Annual Net Returns Research Articles

Bioeconomic modeling of on-growing Caribbean spiny lobster in Florida

The Caribbean spiny lobster fishery in Florida has recently shifted from supplying frozen tails in the domestic market to a higher value live export market, primarily in China. The fishery's seasonal landing pattern limits supply during periods of high demand and high price, resulting in lost revenue. In addition, about 25 % of lobster landings are unsuitable for the live export market. Of these lobsters, approximately 50 % are molting, and short-term live storage could make them viable for live export after molting is complete. We developed a bioeconomic model to examine the economic feasibility of on-growing wild-caught lobsters for sale later in the season when demand and price are higher. We also used the model to examine the feasibility and profitability of short-term aquaculture-based storage of molting lobsters for later sale in the live export market. The results suggest evidence of investment feasibility. Annual net returns and net present value to perpetuity were positive in all scenarios, but net returns were 359–1055 % higher in short-term storage of molting lobsters. Net present values to perpetuity ranged from $898,744 to $5,106,181. Cost of production ($/kg) ranged from $21.29 to $29.07, with the lowest cost for short-term storage of molting lobsters; however, this was also the most capital-intensive scenario, with costs more than five times that of the other scenarios. Risk analysis showed variations in stocking density, sale price, and survival of spiny lobsters were the major contributors to economic risk in longer-term on-growing scenarios, whereas sale price and input price were the major contributors in short-term storage of lobsters.

The economic effect of cow-based reproductive management programs with a systematic use of reproductive hormones

Hormone-based reproductive management programs can be beneficial to improve dairy cow's reproductive performance. This study aimed to compare the economic impact of reproductive management programs using systematic hormonal treatments to individual cows with a specific DIM range with a reproductive management program using cow-specific hormonal treatment based on a veterinary diagnosis of ovarian dysfunction during a fertility check. An existing individual cow-based, dynamic, and stochastic bio-economic simulation model, mimicking the production dynamics of a 200 cow-herd in daily time steps, was extended with ovarian dysfunction and fertility inputs. Four hormone-based reproductive management programs were modeled. In the default reproductive management program, reflecting the current reproductive management of Dutch herds, lactating dairy cows are inseminated based on detection of estrus and non-cyclic dairy cows are treated with hormones based on a veterinary diagnosis of ovarian dysfunction during a fertility check. Hormone treatments prescribed by the veterinarian for anestrus, cystic, and sub-estrus cows were an 8-d progesterone-releasing intravaginal device (PRID)-Synch protocol (PRIDsynch), an Ovsynch protocol, and a PGF2⍺ treatment, respectively. The 3 other reproductive management programs reflected systematic hormonal treatments to cows at specific DIM and included a 1) Double-Ovsynch protocol for TAI with nonpregnant cows submitted to a resynchronization protocol (FTAI), 2) Double-Ovsynch protocol for TAI with nonpregnant cows detected in estrus or submitted to a resynchronization protocol (FTAI+ED), and 3) detection of estrus with cows not detected submitted to a PRIDsynch protocol (ED+TAI). All nonpregnant cows were submitted to a resynchronization protocol based on the absence (PRIDsynch) or presence (Ovsynch protocol) of a corpus luteum (CL). The annual mean net economic return (NER) was calculated for all reproductive management programs. Compared with the default reproductive management program, the highest NER was observed for the FTAI+ED reproductive management program with €23,764 higher net revenues, followed by the FTAI and the ED+TAI reproductive management programs with €19,550 and €14,314 higher net revenues, respectively. Overall, systematic hormone-based reproductive management programs gave higher costs due to more hormones administered and higher calving and feed costs due to more pregnant cows. Nevertheless, the additional revenues of milk and calves in the systematic hormone-based reproductive management programs outweighed the total cost. For instance, the FTAI+ED reproductive management program gave €8,953 higher total cost per year compared with the default but with €32,654 higher revenues. In summary, reproductive management programs where hormones were systematically used gave economic advantages over the current default reproductive management program in which hormones are administered to individual cows based on a veterinary diagnosis of ovarian dysfunction during a fertility check.

