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Comparative analysis in residential property price level and price dynamics in urban and rural areas of Hajdú-Bihar County
Published April 8, 2014
85-90

In modern market economies residential real estate prices, price shifts and their correlations with macroeconomic factors are surveyed quite frequently. However, in contrast with the wide scope of foreign examples, so far existing analyses in Hungary have ignored examining relation and extensity of macroeconomic indicators and failed to examine... their effect on real estate pricing. The scope of this survey is to highlight these potential correlations and thus develop new aspects of analysis. Although the examination needs further extension both in time and space, the results of this survey may help to understand the importance of the responsible management of the most precious element of national wealth from the perspective of sustainable rural development.

Based on my preliminary results, there exists a strong correlation between the number of inhabitants of a settlement and the average real estate prices. Nevertheless, the correlation seems to be significant only for cities. In the case of smaller settlements the correlation still exists but at a lower level. As opposed to the results of former publications and my own expectations, no direct link could be tackled between the amount of income tax paid by private individuals and real estate prices either in the cities or in the villages within the territory and time span examined in my analysis. Although this correlation is measurable on a macro-economic level, my micro-regional analyses revealed the complexity of asset pricing and price volatility. Continuing this survey, my goal is to identify the hidden factors influencing real estate prices, whose thorough mapping may promote conscious rural development.

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70
107
The Possibilities of Futures and Option Hedge in Price Risk Management for GrainProduction
Published November 26, 2003
72-80

The greataest risk tograin production is fluctuation in market prices, which is over 50% over the course of a year; and year by year, as well. There are real market circumstances in the grain market, instead of state guaranteed fix prices, which was the norm under the former political system.
According to the general opinion of producers, lo...sses come from their defencelessness against buyers. The real situation is that price risk can be managed by suitable market strategy, and loss production can be avoided.
Hungary has a futures market (which is organized according to the CBOT system) in the grain sector, which is an unique institute in Europe. This organisation is suitable for hedge businesses and it has convenient technical and institutional background.
There are two possibilities to make hedge business. One of them is the short hedge with futures contract when the producer sells his product for long term if an acceptable profit is included in market price. In this case seller can protect himself against low market prices.
This technique can be considered as professional for price risk management, but possibly has financial cost because of the weak financial situation of Hungarian producers this solution seems expensive for them.
There is an other possibility in the Commodity Exchange for manage price risk, that is the option technique. This solution is suitable for insure prices as well, and has an other additional advantage, namely: there is no financial costs in this case.

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43
114
Presentation of sales price reserves for live lamb
Published September 2, 2009
37-45

Although sheep breeding in Hungary is grounded in strong traditions, its activities only comprise 1% of the total production value generated from agriculture, and 2% of that for animal-based products. The most significant portion of incomes earned in the Hungarian sheep sector has, for years now, stemmed from the sale of live animals. The secto...r is decidedly export-oriented, as the domestic demand for its main product, i.e. lamb meat, and is minimal, equaling some 20-30dkg per person per year. Part of the sold animals is sold to market as dairy sheep, while the greater
part is sold in the category of lamb carcasses. For this reason, the average weight of slaughter sheep has lied between 19-22 kg for years now. The target markets for live lamb sales are predominately Italy and Greece. In Greece, movement on this market has shown an upward tendency in recent years; noteworthy are also sales to Austria, Holland, Bosnia-Herzegovina and Poland. In 2003, we exported sheep meat in the form of carcasses to Italy, as well as to Germany, and of these exports, 94% went to Italy, while the remaining 6% went to Germany.
Among sheep products, only the trade balance for live animal sales is positive. But even for such producers, only those who are specialized in intensive breeding and those sheep farms  “targeting” meat production can obtain earnings. Specialized literature on the sector argues that the quality of Hungarian lamb has diminished dramatically and is beginning to lose its market position. If Hungarian lamb does not meet market expectations, then it will only be bought from producers at lower prices.
My research focuses on those factors which influence price. I separately discuss the question of quality, as one of the most important decisive factors on price. Within this discussion, I describe the market expectations which actually have an effect on the acceptance of live animals for sale on commission. In practice, after the problems of quality, the next most important question is that of when sale is made. In the course of my research, I studied the development of averages for sales on commission of live lambs using statistical methods. The most important problem of this sector is the hierarchical system used in sales: this is the topic hich neither the producer, nor the buyer, wish to discuss, not even with each other. On the basis of the information at my disposal, I outlined the levels of traders and individual levels used to arrive at commission prices. Finally, I examined the components of the production value of live lamb sales. The results I obtained quantified the key role of the prices and the yield, as well as the factors influencing income. 

