-2021-21(49)-4-9.
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In modern conditions a developed stock market is a necessary element of the country's economy effective functioning as it establishes legal and economic relations between businesses that need financial resources and individuals who can provide them. The level of business activity in this sector determines the state of economic development of the country. Exchange activity in a market economy requires government regulation in order to ensure the efficiency, balance and stability of the exchange market. The purpose of the article is to analyze the state regulation of the stock market in Ukraine. The article analyzes the dynamics of trading on the stock market of Ukraine, identifies problems with its operation. The main models of state regulation of the financial services market are considered, namely: monoregulatory and polyregulatory. It is concluded that there is a multi-regulatory model of organized markets in Ukraine, as regulatory functions are assigned to the National Commission on Securities and Stock Market and the National Bank of Ukraine on domestic government bonds, money market derivative contracts, money market instruments. The state regulation of the stock market in Ukraine in accordance with the Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine on Simplification of Attracting Investments and Introduction of New Financial Instruments" of June 19, 2020 is studied. which includes capital markets and commodity markets; improving the organization of the depository and clearing system; introduction of a trade repository and a liquidation of the netting mechanism; enshrining in law the differences between qualified and unqualified investors; introduction of green bonds as a new type of financial instruments. It is concluded that the adoption of the above law is an important step in the development of the stock market, as this law amends the law "On Securities and Stock Market" and establishes uniform rules for all exchange traders, defines the market regulator and circulation mechanism. financial instruments, radically changes the structure of the capital market and adapts Ukrainian legislation to the norms of the European Union in the field of financial services, bringing Ukraine closer to the global financial space.
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Eyre, Nick. "Barriers to Energy Efficiency: More Than Just Market Failure." Energy & Environment 8, no. 1 (March 1997): 25–43. http://dx.doi.org/10.1177/0958305x9700800103.
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The importance to environmental policy of improving energy efficiency is now widely agreed. It is also well established that levels of energy efficiency are below the optimum for economic efficiency, i.e. there are market barriers to energy efficiency. Neo-c1assical economic theory provides a taxonomy of the barriers in terms of market failure and can evaluate short term policy options to address them. However, this paradigm does not explain the underlying causes or why all the market failures act in the direction of lower energy efficiency. Economic analysis alone cannot identify long term, sustainable approaches to removing the barriers; input is needed from other disciplines. A review of the multi-disciplinary literature identifies some common elements in the nature of the barriers: a dichotomy between producers and consumers, centralisation in energy supply and planning, a commodity view of energy, and complexity of energy efficiency markets. It is concluded that these are fundamental characteristics of energy use in a modem economy. They constitute a meta-barrier - a framework in which the other barriers can be described. Barriers to energy efficiency therefore remain deeply entrenched and, in the short term, optimisation of energy efficiency is unlikely. However, future changes in technology, market structures and institutions may open new opportunities to address the fundamental problems in the longer term.
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Begander, Benjamin, Anna Huber, Josef Sperl, and Volker Sieber. "Development of a Cofactor Balanced, Multi Enzymatic Cascade Reaction for the Simultaneous Production of L-Alanine and L-Serine from 2-Keto-3-deoxy-gluconate." Catalysts 11, no. 1 (December 30, 2020): 31. http://dx.doi.org/10.3390/catal11010031.
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Enzymatic reaction cascades represent a powerful tool to convert biogenic resources into valuable chemicals for fuel and commodity markets. Sugars and their breakdown products constitute a significant group of possible substrates for such biocatalytic conversion strategies to value-added products. However, one major drawback of sugar cascades is the need for cofactor recycling without using additional enzymes and/or creating unwanted by-products. Here, we describe a novel, multi-enzymatic reaction cascade for the one-pot simultaneous synthesis of L-alanine and L-serine, using the sugar degradation product 2-keto-3-deoxygluconate and ammonium as precursors. To pursue this aim, we used four different, thermostable enzymes, while the necessary cofactor NADH is recycled entirely self-sufficiently. Buffer and pH optimisation in combination with an enzyme titration study yielded an optimised production of 21.3 +/− 1.0 mM L-alanine and 8.9 +/− 0.4 mM L-serine in one pot after 21 h.
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Yu, Bianyun, Daoquan Xiang, Humaira Mahfuz, Nii Patterson, and Dengjin Bing. "Understanding Starch Metabolism in Pea Seeds towards Tailoring Functionality for Value-Added Utilization." International Journal of Molecular Sciences 22, no. 16 (August 20, 2021): 8972. http://dx.doi.org/10.3390/ijms22168972.