Developing agricultural pest management strategies with reduced-risks to surface water: An economic case study of California's Central Coast region

Pesticides are critical for protecting agricultural crops, but the off-site transport of these materials via spray drift and runoff poses risks to surface waters and aquatic life. California's Central Coast region is a major agricultural hub in the United States characterized by year-round production and intensive use of pesticides and other chemical inputs. As a result, the quality of many waterbodies in the region has been degraded. A recent regulatory program enacted by the Central Coast Regional Water Quality Control Board set new pesticide limits for waterways and imposed enhanced enforcement mechanisms to help ensure that water quality targets are met by specific dates. This regulatory program, however, does not mandate specific changes to pest management programs. In this study, we evaluate the economic, environmental, and pest management impacts of adopting two alternative pest management programs with reduced risks to surface water: 1) replacing currently used insecticide active ingredients (AIs) that pose the greatest risk to surface water with lower-risk alternatives and 2) converting conventional arthropod pest management programs to organic ones. We utilize pesticide use and toxicity data from California's Department of Pesticide Regulation to develop our baseline and two alternative scenarios. We focus on three crop groups (cole crops, lettuce and strawberry) due to their economic importance to the Central Coast and use of high-risk AIs. For Scenario 1, we estimate that implementing the alternative program in the years 2017–2019 would have reduced annual net returns on average by $90.26 – $190.54/ha, depending on the crop. Increased material costs accounted for the greatest share of this effect (71.9%–95.6%). In contrast, Scenario 2 would have reduced annual net returns on average by $5,628.12 – $18,708.28/ha during the study period, with yield loss accounting for the greatest share (92.8–97.9%). Both alternative programs would have reduced the associated toxic units by at least 98.1% compared to the baseline scenario. Our analysis provides important guidance for policymakers and agricultural producers looking to achieve environmental protection goals while minimizing economic impacts.

Effects of extending dairy cow longevity by adjusted reproduction management decisions on partial net return and greenhouse gas emissions: A dynamic stochastic herd simulation study

Prolonging dairy cattle longevity is regarded as one of the options to contribute to more sustainable milk production. Because failure to conceive is one of the main reasons for culling, this study investigates how adjustments in reproduction management affect partial net return at herd level and greenhouse gas emissions per unit of milk, using a dynamic stochastic simulation model. The effects of reproduction decisions that extend cattle longevity on milk yield, calving interval and pregnancy rate were derived from actual performance of Dutch commercial dairy cows over multiple lactations. The model simulated lactations, calving, and health status events of individual cows for herds of 100 cows. Scenarios evaluated differed in the maximum number of consecutive AI attempts (4, 5, or 6 services), or the production threshold (20, 15, or 10 kg of milk/d) at which cows that failed to conceive are culled (reproductive culling). Annual partial net return was computed from revenues of sold milk, calves, and slaughtered cows, and the costs from feed consumption, rearing replacement heifers, AI services, and treatment for clinical mastitis and lameness. Greenhouse gas emissions were computed for feed production, enteric fermentation, and manure management, and were expressed as total CO2 equivalents (CO2-eq). Average age at culling increased with an increased maximum number of AI services. This increase was larger when going from a maximum of 4 to 5 AI attempts (108 d) than from a maximum of 5 to 6 attempts (47 d). Similarly, the average age at culling increased from 1,968 to 2,040 and 2,132 d when the threshold for reproductive culling decreased from 20, to 15 and 10 kg of milk/d, respectively. Average annual partial net return increased by 1.1% from €165,850 per 100 cows at a maximum of 4 AI to €167,670 per 100 cows at a maximum of 6 AI, and increased by 4.3% from €161,210 per 100 cows at a reproductive culling threshold of 10 kg/d to €168,190 per 100 cows at a threshold of 20 kg/d. Greenhouse gas emissions decreased by 1.2% from 0.926 to 0.915 kg CO2-eq per kg of fat- and protein-corrected milk (FPCM) with an increase in a maximum number of AI from 4 to 6 AI. Conversely, greenhouse gas emissions increased by 0.2% from 0.926 kg at a threshold of reproductive culling of 20 kg/d to 0.928 kg CO2-eq/kg FPCM at a threshold of 10 kg/d. Although lowering the threshold for reproductive culling has the potential to extend cattle longevity more than increasing the maximum number of AI services, only the increase in AI services benefits a farm's partial net return, while reducing greenhouse gas emissions.

