VPP Integration and Market Participation: Beyond Optimization

Policies for commercial transformation of smallholder agriculture are often aimed at promoting household market participation. The literature on agricultural transformation also makes little distinction between market orientation and market participation. This paper analyzes the determinants of market orientation and market participation in Ethiopia separately and examines if market orientation translates into market participation. Results show that subsistence requirements, market access, and production factors affect market orientation, while market access and volume of production affect market participation. Results also show that market orientation translates strongly into market participation. The key implication of this study is that policy interventions aimed at promoting commercial transformation of subsistence agriculture should follow two-pronged approach: improving market orientation of smallholders at production level, and facilitation of market entry and participation of households in output markets. Focusing on either may not be as effective in achieving the transformation.

The goal of carbon peak and carbon neutralization has accelerated the pace of building a high percentage of renewable energy power systems. However, the uncertainty and volatility of renewable energy bring many challenges to the stable operation of electricity market. In the new context of power market reform, it is necessary to establish a better trading mechanism and price subsidy mechanism for renewable energy participation in the market. This paper analyzes the impact of renewable energy participation in electricity market on market operation, market equilibrium and bidding strategies of market players. Then, we propose the potential means to cope with the market risk of renewable energy, compare the market mechanisms and development policies of various countries, and summarize relevant studies on renewable energy participation in electricity market in countries around the world. Finally, the development of a high percentage of renewable energy participation in the electricity market of China is summarized and prospected.

Studies that address the effect of supply chain (SC) factors on market participation are relatively inadequate. To bridge this gap, we employ marginal effects analysis based on the binary logit model to examine the effect of SC factors on market participation among smallholder cereal crop producers in Tanzania. Data were sourced from 359 smallholder cereal crop producers using a cross-sectional questionnaire survey. The findings of the study indicate that SC infrastructure negatively and significantly affects smallholders’ market participation decisions ( β = −0.0918, p < .0013). Furthermore, the results of marginal effects suggest that market participation by smallholder cereal crop producers is positively and significantly affected by the extent of competition between agricultural SCs ( β = 0.1729, p < .0001), SC distribution strategies ( β = 0.2911, p < .0015) and collaborative SC ( β = 0.1856, p < .0002). These findings provide sufficient evidence to conclude that SC factors are significant predictors of market participation among the surveyed smallholder cereal crop producers. Consequently, streamlined measures should be undertaken to help smallholders increase their odds of market participation. These measures may include upgrading road infrastructure to tarmac or bitumen standards, especially in rural areas where farming takes place, infusing farmers’ associations and agricultural extension services, promoting collective marketing and strengthening long-term relationships between farmers and traders. Finally, the study offers valuable information to policymakers and agricultural stakeholders regarding addressing smallholders’ market participation challenges from a SC perspective.

The article substantiates the importance of using digital technologies in venture financing in order to increase transparency and efficiency of financing processes. The main digital technologies of venture financing are identified and systematized, and the process of their application to increase the effectiveness of interaction between investors, startups and other participants in the venture capital market is disclosed. The structural schemes of the application of distributed registries and blockchain in venture financing are presented. The ability of digital technologies to significantly accelerate decision-making processes to reduce costs and risks, as well as simplify and expand access to information for capital market participants is shown. The main idea is that digital technologies can significantly speed up decision-making processes, reduce costs and risks, and improve access to information for participants in this market. Digital technologies for increasing transparency and efficiency of venture financing are systematized, their advantages and disadvantages are identified, and the scope of application is determined. The advantages and disadvantages of using basic digital technologies in venture financing are identified and formalized. It is concluded that the use of digital technologies in venture financing plays a key role in increasing transparency, reducing risk and improving the efficiency of this process. The material of the article is intended for entrepreneurs, investors and experts in the field of finance and innovation who are interested in studying the methods of applying venture financing for the effective development of their business in modern economic conditions.

Consumer Credit in Italy: A Welfare Analysis

Vegetable plays a substantial role in the life and livelihood of most Ethiopians. Thus, the study was aimed to investigate tomato and onion producers’ market participation with level of participation in Ejersa Lafo district of West Shewa Zone, Oromia National Regional State, Ethiopia. The data was obtained from 145 randomly selected sample farm households. The collected data were analyzed using inferential statistics and econometric model Heckman two step procedure. Out of the total interviewed households 61(42.07%) of them were market participant while the remaining 84(57.93%) were non-market participant. Heckman two-step procedure was used to analyse the determinants of participation in tomato and onion markets and volume of sales during the study period. First heckman step shows that education level, family size and access to credit services significantly and positively affected market participation decision, while age of household head and total cultivated land had significant and negative effect on market participation decision. Further results from second heckman step displays sex of household head, family size, frequency of ploughing and extension contact significantly and positively affected level of participation in the markets, however age and number of livestock owned had significant and negative effect. To enable smallholder’s participation in tomato and onion marketing, government and the concerned body intervention is needed. This study may be valuable input for smallholder farmers, policymakers and other stakeholders that will probably enhance market participation and sales volume in the study area.