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Starch is the most abundant storage carbohydrate and a major component in pea seeds, accounting for about 50% of dry seed weight. As a by-product of pea protein processing, current uses for pea starch are limited to low-value, commodity markets. The globally growing demand for pea protein poses a great challenge for the pea fractionation industry to develop new markets for starch valorization. However, there exist gaps in our understanding of the genetic mechanism underlying starch metabolism, and its relationship with physicochemical and functional properties, which is a prerequisite for targeted tailoring functionality and innovative applications of starch. This review outlines the understanding of starch metabolism with a particular focus on peas and highlights the knowledge of pea starch granule structure and its relationship with functional properties, and industrial applications. Using the currently available pea genetics and genomics knowledge and breakthroughs in omics technologies, we discuss the perspectives and possible avenues to advance our understanding of starch metabolism in peas at an unprecedented level, to ultimately enable the molecular design of multi-functional native pea starch and to create value-added utilization.
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Sehgal, Sanjay, Wasim Ahmad, and Florent Deisting. "An investigation of price discovery and volatility spillovers in India’s foreign exchange market." Journal of Economic Studies 42, no. 2 (May 11, 2015): 261–84. http://dx.doi.org/10.1108/jes-11-2012-0157.
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Purpose – The purpose of this paper is to examine the price discovery and volatility spillovers in spot and futures prices of four currencies (namely, USD/INR, EURO/INR, GBP/INR and JPY/INR) and between futures prices of both stock exchanges namely, Multi-Commodity Stock Exchange (MCX-SX) and National Stock Exchange (NSE) in India. Design/methodology/approach – The study applies cointegration test of Johansen’s along with VECM to investigate the price discovery. GARCH-BEKK model is used to examine the volatility spillover between spot and futures and between futures prices. The other two models namely, constant conditional correlation and dynamic conditional correlation are used to demonstrate the constant and time-varying correlations. In order to confirm the volatility spillover results, the study also applies test of directional spillovers suggested by Diebold and Yilmaz (2009, 2012). Findings – The results of the study show that there is long-term equilibrium relationship between spot and futures and between futures markets. Between futures and spot prices, futures price appears to lead the spot price in the short-run. Volatility spillover results indicate that the movement of volatility spillover takes place from futures to spot in the short-run while spot to futures found in the long-run. However, the results of between futures markets exhibit the dominance of MCX-SX over NSE in terms of volatility spillovers. By and large, the findings of the study indicate the important role of futures market in price discovery as well as volatility spillovers in India’s currency market. Practical implications – The results highlight the role of futures market in the information transmission process as it appears to assimilate new information quicker than spot market. Hence, policymakers in emerging markets such as India should focus on the development of necessary institutional and fiscal architecture, as well as regulatory reforms, so that the currency market trading platforms can achieve greater liquidity and efficiency. Originality/value – Due to recent development of currency futures market, there is dearth of literature on this subject. With the apparent importance of currency market in recent time, this study attempts to study the efficient behavior of currency market by way of examining the price discovery and volatility spillovers between spot and futures and between futures prices of four currencies traded on two platforms. The study has strong implications for India’s stock market especially at the time when its currency is under great strain owing to the adverse impact of global financial crisis.
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Georgievski, Alex, Jamie Hamilton, Giulia Gervasoni, and Priscilla Tan. "Sales and marketing of LNG is evolving. Are you prepared?" APPEA Journal 56, no. 1 (2016): 283. http://dx.doi.org/10.1071/aj15022.
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Australia is in the process of transitioning from the project build phase to the project operating phase in the LNG lifecycle. By 2020, the number of operating LNG trains will grow from nine to 21, and it is expected Australia will challenge to be the world’s largest exporter of LNG. LNG sales and marketing activity is expected to increase dramatically across the Asia-Pacific region. But what does this change mean for LNG players in the Asia-Pacific region? And what needs to be done to prepare for it? There is presently very little information available on how prepared LNG companies in the Asia-Pacific region are to undergo this transition. Equally, the maturity of the risk management and trading functions of the more established companies in the sector, and how much work less-experienced companies need to do to meet global standards, has been relatively opaque. To bridge this information gap, Deloitte conducted a targeted global survey of LNG participants, particularly focusing on their energy trading risk management (ETRM) maturity. Deloitte also sought the industry’s views on the changing market, and challenges and opportunities for the future. The results show the following: There is a significant divide between established global integrated multi-energy commodity companies and regional Asia-Pacific LNG companies in terms of their ETRM maturity. Organisations with existing marketing and trading functions covering commodities with more mature markets have been able to leverage past lessons and existing ETRM capability across their portfolios. For other companies without this experience in mature markets, the evolving developments and liquidity of global LNG markets presents both significant threat and opportunity. The transition in LNG markets, and the increase in sales and marketing activity, will place high demands on existing and new operations—and their owners—to establish and mature their marketing and trading functions. An ETRM framework is a crucial part of meeting these demands. In this paper the authors examine the background to this transition, what the essential components of an ETRM are, and how far away Asia-Pacific LNG players are from being prepared for transition and achieving maturity in this area.
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Graham, Chris, and Andrew McManus. "Lower oil and gas prices and the changing LNG landscape." APPEA Journal 56, no. 2 (2016): 586. http://dx.doi.org/10.1071/aj15092.