A Study on Supply Chain Analysis and Marketing Margin of Catfish Seed in Mymensingh District, Bangladesh

Aims: This study examined the supply chain and marketing margin of catfish seed in selected areas of the Mymensingh district. The objectives include analyzing supply chain management, marketing margins of catfish seed production, and identifying the challenges in production and marketing systems. Study Design: This study used a quantitative approach with a questionnaire data collection method. Place and Duration of Study: Samples were taken from four upazilas of Mymensingh district- Gouripur, Trishal, Mymensingh Sadar, and Muktagacha. Data was collected through face-to-face interviews between mid-September and mid-October in 2019. Methodology: The sample size was 120 including 30 catfish seed farmers, 30 paikers, 30 wholesalers, and 30 retailers. This study employed supply chain analysis, net return and net marketing margin analysis, and descriptive statistics. Results: The study found that retailers had the highest net marketing margin of 1664 Bangladeshi Taka (Tk.) (15.21 US Dollars) for 10 kg spawn, while paikers earned the highest margin of Tk. 11148 (101.93 US Dollars) for 100,000 pieces of fingerling. The annual net return per acre from spawn production in hatcheries was Tk. 9,469,097 (86580.71 US Dollars), and from fingerling production in nurseries was Tk. 455,783 (4167.45 US Dollars). Conclusion: The research indicated that catfish seed farms with hatcheries were more profitable than those with nurseries. Hatchery owners, nursery owners, and traders faced significant problems in their operations, such as a lack of information on quality seed, higher input prices and price fluctuations, non-availability of various inputs, and poor communication systems. Based on the result, recommendations were made to support the development of catfish seed farms and traders as a promising sector in agribusiness.

Greenhouse Gas Emissions, Carbon Footprint, and Grain Yields of Rice-Based Cropping Systems in Eastern China

A multiple cropping system is beneficial for utilizing natural resources, while increasing the grain production and economic outputs. However, its impact on greenhouse gas emissions is unclear. The objective of this study was to evaluate the influence of rice-based cropping systems on methane (CH4) and nitrous oxide (N2O) emissions, the carbon footprint (CF), grain yields, and net economic returns in eastern China. Four treatments were applied: rice–fallow (as a control), rice–milk vetch, rice–wheat, and rice–rapeseed. Methane and N2O emissions were measured every 7 days via static chamber and gas chromatography methods from the 2019 rice season to the 2021 non-rice season. The CF was calculated based on the life cycle assessment. The results showed that multiple cropping systems significantly increased the annual grain yield by 1.2–6.4 t ha−1 and the annual CH4 and N2O emissions by 38–101 kg CH4-C ha−1 and 0.58–1.06 kg N2O-N ha−1, respectively. The average annual net returns for rice–wheat and rice–rapeseed were 131–150% greater than those for rice–milk vetch and rice–fallow. The annual CFs increased in the following order: rice–wheat (19.2 t CO2-eq ha−1) > rice–rapeseed (16.6 t CO2-eq ha−1) > rice–milk vetch (13.9 t CO2-eq ha−1) > rice–fallow (11.5 t CO2-eq ha−1). The CH4 emissions contributed to the largest share of the CF (60.4–68.8%), followed by agricultural inputs (27.2–33.7%) and N2O emissions (2.9–5.9%). Moreover, nitrogen fertilizer accounted for 65.6–72.4% of the indirect greenhouse gas emissions from agricultural inputs. No significant difference in the CF per unit grain yield was observed between the four rice-based cropping systems. The CF per net return of rice–wheat and rice–rapeseed significantly decreased by 37–50% relative to that of rice–fallow and rice–milk vetch. These findings suggest the potential to optimize rice-based cropping systems for environmental sustainability and grain security.