development of energy storage systems. The current state of energy storage systems in Ukraine is studied. The capacity of the segment of energy storage systems in the energy market, due to the need to meet the requirements of the European Energy Community on the flexibility of the integrated energy system, renewable energy sources and the objective need to use such systems as system service providers. The sufficiency of market and state incentives for the broad application and development of energy storage technologies in the conditions of quasi-competitive and full-scale electricity market of Ukraine is determined, taking into account the perspective tendencies of energy development. The cost and benefit analysis of investment projects for installation and operation of energy storage systems for three most common and prospective types of applications for the Ukrainian electricity market: participation in the market of ancillary system services, participation in the balancing market and system constraints reduction (renewables) is conducted. The sensitivity of project indicators of these types of applications is analyzed depending on the number of parameters: variations in specific capital expenditures, green tariff rates, market prices "day ahead" and market conditions of system services. It is substantiated that in Ukraine the energy storage systems are the most promising as the providers of system services for primary regulation of frequency and power, a sufficient reserve of which is one of the conditions for integration of the Ukrainian power system into the European energy system ENTSO-E, ancillary services through auctions for the provision of primary regulation services with a long-term time horizon. Regarding the prospects for the development of decentralized energy system, it is proved that the development of decentralized storage systems consisting of industrial facilities, substations and other low-capacity energy facilities has great potential with reformatting the energy system architecture to "smart grid" standards to form fundamentally new economic incentives for the development of energy storage systems.

The need for stable development and effective use of non-banking financial services market tools, as well as the imperfection of the current legislation in this area characterize the unconditional relevance of the topic of this article. The purpose of the article is to determine the purpose of state regulation of non-bank financial services markets, to define the concept of the principles of state regulation of professional financial activity, and to highlight and analyze the main principles of such regulation. It is noted that one of the main elements of state regulation of non-bank financial services markets is the purpose of such regulation. In view of the analyzed scientific positions and legislative provisions, it is concluded that the main goal of state regulation of non-banking financial services markets is: 1) ensuring transparency, reliability and openness in the markets of non-banking financial services; 2) coordination of activities of state authorities on the functioning of non-bank financial services markets; 3) protection of rights, legitimate interests and satisfaction of socio-economic needs of consumers of non-banking financial services; 4) prevention of abuses and violations in the markets of non-banking financial services. It is proposed to define the principles of state regulation of professional financial activity as the main ideas, basic principles, and general provisions of the implementation by the Regulators of a set of measures to regulate, control and supervise the activities of non-banking organizations and other participants in the markets of non-banking financial services in order to create favorable conditions for their functioning. , preventing and countering abuses and violations in the markets of non-banking financial services and ensuring the protection of the legitimate interests of clients. The main principles of state regulation of professional financial activity are highlighted: the principle of legality; principle of commensurability (proportionality); the principle of guaranteeing the rights and legitimate interests of participants in the financial services market (in particular, the rights of consumers); the principle of assessment by the Regulators of transactions, operations, circumstances and events taking into account their economic and factual content; the principle of mandatory licensing of professional financial activity; the principle of exclusivity of professional financial activity.

Purpose: The aim of this article is to analyse legal solutions determining the principles of undertaking and performing pharmacy activities in Poland, with particular emphasis on the importance of these solutions to guarantee the public health protection in terms of theory of state interference in the economy. Design/Methodology/Approach: The article uses the method of analysis of legal regulation and the descriptive method. Findings: The object of pharmacy’s activities is the provision of pharmaceutical services that remain in the domain of practising the profession of pharmacist as a profession of public trust. The provisions of Polish Pharmaceutical Law, shaping the principles of rationing pharmaceutical activities in Poland, and thus determining the subjective structure of the pharmacy market, have undergone a particular change, which entered into force on June 25, 2017, giving rise to polarization of participants in the pharmacy market for entrepreneurs. Practical Implications: Considering the existing differentiation of the pharmaceutical activities model, it is necessary to assess the legal conditions of the public health protection guarantee in the field of the entrepreneur's social interest. This assessment should concern both running a pharmacy by a non-pharmacist and an entrepreneur with the right to practice as a pharmacist. Recognizing the close correlation between the economic objective and the public objective of the pharmacy activities, the question should also be asked about the significant changes in Pharmaceutical Law aimed at strengthening the pharmacist's position as an important participant in the market of pharmacy services. Originality/Value: The implementation of the public health care facility function by the generally accessible pharmacy is in line with the context of public health protection guarantee in the field of the functioning of the pharmacy market, both in terms of the principles of undertaking pharmacy operations as well as legal solutions that determine the pharmacy management model.