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The recent uptick in oil prices from multi-year lows reflects growing anticipation of a tightening of supply and demand fundamentals in global oil markets. Price recovery is expected to come through most notably in the second half of 2016, as the extended period of low oil prices takes its toll on global oil supply growth, and oil demand growth holds up as prices recover. Rising oil prices will eventually flow through to higher realised LNG revenues in Australasia's long-term oil-linked term contracts. This would provide welcome respite to project economics, many of which have been hit hard by cost escalation and schedule overruns throughout the build phase, and compounded by the collapse in oil price just as these were starting up. But even with a more favourable oil price environment, the outlook for LNG prices remains weak in the medium term. Lower Asian LNG demand growth and an impending wave of new LNG supply raises the potential for an over-supplied market. With spot prices low, Asian LNG contracts may come under pressure from over-contracted customers. Demands for volume rescheduling and price reductions could become more common. With demand growth less than anticipated, and faced by competition from new entrants, buyers could look to place excess LNG into the international market. They risk competing for market with sellers, trying to secure customers for their own LNG while cutting costs through optimisation. These changes are forcing all companies to consider the benefits of a portfolio approach to their business. These dynamics, in light of low commodity prices, and the implications for the industry are considered in this extended abstract.
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Jansik, Csaba, Lauri Kettunen, Heikki Lehtonen, and Jyrki Niemi. "Agricultural policy analysis with the AGMEMOD model: A new super model takes the stage?" Suomen Maataloustieteellisen Seuran Tiedote, no. 21 (January 31, 2006): 1–7. http://dx.doi.org/10.33354/smst.76000.
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This paper presents an econometric, recursive dynamic, partial equilibrium multi-commodity model for the Finnish agricultural sector developed within the AG-MEMOD modelling framework, a joint endeavour by several European research institutes. The objective of the AGMEMOD project is to build and validate an econometric model of the whole EU agricultural sector for projection and policy simulation purposes. The building blocks of the AGMEMOD model are the national policy models. The specific aim of the Finnish modelling project was to build a country model on a common format so that it would link-up to provide an integrated model for the whole EU. The different commodities in the model are linked together through cross-price effects in supply and demand equations and the price transmission equations that link domestic prices with EU prices. The responsiveness of the model to policy changes is demonstrated by comparing the results of different policy scenarios with that of the baseline scenario, i.e. continuation of the Agenda 2000 agricultural policy. The policy scenario examined in the paper is the CAP reform approved at the EU Agricultural Council in Luxembourg in 2003. The main impacts of the CAP reform in Finland can be summarised as follows. Changes in crop sector are moderate. As regards to milk, the results indicate that the additional 10 percent cut in intervention price of butter beyond the Agenda 2000 agreement is estimated to reduce milk producer price by 4 percent and total milk production by 6 percent relative to the baseline. The impact in the beef production is expected to be dominated by the developments on the dairy sector. Beef output will decline progressively to stand at around 6 percent below the baseline levels by 2010. Lower beef availability in the EU will trigger a rise in EU producer prices of some 6.5 percent and result a 3 percent higher producer price in Finland at the end of the simulation period compared to the baseline. Though the broad patterns of reactions to agricultural policy reform are fairly predictable, the specific details are not so. In particular, when several geographic markets simultaneously change the policy, the impact of policy reform depends not only on domestic price elasticities, but also on the transmission of domestic production and consumption adjustments to the other countries’ markets for that commodity, and the feedback effects between market prices and production and consumption decisions in the group of countries pursuing policy reform. It is also highly promising that the findings are consistent with the other studies on the impacts of CAP reform on Finnish agriculture. Thus although there remains substantial scope for further research on the model (improving the estimation and specification of the sub-models), the model offers considerable potential for application even without additional development.
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Kožar, M., M. Kempen, W. Britz, and E. Erjavec. "Flattening and redistribution of the CAP direct payments for the EU27 regions." Agricultural Economics (Zemědělská ekonomika) 58, No. 10 (October 23, 2012): 443–53. http://dx.doi.org/10.17221/144/2011-agricecon.
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The paper presents key results regarding a possible reform of the Common Agricultural Policy direct payments, based on a scenario analysis by the CAPRI (Common Agricultural Policy Regionalized Impact) modelling system. Combining aggregate programming models at the NUTS 2 level with a global spatial multi-commodity model, it enables depicting the impacts of different policy and economic scenarios from regional to the global scale. The paper discusses simulated impacts on farm income and agricultural markets from implementing the European flat rate hectare payment corrected for the purchasing power disparities across the Member States while reducing the overall budget outlays for direct payments by 50% and dismantling the remaining coupled support to ruminants. The results are an outcome of a comparative static analysis against a reference scenario which assumes the Health Check policy in 2020. The model results suggest a drop of the agricultural gross value added by 9% at the aggregate EU27 level compared to the reference scenario. Impacts differ between the Member States groups, Member States and regions, depending on the share of premiums in the income from agriculture, specialization and competitiveness of production. The largest reduction is projected for the suckler cow herd, dropping by 6% compared to the reference scenario. The drop is caused by removing the coupled support and affecting mostly the herds in Spain and France.