Economic impact of farmer producer organisation (FPO) membership: empirical evidence from India

PurposeFarmer producer organisations (FPOs) are considered as a strategy to improve the livelihoods of small farmers through economies of scale by providing collective strength to farmers for improved access to production technology, value-addition services, high-quality inputs and marketing services for improving their incomes. This study investigates the impact of FPO membership on organic farming household's income in Northeast India.Design/methodology/approachThis study uses field survey data collected from all four districts of Sikkim. Primary data were obtained from a survey of 560 organic farming households, 280 of which are FPO members and the rest 280 are non-members. Propensity score matching (PSM) is used to estimate the impact of FPO membership on net returns, return on investment (ROI) and profit margin.FindingsResults show that the FPO members had, on average, Rs. 7,254–8,133 higher annual net returns, 4.6–4.8% higher ROI and 8–8.4% higher profit margin than the non-members. The findings confirm that FPO membership has a positive and significant impact on net returns, return on investment and profit margin. Also, heterogeneity analysis indicates that FPO membership has larger positive impact on relatively bigger farmers and female-headed households.Research limitations/implicationsAs the study was based on a cross-sectional survey, the findings may be subjected to some limitations.Originality/valueThis study is based on a novel data set, collected specifically to examine the economic impact of FPO membership on organic farming in India.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-06-2023-0451

Differential Responses to Integrated Nutrient Management of Cabbage–Capsicum–Radish Cropping Sequence with Fertilizers and Plant-Growth-Promoting Rhizobacteria

The present investigation was carried out to study the differential responses to assimilated nutrient management in the cabbage–capsicum–radish cropping system to develop an integrated plant nutrient supply. The experimental trial was laid out in a randomized complete block design (RCBD) with three replicates and included assimilations of 15 various combinations: T1—recommended dose of fertilizers (RDFs) + farmyard manure (FYM) (Control); T2—nitrogen and phosphorus (NP) + vermicompost (VC) (75% + 2.5 t/ha); T3—NP + VC (50% + 2.5 t/ha); T4—NP + enriched compost (EC) (75% + 2.5 t/ha); T5—NP + EC (50% + 2.5 t/ha); T6—NP + plant-growth-promoting rhizobacteria (PGPR) (75% + 5 kg/ha); T7—NP + PGPR (50% + 5 kg/ha); T8—NP + VC + PGPR (75% + 2.5 t/ha + 5 kg/ha); T9—NP + VC + PGPR (50% + 2.5 t/ha + 5 kg/ha); T10—NP + EC + PGPR (50% + 2.5 t/ha + 5 kg/ha); T11—NP + EC + PGPR (50% + 2.5 t/ha + 5 kg/ha); T12—NP + VC and EC (75% + 2.5 t/ha and 2.5 t/ha); T13—NP + VC and EC (50% + 2.5 t/ha and 2.5 t/ha); T14—NP + VC and EC + PGPR (75% + 2.5 t/ha and 2.5 t/ha + 5 kg/ha); T15—NP + VC and EC + PGPR (50% + 2.5 t/ha and 2.5 t/ha + 5 kg/ha) for two consecutive years. Seedlings of the cabbage cultivar were transplanted with a spacing of 45 × 30 cm, whereas the capsicum seedlings were transplanted with a spacing of 60 × 45 cm. The radish cultivar was sown directly in the field with a spacing of 30 × 7.5 cm. The yield and growth attributes of all three crops were notably impacted by the INM modules. The utilization of a combination of 75% of the recommended quantity of NP + VC and EC, along with PGPR, at a rate of 2.5 t/ha, during cabbage cultivation, led to a noteworthy rise in plant height, equatorial diameter, gross head weight, net head weight, and ultimately, the maximum head yield, as per the statistical analysis. In the case of capsicum, the treatment (T14) module demonstrated superior performance in terms of the major yielding components, namely, fruit size, fruit weight, and number of fruits per plant, resulting in the highest yield compared to the other modules, including RDFs. The cabbage exhibited high protein content and inorganic modules in terms of quality traits, whereas ascorbic acid and total soluble solids (TSSs) levels were high due to strong organic support across all three crops. Thus, it can be inferred that the integrated combination of 75% NP, VC, and EC at 2.5 t/ha, and PGPR, along with the basic application of the full recommended potash and farmyard manure (FYM), led to a reduction of 25% in fertilizers (NP), improved growth and yield, and higher annual net returns. Thus, this incorporation can be suggested as an economically efficient strategy for consistently attaining increased productivity with enhanced excellence.