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87
Feeding questions of organic lamb fattening
Published June 5, 2009
155-160

Organic farming has done in line with conventional farming in the Karcag Research Institute of DU CASE since 2001. Our organic farming activities were enhanced with sheep farming and
grassland management in 2005. We started our study of technology development of organic lamb fattening and the treatment of its economic effect this year. Our g...oal was to develop
the elements of the technology to reach a more efficient organic lamb fattening. We also studied what economic advantages the organic sheep farming could realize in the present economic environment. Our studies were carried out between 2005 and 2007. We established that the excellent ewe feeding (good quality of fodder and silage) can decrease the lamb feeding cost between the 2nd and 8th weeks of the lambs’ life. We established that the
yield of convention lambs are significantly higher than the yield of organic lambs. The cost of organic lamb fodder is significantly lower than the cost a convention lamb fodder, but the profit was higher in the case of convention lamb fattening. The organic lamb fattening technology (without extra price) is not competitive to the conventional lamb fattening technology. We think that the profitability of organic lamb fattening is significantly less than of the convention one. The organic lamb price should be 20-30% higher than the other price to be competitive.  Unfortunatly there is only a little demand for organic lamb and there is no difference between the prices of organic and convention lambs, so organic sheep farmers have worse economic circumstances than conventional sheep farmers. 

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98
Pricing in the pig production
Published July 28, 2008
25-29

During my research work I will exame the state of pig production and the pigmeat trade in Hungary as well as in the EU. In this article I am looking at this branch, I plan to ask consumers about this topic. There is no point in importing pork if there is no market for it. The reality is that we like what is new, unusual and different. What lies... behind this way of thinking?
Everybody agrees, consumer habits differ culturally, and this is true in European countries as well. I find it interesting to examine what parts of the pig are favoured the most by consumers in certain countries. As habits are different we can say that certain countries prefer pork chops while on other countries’ menus pork knuckles can be found. If we follow this train of thought it becomes apparent that due to these differences the price of pork varies from country to country.
According to figures, it is clear that certain countries are able to produce pork products cheaper. Since market works on the principle of supply and demand, those who offer their products cheaper will have a greater chance of remaining in this sector. Those on the other hand who can only produce their products at a higher price will eventually disappear from the market. The price is determined by the rate of the forint to the euro. Today’s strong forint is leading to the growth in imports. Recently, pork exports have fallen, but if the rate were to be 280 forints as it has been in the past, then it would be more favourable to sell pork products.
As Hungarian prices are high, meat processing companies are forced to import from neighbouring countries, which means a cheaper source of product. This has led to a decrease in the number of pig in Hungary meaning that we are now an overall importer of pork products rather than an exporter.

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Price Risk Management by Futures Markets and Public Warehousing
Published October 11, 2006
58-65

The principal achievement of this paper is the combinative use of two market institutions: public warehousing and commodity exchange and how their joint application is beneficial for the players on the grain market. Based on a theoretical foundation, a calculation model was developed in order to assist short and long-term marketing decisions. I...t allows all the three participants of the market: producers, consumers and traders, to use this model in order to establish their own business strategy. The model can be used to analyse factors influencing the establishment of price; therefore, it can be also used for policy-making decisions.

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Research on seeding agents to effect the sugar crystallization
Published October 5, 2010
30-33

The quality of sugar is the decisive factor in ensuring the sugar commercializing through the conservation of old markets and
expansion towards new markets. The sugar quality is also the key element which determines the price maintenance in according with the
expenditures performed or even the diminution of the price as a consequence of t...he quality lessening.