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Chen, Qian, Xiang Gao, Xiaoxuan Huang, and Xi Li. "Multiple-step value-at-risk forecasts based on volatility-filtered MIDAS quantile regression: Evidence from major investment assets." Investment Management and Financial Innovations 18, no. 3 (September 20, 2021): 372–84. http://dx.doi.org/10.21511/imfi.18(3).2021.31.
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Forecasting multiple-step value-at-risk (VaR) consistently across asset classes is hindered by the limited sample size of low-frequency returns and the potential model misspecification when assuming identical return distributions over different holding periods. This paper hence investigates the predictive power for multi-step VaR of a framework that models separately the volatility component and the error term of the return distribution. The proposed model is illustrated with ten asset returns series including global stock markets, commodity futures, and currency exchange products. The estimation results confirm that the volatility-filter residuals demonstrate distinguished tail dynamics to that of the return series. The estimation results suggest that volatility-filtered residuals may have either negative or positive tail dependence, unlike the unanimous negative tail dependence in the return series. By comparing the proposed model to several alternative approaches, the results from both the formal and informal tests show that the specification under concern performs equivalently well if not better than its top competitors at the 2.5% and 5% risk level in terms of accuracy and validity. The proposed model also generates more consistent VaR forecasts under both the 5-step and 10-step setup than the MIDAS-Q model. AcknowledgmentThe authors are grateful to the editor and an anonymous referee. This research is sponsored by the National Natural Science Foundation of China (Award Number: 71501117). All remaining errors are our own.
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Roland, A. Apambilla, H. Owusu Erasmus, and A. Kyerematen Rosina. "Impacts of Climate Variability on Salt Production in Ghana: Case of Songor Salt Project." Journal of Sustainable Development 12, no. 1 (January 31, 2019): 1. http://dx.doi.org/10.5539/jsd.v12n1p1.
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Climate change has been widely recognized as a multi-scalar economic and environmental problem that affects various sectors in the world today. The Songor salt project located in Ada East District of the Greater Accra region produces salt that feeds both the local and international markets with high-quality salt for consumption and industrial purposes. The industry is currently under threat due to several factors including climate change. This study was undertaken to ascertain the linkages and impacts of climate variability (temperature and rainfall) on the quantity of salt produced over the years.
Salt yield levels were correlated with temperature and rainfall data between 1980-2010 for climate data and 1996-2014 for the salt production. In exploring the impacts of climate change on the salt production, a linear multiple regression model was employed in which salt production was regressed as dependable variable against temperature and rainfall as independent variables.
The findings suggested that climate change and the quantity of salt produced are linked. Although the model results do not show statistical significant relationship, the results indicate that an increase in 1mm of rainfall will lead to an increase in 0.142 Mt of salt produced per year and vice versa whereas an increase in 1℃ will rather lead to a decrease in -0.488 Mt of salt produced per year and vice versa (R2 = 0.514; Coefficient of Determination= 51.4%; P > 0.05). We recommend that for medium to long-term sustainability of the salt industry, adoption and mainstreaming of the salt sector into the climate change adaptation strategy as part of the overall national adaptation policy is imperative. Also, investment in efficient technologies, infrastructure and storage facilities to produce and store the salt commodity to avoid production losses and leakages are also essential to buffer the impacts of climate change.
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Arora, Gaurav, Peter T. Wolter, David A. Hennessy, and Hongli Feng. "Land Use Change and Policy in Iowa’s Loess Hills." Sustainable Agriculture Research 5, no. 4 (September 11, 2016): 30. http://dx.doi.org/10.5539/sar.v5n4p30.
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<p class="sar-body"><span lang="EN-US">Land use changes have important implications on ecosystems and society. Detailed identification of the nature of land use changes in any local region is critical for policy design. In this paper, we quantify land use change in Iowa’s Loess Hills ecoregion, which contains much of the state’s remaining prairie grasslands. We employ two distinct panel datasets, the National Resource Inventory data and multi-year Cropland Data Layers, that allow us to characterize spatially-explicit land use change in the region over the period 1982-2010. We analyze land use trends, land use transitions and crop rotations within the ecoregion, and contrast these with county and state-level changes. To better comprehend the underlying land use changes, we evaluate our land use characterizing metrics conditional on soil quality variables such as slope and erodibility. We also consider the role of contemporary agricultural policy and commodity markets to seek explanations for land use changes during the period of our study. Although crop production has expanded on the Loess Hills landform since 2005, much of the expansion in corn acres has been from reduced soybean acreage. We find that out of the total 258 km<sup>2</sup> increase in corn acreage during 2005-’10, about 100 km<sup>2</sup> transitioned from soybeans. Data also indicate intensifying monoculture with higher percentage of corn plantings for two to four consecutive years during 2000-’10. In addition, crop production is found to have moved away from more heavily sloped land. Cropping does not appear to have increased on lands with higher crop productivity.</span></p>
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Pardayev, Sherzod. "THE IMPORTANCE AND IMPORTANCE OF MULTI-FUNCTIONED MALL TRADING PORTALS IN IMPROVING THE MOVEMENT OF GOODS IN THE MARKET OF DIGITAL ECONOMY." INNOVATIONS IN ECONOMY 4, no. 3 (April 30, 2020): 72–78. http://dx.doi.org/10.26739/2181-9491-2020-4-8.
