Agribusiness Essays

Agribusiness Or Subsistence Farming?? Essay

The two main forms of agriculture are subsistence farming and agribusiness. Due to the lack of use of technology, subsistence farming requires intensive labour on the fields. Subsistence farmers are also unable to grow enough food for sale on a large scale and can only provide food for themselves.

In contrast, agribusinesses utilize modern technology and thus require lesser labour on the fields. The term "agribusiness" not only refers to the growing of crops in large scales for sale, but also various businesses involved in farming. Compared to subsistence farming, agribusinesses operate on a much larger scale.

Although both forms of agriculture have its own pro and cons, I support the change in form of agriculture from subsistence farming to agribusiness. While agribusinesses have a greater negative impact on the environment, they can make positive changes to both society and the economy that subsistence farming cannot.

Unlike agribusinesses, subsistence farming cannot contribute much to society and the economy in terms of investments, employment, infrastructure, food security and Research and Development.

Firstly, commercial farming projects attract investments and act as a platform for development. For example, when agribusinesses construct roads, warehouses, training institutions and other facilities for their staff, they are also contributing directly to the country's infrastructural development. In Kenya, the Mumias Sugar Company (MSC) has, over the years built 1500 miles of roads, 3000 homes, a social centre, a sports complex and many schools.

Secondly, agribusinesses require a massive labour force for their operations in both their processing factories and their farms. This creates job opportunities and help to reduce the country's unemployment rate. In Ohio, the entire food and agriculture complex accounts for employment of over 935,400 people, or about one in six jobs in the state.

Thirdly, since agribusinesses are profit-driven, it is likely for them to invest heavily on R&D of new techniques and technology that can be applied to increase both their efficiency and crop yield. This not only augments their profits in the long run, but also increases global food supply. The Australian Wheat Board worked together with CISRO to develop a species of "pest free" grain. Because of this, the Australia has been kept free of any major pest outbreak and was thus able to export A$5.8 billion worth of wheat last year.

Given their small scale of...

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Essays on agricultural risk management and agribusiness marketing

Brent Alan Gloy, Purdue University

Abstract

This thesis consists of an essay on agricultural risk management and an essay on agribusiness marketing. The essay on agricultural risk management evaluates criteria that aid agricultural producers in their choice among risk management alternatives. The results of the essay suggest that recognizing the role of financial leverage is important in risk management contexts. ^ The gross returns associated with several risk management strategies were simulated and compared with the mean-variance, mean-risk, ordinary first and second degree stochastic dominance (SD), and first and second degree stochastic dominance with risk free asset (SDRA) risk efficiency criteria. ^ The SDRA criteria extend the ordinary SD criteria by recognizing that producers can use financial leverage to alter the returns to an investment. In the analyses conducted, this recognition reduces the ordinary FSD set by 87 percent and 69 percent. Further, the SDRA criteria demonstrate that the assumption of access to leverage narrows the efficient set nearly as much as the assumption that decision makers are risk averse. Together these assumptions greatly reduce the number of risk management strategies that agricultural producers must consider. ^ The essay also evaluated several criteria that produce rankings of risky investments. The results show that rankings produced by criteria derived from the necessary conditions for first and second degree SDRA are highly correlated with certainty equivalent rankings. ^ The second essay uses a cluster analysis procedure to develop a market segmentation of U.S. crop and livestock farms with annual sales in excess of $100,000. The segments were developed based on the, importance of twelve factors that these producers evaluate when selecting input suppliers. ^ The results show that four distinct segments exist: Balance buyers, Convenience buyers, Performance buyers, and Price buyers. The segments were examined with respect actors that characterize the product/service mix that these producers are likely to many factors desire. Specifically, segment membership was related to demographics, custom service use, computer use, off-farm influences on the purchase decision, brand preferences, loyalty, and preferences for salespeople. ^

Degree

Ph.D.

Advisors

Major Professor: Timothy G. Baker, Purdue University.

Subject Area

Business Administration, Marketing|Economics, Agricultural

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