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52
The Examination of the Effects of Value Modifying Factors on Dairy Farms
Published October 11, 2006
36-40

We wish to present a method to quantify the value modifying effects when comparing animal farms. To achieve our objective, multi-variable statistical methods were needed. We used a principal component analysis to originate three separate principal components from nine variables that determine the value of farms. A cluster analysis was carried o...ut in order to classify farms as poor, average and excellent. The question may arise as to which principal components and which variables determine this classification.
After pointing out the significance of variables and principal components in determining the quality of farms, we analysed the relationships between principal components and market prices. Some farms did not show the expected results by the discriminant analysis, so we supposed that the third principal component plays a great role in calculating prices. To prove this supposition, we applied the logistic regression method. This method shows how great a role the principal components play in classifying farms on the basis of price categories.

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Technological and Economic Analysis on the Hungarian Rice Sector
Published May 11, 2003
226-233

Hungary lies on the northern edge of rice production area. According to this, the climatic conditions area not perfect for this species. The production area of rice involves typically the poorer quality soils, however these meet the requirements of rice. In Hungary exclusively domestic types are grown which have high yield and good quality and ...these are usually wore successful than foreign types. On the other hand, these Hungarian types should be improved considering safety in production. Nowadays, rice is grown in large scale companies with 300-1400 hectares, where production technology already exists, machinery is suitable, however the latter one a little bit old.
The average yields of the analysed companies were 3-4 t/ha in the past few years, which were a little bit above the national averages. The operating cost per hectare is almost 200 thousand HUF, from which the main part is the cost of machinery (35%) and the material cost (34%). The main part of the latter one is the irrigation costs (30%). The average cost, calculated from the total production cost, is 80 thousand HUF/t. Considering the above-mentioned costs and the price of rice (75 thousand HUF/t) it can be stated that the profitability of the rice sector is not the best, the cost rated profitability is -6.6%. According to the results of this analysis possibilities for the increase in profitability and improvement are increased subsidies and market price, as well as genetic improvement.

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A study of product strategy priorities at the small enterprises of the North-Alföld Region
Published June 5, 2009
55-64

Through a non-representative sample of the small enterprises of the North-Alföld Region, this paper studies the product strategic priorities enabling us to make a detailed typology of small
enterprises. According to the relevant technical literature, the types of small enterprises have typical strategic priorities. Obviously, each group can... be characterised with certain strategic
priorities, which are sharply distinct from each other. These priority features are shown in the form of characteristic features in the enterprise’s marketing activities, market behaviour (product policy, innovation attitude, technology, price policy). This paper studies the enterprises of the sample through the role of production technology, material quality, low price and branding endeavours affecting product positioning.

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Economics of broiler fattening in Hungary
Published July 28, 2008
171-180

The purpose of this study is to present economic circumstances of Hungarian broiler sector based on secondary data after brief introduction of international and home situations. Then it analyzes costs, revenues and profit relationships of producers, which has competitive efficiency indicators and high standard production based on a model create...d on the basis of primary data.
The paper confirms the Hungarian poultry sector international competitiveness falling. One important reason of this situation is the low profitability in the sector, which is typical of both farms produce under worse efficiency indicators and high standard producers. Beside lack of technological standards and efficiency, adverse trend of output and input price – mainly feed price – impact low profitability.
Realization of technological developments and improvements according to international tendency, which affect directly or indirectly the efficiency and costs of broiler fattening are determining in point of realizable profit

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73
Energy use – in terms of efficiency
Published February 3, 2016
61-66

In the recent decades it has become apparent that the human race can lead to a polluting and energy- wasting lifestyle and the depletion of natural resources and an ecological disaster as well.

Energy efficiency is the realization of the chance to see a wider use of renewable energy. Renewable energy sources can be found in large quanti...ties in Europe. A proper exploitation of these would be important because of the "traditional" energy sources’s sate is very critical in many ways.

The utilization of renewable energy sources depends on many factors. The local natural conditions significantly determine each country's different renewable energy potentials. I find to be important the natural conditions, such as, solar radiation intensity , the number of sunny days per year, the wind conditions , the volume and their energy characteristics of the geothermal power resources , land features , soil and rock quality, the supply of fossil fuels or the nuclear possibilities of energy production. The economic environment is also a major influencing factor for the utilization of renewables. The conditions of price of fossil fuels (natural gas, oil and coal), the price of nuclear fuel production and other energy costs significantly influence the demand for renewables, as well as the level of subsidy and government tax policy. In addition, the international and national programs, objectives, strategies, subsidies and regulatory measures as well as technological factors can have a significant impact.