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The article highlights the importance and significance of the multi functional modular trade and marketing portal promoted on the Commodity Exchange of the Republic of Uzbekistan, which is associated with the movement of goods in the commodity market through e-commerce in the digital economy
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K, Abdelkader, Broeckhove J, and Vanmechelen K. "Resource pricing in a Dynamic Multi-Commodity Market for Computational Resources." International journal of Computer Networks & Communications 2, no. 2 (March 1, 2010): 74–87. http://dx.doi.org/10.5121/ijcnc.2010.2205.
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Power, Gabriel J., Dmitry V. Vedenov, David P. Anderson, and Steven Klose. "Market volatility and the dynamic hedging of multi-commodity price risk." Applied Economics 45, no. 27 (September 2013): 3891–903. http://dx.doi.org/10.1080/00036846.2012.736942.
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Hauskrecht, Milos, Luis Ortiz, Ioannis Tsochantaridis, and Eli Upfal. "Efficient methods for computing investment strategies for multi-market commodity trading." Applied Artificial Intelligence 15, no. 5 (May 2001): 429–52. http://dx.doi.org/10.1080/088395101300125716.
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Refianti, Rina, Achmad Benny Mutiara, and Hendra Gunawan. "AGENTS-BASED COMMODITY MARKET SIMULATION WITH JADE." Jurnal Sistem Informasi 9, no. 1 (November 28, 2013): 37. http://dx.doi.org/10.21609/jsi.v9i1.345.
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A market of potato commodity for industry scale usage is engaging several types of actors. They are farmers, middlemen, and industries. A multi-agent system has been built to simulate these actors into agent entities, based on manually given parameters within a simulation scenario file. Each type of agents has its own fuzzy logic representing actual actors' knowledge, to be used to interpreting values and take appropriated decision of it while on simulation. The system will simulate market activities with programmed behaviors then produce the results as spreadsheet and chart graph files. These results consist of each agent's yearly finance and commodity data. The system will also predict each of next value from these outputs.
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BISWAS, SUBHOJIT, and DIGANTA MUKHERJEE. "A PROPOSAL FOR MULTI-ASSET GENERALIZED VARIANCE SWAPS." Annals of Financial Economics 14, no. 04 (December 2019): 1950019. http://dx.doi.org/10.1142/s2010495219500192.
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This paper proposes swaps on two important new measures of generalized variance, namely the maximum eigenvalue and trace of the covariance matrix of the assets involved. We price these generalized variance swaps for financial markets with Markov-modulated volatilities. We consider multiple assets in the portfolio for theoretical purpose and demonstrate our approach with numerical examples taking three stocks in the portfolio. The results obtained in this paper have important implications for the commodity sector where such swaps would be useful for hedging risk.
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Kumar, Dr Narender, and Mrs Sunita Arora. "Price Discovery in precious metals market: A study of Gold." GIS Business 13, no. 6 (December 6, 2018): 13–20. http://dx.doi.org/10.26643/gis.v13i6.3261.
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Gold is the oldest known precious metal on this earth and for a long time it has been used as a standard currency. The present study has been undertaken with an attempt to analyze whether Indian futures market is playing its role of price discovery in case of gold or not. For the purpose of study, data for spot and futures prices for a period of four and a half years starting from June 2005 to December 2009 has been collected from the website of Multi Commodity Exchange of India Limited, India’s largest commodity exchange in terms of value of trading on commodity exchanges in India. Data has been tested for statioanrity and was found non stationary. It was then transformed to make it stationary. On the basis of Johansen’s cointegration test, series of spot and futures prices were found cointgrated. Granger Causality test was applied on stationary data. The results of the study show that futures market in India is performing its role of price discovery in case of Gold. Keywords: Price Discovery, Commodity Market, Granger Causality, Cointegration.
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Lysyuk, Vladimir, and Victor Diordiev. "Structural analysis of market logistics as an information prerequisite for its regulation." Socio-Economic Research Bulletin, no. 3-4(74-75) (October 27, 2020): 161–73. http://dx.doi.org/10.33987/vsed.3-4(74-75).2020.161-173.