Electric Heating System of Residences without Central Heating: Power Supply Optimization

For conservation and environmental purposes, three electricity consumption models, power grid, power grid + PV and power grid + PV + battery, are proposed in this paper, the optimization of the electric heating energy consumption model is carried out with the objective of the highest annual net return of the system. The results showed that for the single-layer residence with a housing area of 100m2, the use of the power grid + photovoltaic system has the highest annual net income, as well as good economic and environmental benefits.

Does grazing winter cereal rye in Iowa, USA, make it profitable?

Unproven economic returns at the farm level are a major barrier to large-scale adoption of cover crops. The objective of this study was to evaluate the short-run private net returns to producers implementing a cereal rye (Secale cereale L.) cover crop preceding the no-till corn (Zea mays L.) phase of a US Midwest corn–soybean (Glycine max [L.] Merr.) rotation in an integrated crop and cow–calf operation. We used experimental agronomic data from six location-years in Iowa to estimate private net returns to cereal rye across alternative scenarios in a partial budget framework. Net returns in the absence of grazing averaged −$123.74 ha−1 and were negative for 82.2% of the treatments, while net returns under partial grazing averaged −$15.24 ha−1 and were negative for 54.8% of the treatments. Early-broadcast cereal rye produced higher biomass and larger net cost savings in the livestock enterprise than late-drilled cereal rye, but it also resulted in higher corn yield penalties. In the no-grazing scenario, net losses for early-broadcast cereal rye were $165.97 ha−1 larger, on average, than for late-drilled cereal rye. Our findings should raise awareness about the low probability of obtaining positive annual private net returns to cereal rye in Iowa in the absence of sizable targeted financial incentives, and inform the policy discussion on the cost-effectiveness of government-sponsored conservation programs.

Dynamics of Household and Regional Economy in Banni Grasslands, India: A Cross-Sectional Study

The dynamics of household and regional economy of Banni grasslands in India were studied based on primary data collected from 280 households across 13 villages. Each household had one primary occupation and, on average, two secondary occupations. Pastoralism and charcoal production employed 58 and 28% of households as primary occupations, respectively, whereas leather work, services and tourism employed 4% of households each. Further, pastoralism and charcoal production employed 60 and 48% of households, respectively, as secondary occupations. Highest and lowest average annual net returns were realized from the sale of milk and milk products (₹ 414,070/HH) and honey and gum collection (₹ 2827/HH), respectively. The Banni grassland is still a traditional society predominantly based on the primary sector as it employed 88% of the households and contributed 91% to the economy. Pastoralism alone contributed 82% to the economy of the Banni region followed by charcoal production (8%) and tourism (5%), whereas all other occupations contributed <1–2% each. Contribution from secondary and tertiary sectors was very low. Pastoralism has evolved in the region, but it continues to be the dominant livelihood option. Therefore, arresting and addressing the land degradation process in Banni grasslands is of paramount importance to sustain the livelihoods and the ecology.

Agronomic and economic performance of 26‐year corn–soybean rotation affected by tillage and fertilization in eastern Canada

AbstractAdoption of conservation practices such as no‐tillage (NT) may benefit soil properties and related yields. However, magnitude of changes is dependent upon time scale, soil characteristics, and climatic conditions, which has received little attention in eastern Canada. A 26‐yr field experiment was conducted on a clay loam soil at L'Acadie, southwestern Quebec, to evaluate the effect of NT vs. moldboard plow (MP) and mineral N (0, 80, and 160 kg N ha–1) and P (0, 17.5, and 35 kg P ha–1) fertilization on grain yields, soil properties, and annual net returns of a corn (Zea mays L.)–soybean [Glycine max (L.) Merr.] rotation. Tillage was performed every year, while fertilizers were only applied to the corn phase. Throughout the years, the site responded well to N fertilization but not consistently to P. Tillage system did not affect corn grain yield in the first 10 yr, but yield gradually declined under NT and produced 2.3 Mg ha–1 less than MP with recommended N rate in the last 8 yr. By contrast, NT reduced soybean yield in the first decade (0.32 Mg ha−1) but not thereafter. After 24 yr of implementation, NT largely increased organic matter and Mehlich‐3 P and K in the 0‐to‐5‐cm surface layer, but this did not translate into higher yields. Compared with NT, MP achieved CAN$200 ha–1 more revenue during last years at recommended N rate despite higher operation costs. Results demonstrated that under northern latitudes, this clay soil was not appropriate for NT.

