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Three Essays on the International Or...

Yavapolkul, Navin.

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Three Essays on the International Orange Juice Market.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Three Essays on the International Orange Juice Market./
Author:	Yavapolkul, Navin.
Description:	134 p.
Notes:	Source: Dissertation Abstracts International, Volume: 72-08, Section: A, page: .
Contained By:	Dissertation Abstracts International72-08A.
Subject:	Economics, Agricultural. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3456885
ISBN:	9781124666433

Three Essays on the International Orange Juice Market.
Yavapolkul, Navin.

Three Essays on the International Orange Juice Market. - 134 p.

Source: Dissertation Abstracts International, Volume: 72-08, Section: A, page: .

Thesis (Ph.D.)--University of California, Davis, 2011.

The world-wide market for commercial orange juice has gone through two subtle structural changes in the past few decades---(i) a shift in the pattern of US consumption from the once-dominant Frozen Concentrated Orange Juice (FCOJ) to Not From Concentrate (NFC) juice, and (ii) a southward movement in the geographical center of orange juice production in Florida.

ISBN: 9781124666433Subjects--Topical Terms:

626648
Economics, Agricultural.

Three Essays on the International Orange Juice Market.
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100 1 $a Yavapolkul, Navin. $3 1685337
245 1 0 $a Three Essays on the International Orange Juice Market.
300 $a 134 p.
500 $a Source: Dissertation Abstracts International, Volume: 72-08, Section: A, page: .
500 $a Adviser: James A. Chalfant.
502 $a Thesis (Ph.D.)--University of California, Davis, 2011.
520 $a The world-wide market for commercial orange juice has gone through two subtle structural changes in the past few decades---(i) a shift in the pattern of US consumption from the once-dominant Frozen Concentrated Orange Juice (FCOJ) to Not From Concentrate (NFC) juice, and (ii) a southward movement in the geographical center of orange juice production in Florida.
520 $a This dissertation consists of three essays presented in three chapters. Chapter 2 develops a theoretical model to explain the dramatic shift in US orange juice consumption from lower-quality FCOJ to higher-quality NFC. We show that, under an oligopolistic setting, what appeared at first blush to be nothing more than shifting consumer preferences, and increased demand for the higher quality product, may in fact be strategic behavior. Florida's decision to produce NFC could have been a strategic response to Brazil's comparative advantage. Due to relatively high cost to transport NFC to the US market, Florida capitalizes on a natural trade barrier by differentiating to a higher quality product. On the other hand, high transport costs act as a commitment device for Brazil to specialize in the low quality product. This product differentiation results in higher prices for both Florida and Brazil producers, which can only be sustained through the implicit collusive agreement. A simulation model is conducted to illustrate empirically this perverse outcome.
520 $a Chapters 3 and 4 provide empirical evidence that an observed excess volatility in FCOJ futures prices (FCOJ) may be due to a failure to account for a change in the geographical location of orange juice production within the state of Florida. The empirical difficulty in explaining variation in returns in FCOJ futures has been widely regarded in the behavioral finance literature as evidence supporting market irrationality. Chapter 3 illustrates that a recent empirical finding, that a majority of the volatility in FCOJ futures returns can be explained by weather fundamentals, may be too optimistic, based on the limited evidence considered by the approach. Chapter 4 provides a more comprehensive model of weather shocks that (i) accounts for an apparent structural change, and (ii) allows for a dynamic adjustment of prices to their long-run equilibrium. We find that a sizable part of the variation in FCOJ returns is explained. By analyzing a market in which existing empirical results have been interpreted as being consistent with market irrationality, our results shed some light onto an ongoing debate concerning the market rationality hypothesis.
590 $a School code: 0029.
650 4 $a Economics, Agricultural. $3 626648
650 4 $a Economics, Finance. $3 626650
650 4 $a Economics, Theory. $3 1017575
690 $a 0503
690 $a 0508
690 $a 0511
710 2 $a University of California, Davis. $b Agricultural and Resource Economics. $3 1676824
773 0 $t Dissertation Abstracts International $g 72-08A.
790 1 0 $a Chalfant, James A., $e advisor
790 1 0 $a Carter, Colin $e committee member
790 1 0 $a Smith, Aaron $e committee member
790 1 0 $a Williams, Jeffrey $e committee member
790 $a 0029
791 $a Ph.D.
792 $a 2011
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3456885