In my paper I point out the opportunities of renewable energy should be given to live. Nowadays the positive effects of their use is undisputed. In addition to the environmentally friendly produced energy, we should strive for energy conservation and energy efficiency as well. These expectations appear in practice, which can be directly perceived by citizens, in fact we should live accordingly. Furthermore, the environmentally relevant regulations of living conditions should appear as environmental demands.

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Hungary’s correspondence with the EU regulations regarding liquid bio fuels
Published July 28, 2008
119-128

During the recent years researchers from different countries have found that our environment is at risk. It has been recognised by the leaders of the member countries and they have made decisions together concerning environmental protection in several agreements, contracts. Unfortunately, these decisions have been weakened and adumbrated on num...erous occasions by certain interests.
However, the energetic exploitation of the biomass has been supported by the economic and social changes of the previous years, more specifically, that of the bio fuels. The significant increase in the price of the traditional energy sources, the import dependency of the countries, the foreseeable exhaustion of the resources, the changes occurred due to joining the EU are all such problems that facilitates the application of bio fuels, as a good solution.
Our country decided to modify the then existed bio fuel component rate of 2% to 5.75% which has to be achieved by 2010. Since then, in March 2007 it has been expanded to 10% until 2020 (concerning energy content). This decision was taken knowing that this year (2006) the bio fuel rate has been 0.5%. However, the rate of 2% has not been achieved even in the EU. One can understand that the implementation cannot be fulfilled without significant political decisions and support. The main reason for this is that the price of bio fuels is not competitive with the present fossil-origin energy prices in Hungary. So in 2007 several regulations were modified. The most important one is perhaps the regulation of the revenue tax, which caused the successful tax-differentiation concerning bio fuels in more member states between 2007 and 2008. Its essence is that the revenue tax is not decreased, but if the fuel does not contain a bio fuel component of 4.4 bulking percentage per litre, „punishment” tax has to be paid. Moreover, on behalf of the implementation, regulations concerning bio fuels and bio fuel components are improving
At present the production and the application of bio fuels without any support are not economical yet. That is why it is important to emphasize the support policy of our country. After joining the Union, the new members can receive some shares from the direct disbursements, but only a tan increasing rate, we can achieve the 100% in 2013, though there is an opportunity for national contribution. Energy plants produced in agriculture receive separate supplementary support which is an advantageous opportunity for the farmers of the sector. Bio fuels cannot only be supported through agriculture, of course, but by research development, investment etc.
All in all, it can be concluded that Hungary seeks to fulfil the EU responsibilities taken and by this, to contribute to the maintenance of the sustainable progress, decrease of environmental pollution and the import dependency of energy sources.

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Development of maize production technology that increase the efficiency of bioethanol production
Published November 2, 2009
17-26

Maize is one of the most important crops worldwide and also in Hungary, it can be utilized for multiple purposes: as a feedingstuff, for human nutrition and for industrial processing. In the last decades, the per ha yield of maize varied greatly in Hungary, between 2004 and 2006, it was 6.82-7.56 t/ha, while in 2007, it was only 3.6 t/ha. Resul...ting from this, the price of maize became 2-2.5 times higher. The high price hinders bioethanol production. The largest per ton amount of bioethanol, 387 l, can be produced from maize.
In addition to its classical utilization as feed and food, the industrial use (especially for bioethanol production) of maize is increasin.
For industrial production, a new production technology is needed. I tested and selected hybrids appropriate for this purpose and set up fertilization and plant density experiments. The experiment were set up on chernozem soil in 2007.
The applied fertilization treatment was N 120, P2O5 80 uniformly, and five different dosages of potassium: K2O 0, K2O 100 (KCl), K2O 100 (Kornkáli), K2O 200 (KCl), K2O 200 (Kornkáli) kg/ha active ingredient. The applied plant densities were 40, 50, 60, 70, 80, 90 thousand plants/ha.
The yield of maize hybrids in the fertilization experiment ranged between 10.53 – 14.62 t/ha. Both regarding the form and dosage, 100 kg/ha Kornkáli proved to be the best potassium treatment. Regarding the inner content parameters, the highest starch content in the average of treatments was obtained for the hybrid PR36K67: 73.57%, and its yield was also the highest, so this hybrid proved to be the most suitable for bioethanol production. The highest protein content was observed for the hybrids KWS 353 (12.13%), which can be favourable for feeding purposes.
Most of the hybrids gave the highest yield at 80 thousand plants/ha plant density, however, hybrids PR36K67 and Mv Tarján achieved the highest yield at 90 thousand plants/ha.
In bioethanol production, the selection of a high-yielding hybrid with high starch content, a slight reduction of N, increase of potassium, the application of the highest plant densities of the optimum interval, harvest at full maturity (when starch content is the highest compared to protein content) are of great importance. 