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The article presents studies of the logistics structure of commodity market, based on the provisions of the general parametric theory of systems (GPTS). The logistics analysis of commodity movement on the market is presented and typical scheme of goods movement on a logistic chain is offered. Considering market logistics as an organizational system, the article presents its parametric model in the form of a matrix, the elements of which are logistic entities with their connections. It is proved, that the main basic element of the matrix structure of logistics system of commodity movement is a business entity that participates in the production and promotion of goods on the market. The types of business entities, which operating in the logistics system of the commodity market, are systematized. It is determined that business entities, which are distributed in logistics chains and their links, perform certain logistics functions due to their properties. It has been proved that business entities, which can be included as elements of the matrix market structure, should have the functions of performing logistics services. The content of these services is revealed and analyzed. The use of the corresponding target function in calculating the optimal logistics chains of commodity movement in the market is substantiated. The application of this approach, based on the multi-attribute utility theory (MAUT) is shown. It is determined that the goal of the proposed target function, by which the value added chain is calculated, is its maximization in the supply chain. Calculations for the target function allow you to determine the optimal route of commodity movement in the market and the relevant logistics entities through which this route passes. Thus, it is proposed to organize (highlight) the most profitable logistics chains of the market, which will significantly reduce the logistics costs of commodity movement, as well as reduce the risks of logistics barriers.
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Biswas, Subhojit, Diganta Mukherjee, and Indranil SenGupta. "Multi-asset generalized variance swaps in Barndorff-Nielsen and Shephard model." International Journal of Financial Engineering 07, no. 04 (December 2020): 2050051. http://dx.doi.org/10.1142/s2424786320500516.
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This paper proposes swaps on two important new measures of generalized variance, namely, the maximum eigenvalue and trace of the covariance matrix of the assets involved. We price these generalized variance swaps for Barndorff-Nielsen and Shephard model used in financial markets. We consider multiple assets in the portfolio for theoretical purpose and demonstrate our approach with numerical examples taking three stocks in the portfolio. The results obtained in this paper have important implications for the commodity sector where such swaps would be useful for hedging risk.
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Syrovátka, Pavel. "Price-supply flexibility of wheat market in the Czech Republic." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 61, no. 4 (2013): 1145–51. http://dx.doi.org/10.11118/actaun201361041145.
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The paper explores of the price-supply flexibility of the Czech commodity market for food quality wheat in the period 1995–2011. For this analysis, inversion definition of the supply function was applied. The model of the inverse supply function in the Czech wheat market was based on the double log-linear construction. The parameters of the given supply model were estimated using OLS-HAC method. The developed regression model of the supply function was statistically tested. Ordinary and dynamic price flexibility of the wheat supply on the Czech commodity market was determined in relation to the parameters of the developed econometric model. In accordance with the estimations, the ordinary price-supply flexibility achieved +0.3492% and the dynamic price-supply flexibility of the first order was –0.2210%. Within the interpretation of both estimated coefficients of the price-supply flexibility, the multi-factor nature of the commodity supply function must be respected. Moreover, it is important to distinguish the short-term and long-term period within the evaluation of the price-supply flexibility.
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Banga, Charu. "Forecasting Volatility in Copper Prices Using Linear and Non-Linear Models." International Journal of System Modeling and Simulation 2, no. 1 (March 30, 2017): 22. http://dx.doi.org/10.24178/ijsms.2017.2.1.22.
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Abstract—Copper is one of the oldest and highest traded commodities on the Indian commodity market. Its price is based on demand and supply. With the ‘Make in India’ and ‘Smart Cities’ project in process there is a large amount of copper requirement in speculation, which in turn shall cause a sudden increase in demand and bring volatility in copper prices. Therefore, there is a need to study the price behaviour of copper spot prices in India. The study uses data from April 2007 to September 2016 of copper spot prices on Multi-Commodity Exchange. We conduct Autoregressive Integrated Moving Average (ARIMA) method and Multi-layer Prediction (MLP) Artificial Neural Network (ANN) method for predicting volatility in copper prices. The study finds MLP neural network provides better forecasting accuracy compared to ARIMA on the basis of Root Mean Square (RMS) errors and forecast errors.
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Sun, Yan, Maoxiang Lang, and Danzhu Wang. "Optimization Models and Solution Algorithms for Freight Routing Planning Problem in the Multi-Modal Transportation Networks: A Review of the State-of-the-Art." Open Civil Engineering Journal 9, no. 1 (September 17, 2015): 714–23. http://dx.doi.org/10.2174/1874149501509010714.