Economic analyses of milk production among members and non-members offarmer collectives in Saurashtra

Primary data collected for 2019-‘20 from 416 members and non-members of dairy farmer collectives (where farmers come together to market their milk collectively – this study considers a co-operative union and a milk producer company – both prominent forms of farmer collectives) in Saurashtra region of Gujarat are used to work-out the cost and returns in milk production from local cow and buffalo, and across dairy farmer categories. The analyses reveal that farmer collective organizations like co-operatives and producer companies are profitable in case of both local cow and buffalo milk production, and also for the small (1-3) and medium (3-6) herd-size category (in Standard Animal Units or SAU) of farmers. Both the overall average feed cost and Total Variable cost (TVC) per animal per day incurred by members is 12 per cent and 11 per cent less than that of non-members, respectively. Members of the co-operative receive annual bonus and members of the producer company receive annual dividends and cash incentives; with this additional benefit received by the members, their total return per litre is 25 per cent more than that of non-members. The overall average annual net returns from dairy per household for members are higher at Rs. 11,641/- compared to the returns of non-members at Rs. 3955/-. Expanding the reach of farmer collective organizations would benefit more dairy farmers by making dairy a more profitable enterprise for them.

Judicious and optimal use of water and land resources for long-term agricultural sustainability

Water and land scarcity has increased considerably thanks to population growth, urbanization, contamination of resources, and climate change impacts. The world needs to produce over 60% more food to feed about ten billion people in 2050 by using these scarce resources. The aforementioned goal can be accomplished by optimizing the distribution of existing water and land resources, which can be done through an optimization model. This study developed an optimization model for maximizing net agricultural return and minimizing the irrigation-induced waterlogging and salinization problems of a study region of the Jhajjar district of India. The results show that under the optimal condition, the rice area decreases as the other crop's area increases during the monsoon. Whereas, during winter, the area of wheat increases while the mustard area decreases. The results also reveal that under the optimal scenario, groundwater withdrawal has increased, eventually lowering the aquifer level and thus alleviating waterlogging and salinization problems in the region. Moreover, under the optimal allocation, the study area's net annual agricultural return rises by over 17% to ₹952.63 million from the existing ₹812.21 million. The results of the sensitivity analysis of model parameters revealed that the crop's market price had a larger effect on the output, followed by crop area and cultivation costs. Based on the model's results, it is recommended that government agencies and real-world agricultural farmers practice increased use of groundwater with canal water conjunctively to maximize farm income and minimize irrigation-related problems in agro-ecosystems. Results of this study have long-term implications in sustaining agricultural productivity and water resources conservation in arid and semi-arid regions, which are primarily underlain by poor quality groundwater. The approach used is the first of its kind in the study region and is simple to follow and it can also be replicated in other areas of the world dealing with similar issues.

The Costs and Benefits of Performance Fees in Mutual Funds

Funds with performance fees have annual net risk-adjusted returns of 0.50% below other funds, a result mostly due to funds without a stochastic benchmark against which performance is measured and funds with a benchmark that is easy to beat. For other funds, there is no evidence of underperformance. Performance fee funds charge total expenses, including the performance fee, that are substantially higher than those of other funds. Investors are more likely to punish poor performance in funds with performance fees than in other funds. Our results indicate that even when fees are less regulated, investors can generally be relied upon to make the right choices, but that there are a subset of funds where performance fees are employed to extract additional fees from investors.