This study assessed the effects of non-tariff barriers (NTBs) on market participation for maize smallholder farmers in the major maize producing districts of Mbozi and Momba in Mbeya region located in the Southern Highland of Tanzania. A two-stage stratified sampling was used in selecting 240 smallholder farmers from the selected villages in two districts and interviewed. In estimating the effects of NTBs on market participation and quantity of maize sold by farmers, the two-stage Henchman model was used. Results showed that, NTBs and distance to market had negative effects on the quantity of maize supplied and market participation. This implies that, for every 100% increase in application of NTBs by the government could decrease market participation and sell of maize by 77% from smallholder farmers. However, ownership of assets and amount of harvest were found to increase maize supply and market participation by 68 and 2%, respectively. The study concluded that, application of NTBs policies in Tanzania could not increase supply of maize especially on surplus regions and districts. In contrast could discourage farmers’ market participation. Therefore, it was recommend that, government should eliminate discriminative NTBs and improve market infrastructures such as roads and storage facilities in order to increase farmers’ market participation.   Key words: Market participation, maize, non-tariff barriers (NTBs), smallholder farmers.

Market participation and technology adoption: An application of a triple-hurdle model approach to improved sorghum varieties in Mali

Finfish aquaculture improves household food security and reduces poverty levels, particularly when conducted for market purposes. However, little is known about the relationship between farm-level management practices and market participation among finfish farmers in developing countries such as Tanzania. Herein, we investigated the relationship between specific aquaculture farm management practices and market participation in finfish farming and their effect on market participation and sales revenue using data from the Tanzania National Sample Census of Agriculture (TNSCA). We found that market participation was influenced negatively by stocking frequency and affected positively by geographical locations of farms. Furthermore, 42% of the farms participated in the market, with an average quantity of fish sold of 2,141.03 ± 9,007.90 kg. Tilapia and African catfish polyculture dominated market sales (56%) during within-group comparison, whereas marine fish were mainly for subsistence. Moreover, the quantity of fish sold from shallow water cage, natural pond and dug out pond was negative when compared to deep-water cages. Furthermore, the size of aquaculture production system and stocking frequency influenced positively fish sales revenue. Taken together, our findings indicate that stocking frequency and geographical locations of farms influence aquaculture market participation. Tailored aquaculture policies by locations can enhance farmers market participation and income generation.

Central Bankss Predictability: An Assessment by Financial Market Participants

Indigenous chicken play an important role in the livelihoods of the rural poor in developing countries. They not only act as a source of nutrition but also supplement household incomes. Despite the tremendous market opportunities available for the farmers, there are still low levels of market participation for indigenous chicken farmers in Gulu district and other parts of Uganda. In light of this, a research study was motivated to ascertain the drivers of smallholder indigenous chicken farmers’ market participation in Gulu district. Using cross-sectional data from households in selected sub counties in Gulu district, a two-stage Heckman model was used to model the decision of the smallholder farmers to participate in the market and then determine the factors affecting the value of sales thereafter. Results from the descriptive statistics showed that there were 126 market participants and 24 non-participants. Both flock size and non-farm incomes differed significantly (5%) between market participants and non-participants. The participants had a larger flock size while non-participants had more income. The results of the probit model further revealed that the first stage of market participation was significantly affected by distance of the household to the market (1%), flock size (10%), and ownership of a bicycle (1%). In the second stage (outcome model), the OLS results revealed that flock size, distance to the market and market price of indigenous chicken significantly (1%) affected the indigenous chicken farmer’s value of sales. In conclusion, creation of effective marketing systems that would help reduce transaction costs of the indigenous chicken, provision of extension and veterinary services will not only increase the flock sizes kept by the smallholder farmers but also the value of sales of indigenous chicken for the farmers that participate in the market. Key words: Heckman model, smallholder farmers, indigenous chicken, market participation, Gulu district.

This study estimates the effect of interest-free agriculture credit on the market participation and urban-rural linkages of rice growers in Pakistan. A survey was conducted to collect primary data using purposive and simple random sampling techniques from Punjab, Pakistan. This study applied the Instrument Variable (IV) approach and Ordinary Least Square (OLS) to evaluate the impact of interest-free credit on market participation and income. The results show a mixed influence of interest-free credit on rice growers’ market participation and urban-rural linkages. In general, the effect is negative when farmers obtained credit for six months. However, it shows a positive impact when farmers’ received credit for the next consecutive crop. Our findings suggest that the provision of interest-free credit for one year served a better purpose as it significantly attempted to alleviate budget constraints and endorsed farmers to increase land size under rice cultivation and improve productivity, market participation, and urban-rural linkages. The study provides three valid instruments and, therefore, a superior estimate of effect is achieved which can be leveraged to better support coherent agri-food policymaking.