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With the remarkable development of international trade, global commodity circulation has grown significantly. To accomplish commodity circulation among various regions and countries, multi-modal transportation scheme has been widely adopted by a large number of companies. Meanwhile, according to the relevant statistics, the international logistics costs reach up to approximate 30-50% of the total production cost of the companies. Lowering the transportation costs has become one of the most important sources for a company to raise profits and maintain competitiveness in the global market. Thus, how to optimize freight routes selection to move commodities through the multi-modal transportation network has gained great concern of both the decision makers of the companies and the multi-modal transport operators. In this study, we present a systematical review on the multi-modal transportation freight routing planning problem from the aspects of model formulation and algorithm design. Following contents are covered in this review: (1) distinguishing the formulation characteristics of various optimization models; (2) identifying the optimization models in recent studies according to the formulation characteristics; and (3) discussing the solution approaches that are developed to solve the optimization models, especially the heuristic algorithms.
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Ślepaczuk, Robert, Paweł Sakowski, and Grzegorz Zakrzewski. "Investment Strategies that Beat the Market. What Can We Squeeze from the Market?" e-Finanse 14, no. 4 (December 1, 2018): 36–55. http://dx.doi.org/10.2478/fiqf-2018-0026.
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AbstractThe paper presents a new approach to optimizing automatic transactional systems. We propose a multi-stage technique which enables us to find investment strategies beating the market. Additionally, new measures of combined risk and returns are applied in the process of optimization. Moreover, we define new elements of a risk control system based on volatility measures and consecutive signal confirmation. As a result, we formulate three complex investment systems which maximize returns and simultaneously minimize risk in comparison to all other alternative investments (IR=2, Maximum Drawdown<21%, Maximum Loss Duration=0.75 year). Our analysis is based on historical daily data (1998-2010, in- and out-of-sample period) for index and commodity futures. Afterwards, the systems are reoptimized and reallocated each half a year in order to include the most recent financial data. Finally, we show the results for a joint model consisting of our three systems.
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Bennett, Aoife, Peter Cronkleton, Mary Menton, and Yadvinder Malhi. "Rethinking Fuelwood: People, Policy and the Anatomy of a Charcoal Supply Chain in a Decentralizing Peru." Forests 9, no. 9 (August 31, 2018): 533. http://dx.doi.org/10.3390/f9090533.
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In Peru, as in many developing countries, charcoal is an important source of fuel. We examine the commercial charcoal commodity chain from its production in Ucayali, in the Peruvian Amazon, to its sale in the national market. Using a mixed-methods approach, we look at the actors involved in the commodity chain and their relationships, including the distribution of benefits along the chain. We outline the obstacles and opportunities for a more equitable charcoal supply chain within a multi-level governance context. The results show that charcoal provides an important livelihood for most of the actors along the supply chain, including rural poor and women. We find that the decentralisation process in Peru has implications for the formalisation of charcoal supply chains, a traditionally informal, particularly related to multi-level institutional obstacles to equitable commerce. This results in inequity in the supply chain, which persecutes the poorest participants and supports the most powerful actors.
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Chakrabarti, B. B., and Vivek Rajvanshi. "Intraday Periodicity and Volatility Forecasting: Evidence from Indian Crude Oil Futures Market." Journal of Emerging Market Finance 16, no. 1 (March 14, 2017): 1–28. http://dx.doi.org/10.1177/0972652716686207.
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We estimate intraday periodicities in return volatility by implementing two time series procedures—flexible Fourier form and cubic spline. We use intraday data for more than five years for crude oil futures contracts traded at the Multi Commodity Exchange India Limited. Filtration of the intraday periodicities from the raw returns reveals long-run dependence in volatility. We observe the presence of recurring and consistent intraday patterns in return volatility. Further, we find that adjustment for the intraday periodicity in return volatility improves forecasting performance. Our results are robust after controlling for the scheduled macroeconomic announcements. JEL Classification: C14, C22, G10
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CHEGLOV, V. P., S. V. MKHITARYAN, L. A. DANCHENOK, O. V. RYKALINA, and T. A. TULTAEV. "Assessment of the Impact of State Regulation of Retail Trade Networks Development on the Wholesale Sector." Journal of Advanced Research in Law and Economics 9, no. 3 (June 15, 2020): 775. http://dx.doi.org/10.14505/jarle.v11.3(49).10.
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The article is dealing with the issues of state regulation of the consumer market, where the interests of producers, wholesale intermediaries, and retail trade are traditionally encountered. The authors consider the features of state regulation of the formation and development processes of multi-object and omnichannel trading systems in Russia in the context of the country's entry into the global economy, the opening of the domestic market for foreign business structures, and commodity imports in a situation with a small business that is not fully established. The results of the conducted study complement the experience of the international community in regulating system formation in trade. The article analyzes significant differences in the state intervention mechanisms in the economic relations of retail chains and their suppliers, as well as the impact of stricter legislation on wholesale trade, and its place and role in the commodity distribution system. The authors prove that excessive regulation of the retail market causes negative consequences in its adjacent segments, justify the upcoming redistribution of the market between large retail chains and specialized wholesale companies in favor of the former ones, show the development prospects of the distribution, and the impact of this process on small retail businesses, as well as formulate proposals for optimizing approaches to regulating the transformation of the trade sector in the transition economy.