Efficient Fishing Method to Control the Population of Rice Eel, Monopterus albus (Synbranchidae) in Rice Fields in Cagayan Valley, Philippines

Rice eel (Monopterus albus) was introduced in the Philippines in 1905 as an aquaculture species without a thorough evaluation of its possible negative impact on the environment. In Cagayan Valley Region, it is being considered as a pest due to the economic loss it brought to farmers as it bore holes on the dikes, draining the water from the rice field, thus, contributing to the additional expense of the farmers. However, from the economic point of view, the species offered great potential as an export commodity due to its broad export market in East Asian countries. Hence, this study was conducted to determine the most efficient and effective method of controlling the proliferation of rice eel in rice fields in the Cagayan Valley region while preserving its integrity as an export commodity. Twelve (12) municipalities were chosen as the study sites based on validated reports of the high occurrence of rice eel. Three fishing methods, namely, fish trap (FT), hook and line (HL), and electrofishing (EF) gadget, were utilized. These gears were set during the dry and wet seasons. Catch and catch per unit effort (CPUE) were used to determine gear efficiency, while monetary values, net income, and ROI were used to assess the profitability of the gears. Results showed that electrofishing gadgets exhibit greater efficiency among the three fishing gears. The EF gadget also has the highest CPUE (4 individuals) per hour while only around 0–1 per hour for FT and HL. Seasonality does not affect the efficiency of the three fishing gears. Also, there is no significant interaction between seasons and fishing gears (p = 0.525). Computed annual net income and return on investment (ROI) is also greater using EF (PHP 407,630.40/ha/year with 569% ROI) compared to HL and FT (net incomes of PHP 113,244.68/ha/year and PHP 161,618.99/ha/year, and 261% and 309% ROI, respectively). However, the use of EF as a control measure should entail restrictions such that only within rice farm areas and not in open waters and only after harvest or before planting with issued EF licenses and permits from BFAR and local ordinances. Higher penalties should also be imposed for illegal use of EF such as use in open waters. As an alternative to EF, a combination of FT and HL with modifications or more environment-friendly fishing gears can be explored to catch and control the rice eel population.

Enhancement of sustainable agricultural production system by integrated natural resources management framework under climatic and operational uncertainty

Constant decline of freshwater reserve poses a major challenge for coastal agricultural systems. The present study focuses on the integrated land and water resources management framework under operational and climatic uncertainties to achieve sustainable agricultural production in a tropical coastal river basin. To capture the operational and climatic uncertainties, Grey Linear Programming (GLP) and Acceptability Constrained Linear Programming (ACLP) optimization models were developed. GLP can consider both climatic and operational uncertainties. However, ACLP can accommodate operational uncertainty only. Groundwater model was coupled within the optimization models (GLP and ACLP) by a grey response matrix. The SWAT estimated recharge rates were utilized in the MODFLOW model as the groundwater flux. The calibrated (R2 = 0.80) and validated (R2 = 0.84) groundwater flow simulation model was utilized to generate the grey response matrix. The eight plausible scenarios were tested for GLP (Scenarios I, II, III, IV, V, VI, VII, VIII) and ACLP (Scenarios Ia, IIa, IIIa, Iva, Va, VIa, VIIa, VIIIa) with groundwater table fluctuation (GWTF) method and grey response matrix as drawdown constraint. A reduction in net annual return was observed in Scenarios III and IV (with grey response matrix) in comparison to Scenarios I and II (with groundwater table fluctuation) under any change in crop yield. Decrease was more prominent for Rabi (winter) season compared to Kharif (monsoon) season. Futuristic Scenarios (V, VI, VII, VIII) considering crop yield reduction showed a possible change required in cropping pattern (specifically rice area reduction in Kharif Season). ACLP model results showed similar trends. Results suggest that the GWTF method overestimates the groundwater availability compared to the physically based simulation model. Obtained land and water resources management plans were cross-validated for the safe yield limit using MODFLOW simulation model.

Perceived importance and economic valuation of ecosystem services in Ghodaghodi wetland of Nepal