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Guimarães, Elisa Reis, Helga Cristina Carvalho De Andrade, Álvaro Dos Reis Cozadi, Luiz Marcelo Antonialli, and Antônio Carlos Dos Santos. "COMPETITIVE PRESSURES ON THE ARTISAN COFFEE ROASTER SEGMENT IN THE STATE OF MINAS GERAIS, BRAZIL: A MULTI-CASE STUDY." Coffee Science 13, no. 2 (June 26, 2018): 136. http://dx.doi.org/10.25186/cs.v13i1.1388.
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The specialty coffee market is still little known and underexplored in Brazil, motivating an analysis of the competitive pressures and structure of the artisan coffee roaster segment in the state of Minas Gerais, in order to better understand it and encourage the adoption of specific policies for its expansion, besides comparing it to the commodity coffee roasting segment. A multi-case study was performed with three companies in this segment through in-depth interviews with their owners. There were significant changes in the competitive forces that shape the coffee industry, when comparing the specialty and commodity coffee segments, both in intensity and in motivations. Among the suggested policies to support the specialty coffee segment are its promotion and dissemination through “consumer education” and awareness raising on the differentiated properties of these products, besides providing subsidized courses and specializations for those who wish to be involved in this marketplace.
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Liu, Yang. "A Novel E-Commerce Negotiation Optimization Model Based on Improved Genetic Algorithm." Advanced Engineering Forum 6-7 (September 2012): 566–70. http://dx.doi.org/10.4028/www.scientific.net/aef.6-7.566.
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Electronic commerce has rapidly become a major player in the business market .This paper proposes a new electronic commerce negotiation optimization model based on improved genetic algorithm which depends on not only price, but also other factors of commodity. The proposed model illustrates the relationship between the business components required to support the e-commerce processes with the value creation factor and the controlling complexity. The experiment results show that the proposed algorithm can gain the optimal negotiation result more efficiently than other three kinds of negotiation algorithms in competitive bilateral multi-issue negotiation.
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Gupta, Shashi, Himanshu Choudhary, and D. R. Agarwal. "Hedging Efficiency of Indian Commodity Futures." Paradigm 21, no. 1 (June 2017): 1–20. http://dx.doi.org/10.1177/0971890717700529.
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This article examines the hedge ratio and hedging effectiveness in agricultural (castor seed, guar seed) and non-agricultural (copper, nickel, gold, silver, natural gas and crude oil) commodities traded in National Commodity and Derivative Exchange (NCDEX) and Multi Commodity Exchange (MCX), respectively. Constant and dynamic hedge ratios are estimated by using ordinary least square (OLS), vector autoregression (VAR), vector error correction model (VECM) and vector autoregressive-multivariate generalized autoregressive conditional heteroskedasticity model (VAR-MGARCH). The results of constant as well as dynamic hedge ratios reveal that the Indian futures market provides higher hedging effectiveness in case of precious metal (65–75 per cent) compared to industrial metal and energy commodities (less than 50 per cent). Hedging effectiveness for castor seed and natural gas is even lower than 10 per cent. This study concluded that VECM and VAR-MGARCH both are providing higher hedging although VECM is providing the highest hedge ratio. It has been found that the next to near month futures provide better hedging effectiveness as compared to near month futures for crude oil and silver. It is recommended that the policy makers should pay attention towards the number of delivery centres, standard of quality of underlying assets and transaction costs in spot market.
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Berry, Michael David, and John Sessions. "A Forest-to-Product Biomass Supply Chain in the Pacific Northwest, USA: A Multi-Product Approach." Applied Engineering in Agriculture 34, no. 1 (2018): 109–24. http://dx.doi.org/10.13031/aea.12384.
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Abstract. A comprehensive biomass supply chain landscape model is presented to provide an analysis of transportable biomass conversion facility design and evaluate its potential economic viability. This study focuses on the generation of a tactical-based landscape model to optimize biomass extraction, transportation, conversion and product production within a market system. The model considers various pathways including supply options at landings (burn, grind, chip, bale), centralized landings (grind/chip), biomass conversion facilities (biochar, briquettes, torrefied wood) and delivery to final market. The model solves a multi-period, multi commodity, multi-echelon combinatorial problem to maximize net present value using a genetic algorithm. The landscape is evaluated over a one year planning horizon with monthly time steps simulating a transportable conversion facility mobilization cycle. A hypothetical biochar facility located in Lakeview, Oregon was used as a case study. A sequence of scenarios are used to vary system inputs (logistics, product pricing and moisture management strategies) to put bounds around system viability. The results provide an economic framework to view the Pacific Northwest forest harvest residues processing, conversion and transportation supply chain options. System viability is largely dependent on market pricing, plant assumptions and conversion estimates while processing and transportation logistics are smaller, but important contributors for small scale biomass conversion faculty design configurations. Keywords: Biomass supply, Biomass products, Facility location, Tactical planning, Transportable plants.