Being the most productive ecosystem on earth, wetlands provide basic as well as critical ecosystem services to humans and other living beings. However, the wetland resources are constantly being degraded because of poor understanding of its importance at local level and the lack of recognition of their economic value at sub-national and national levels. Using a case study of a Ramsar Convention site of Nepal - Ghodaghodi Wetland area―this paper identifies ecosystem services of the wetland based on its perceived importance at local level, and assessed its use and non-use values through total economic valuation method. We have employed literature review and participatory research tools (i.e., key informant interviews, household survey and field observation) for data collection. Based on priority ranking analysis, we found that ten major ecosystem services provided by the wetland, forest products being ranked as the most important followed by edible foods and tourism. Local people ranked (active) use value as the highest priority because the wetland is a complex of lake clusters with surrounding forests of the tropical region, providing the most needed provisioning services to local communities. As of the present evaluation of ecosystem services, the annual net economic return from Ghodaghodi wetland is estimated at 0.67 million US dollars, use value comprising 96% of the total. Having discussed the linkages and relations between (1) people’s preferences and economic value and (2) use value and non-use values, we have suggested much needed policy interventions and future pathways of research for minimizing tradeoffs between provisioning and other ecosystem services, and for the precautionary interventions to sustain (active) use value while maintaining the integrity of ecosystem health.

Trading rules and excess returns: evidence from Turkey

PurposeThis paper aims to investigate popular technical trading rules (TTRs) applied to the FTSE Turkish all-cap and small-cap indexes from September 23, 2003 to August 9, 2019 to determine rules that produce net excess returns over the Buy-and-Hold strategy (B&H).Design/methodology/approachFive TTRs, namely, simple moving average, relative strength index, moving average convergence divergence, momentum, and rate of change, are applied, singly (one indicator) and in combination (two indicators) for multiple time periods.FindingsFor the small-cap index, some TTRs – including the famous Golden Cross, when the 50-day moving average rises above 200-day moving average – produced net annual excess returns (NAERs) over the B&H strategy, for the entire period and each sub-period, after accounting for risk and transaction costs. Results were mixed for the large-cap index. The results support Cakici and Topyan (2013).Research limitations/implicationsThis study investigates several indicators, but future studies should examine others, especially based on volume and price.Practical implicationsInvestors in the FTSE Turkish small-cap index may use some trading rules to earn NAERs over the B&H strategy.Originality/valueThis research is important because it addresses a gap in the research by examining numerous TTRs in the Turkish stock market. Studies of TTRs in Turkey are scarce.

The effect of nitrogen-fertilizer and optimal plant population on the profitability of maize plots in the Wami River sub-basin, Tanzania: A bio-economic simulation approach

Maize (Zea mays L.) is the essential staple in sub-Saharan Africa (SSA) and Tanzania in particular; the crop accounts for over 30% of the food production, 20% of the agricultural gross domestic product (GDP) and over 75% of the cereal consumption. Maize is grown under a higher risk of failure due to the over-dependence rain-fed farming system resulting in low income and food insecurity among maize-based farmers. However, many practices, including conservation agriculture, soil and water conservation, resilient crop varieties, and soil fertility management, are suggested to increase cereal productivity in Tanzania. Improving planting density, and the use of fertilizers are the immediate options recommended by Tanzania's government. In this paper, we evaluate the economic feasibility of the improved planting density (optimized plant population) and N-fertilizer crop management practices on maize net returns in semi-arid and sub-humid agro-ecological zones in the Wami River sub-Basin, Tanzania. We introduce a bio-economic simulation model using Monte Carlo simulation procedures to evaluate the economic viability of risky crop management practices so that the decision-maker can make better management decisions. The study utilizes maize yield data sets from two biophysical cropping system models, namely the APSIM and DSSAT. A total of 83 plots for the semi-arid and 85 plots for the sub-humid agro-ecological zones consisted of this analysis. The crop management practices under study comprise the application of 40 kg N-fertilizer/ha and plant population of 3.3 plants/m2. The study finds that the use of improved plant population had the lowest annual net return with fertilizer application fetching the highest return. The two crop models demonstrated a zero probability of negative net returns for farms using fertilizer rates of 40 kg N/ha except for DSSAT, which observed a small probability (0.4%) in the sub-humid area. The optimized plant population presented 16.4% to 26.6% probability of negatives net returns for semi-arid and 14.6% to 30.2% probability of negative net returns for sub-humid zones. The results suggest that the application of fertilizer practices reduces the risks associated with the mean returns, but increasing the plant population has a high probability of economic failure, particularly in the sub-humid zone. Maize sub-sector in Tanzania is projected to continue experiencing a significant decrease in yields and net returns, but there is a high chance that it will be better-off if proper alternatives are employed. Similar studies are needed to explore the potential of interventions highlighted in the ACRP for better decision-making.