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How can we determine the expected prices for lambs? – Analysis of the Hungarian and Italian lamb prices
Published July 28, 2008
59-67

The Hungarian sheep sector has become a one-market sector, almost the whole amount of slaughter lamb went to Italy, which increased its defenselessness. In addition to the sole Italian market showing a permanent demand for Hungarian lambs, it would worth to exploit possibilities in other European markets considering the seasonal differences in ...Italian prices. Such markets can be the Spanish and Greek for ”light” and the French, German and English markets for ”heavy” lambs. Both the Italian and Hungarian prices have three major periods: Easter, Ferragusto and Christmas. Due to the changes in the prices, the producers often suffer great losses, therefore, the temporal adaptation of production, market research, technological and development activities need to be improved. It is important that the living of Hungarian sheep breeders should not be dependent solely upon the Italian market, distribution of products should be ensured in other markets too, so that the safety of sales be increased and higher prices and higher income could be achieved. The European lamb prices are characterized by large seasonal fluctuation and the degree and timing of changes are different in the different countries. Study of the literature and the results obtained in my study on lamb sales called for an analysis and study of the possibilities of price forecasting. In my study, I performed a forecasting of lamb prices in Hungary and Italy for the period between 1996 and 2006 based on the data of the European Committee. Among the forecasting methods, seasonal decomposition and SARIMA models are the most precise, producers can achieve a better market position by using these in the practice.

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70
Alternative protein sources in the nutrition of farm animals
Published September 5, 2018
21-31

Protein requirement and its demand of farm animals became one of the critical problems in nutrition on a global scale. Protein requirement has been an explicit demand for a long period with soybean meal and animal protein, but recently there are some limitations in relation to their use and the availability of the high quality fishmeal decrease...s constantly. For this reason there is increased demand for finding new protein sources which could be the alternatives of soybean meal and fishmeal. Alternative protein sources can be divided into seven categories, according to their origin. In different countries, their use depends on the availability in large quantity and at reasonable price.

There is a long tradition of using legume seeds, as alternatives of soybean. Most of them contain some anti-nutritive compounds, but it can be reduced with systematic selection. Oilseed meals are also generally use in poultry and pig nutrition, but those crude protein content varied, depending on the oil extraction technology. Green fodder and leaf protein was also proposed as alternative protein sources, but their use is limited, in particular because of the market price. The amount of bioethanol and starch industry by-products increases gradually in recent years, therefore those became alternatives of soybean meal, or in much less extend, fishmeal. However, amino acid composition of such by-products are far from optimal for poultry and pig; therefore, in the case of their use amino acid supplementation is necessary. Several novel protein sources are proposed in the last decade, such as algae or insect proteins. Recently, their availability and use is limited, but in the near future those would be alternative protein sources in monogastric animal nutrition.

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202
Production and economic risk analysis of pig fattening
Published April 8, 2014
171-176

I prepared a “model farm” producing fattening pigs in order to examine the main risk of production and market factors affecting the profitability of fattening pig production. Values of body weight (at the beginning of fattening and at the end of fattening), mortality rate, feed conversion ratio (FCR) of fattening pig as well as the main cos...t and price data were recorded as the input data of the model. Production value per unit, production cost per unit and income per unit were used as output. The Monte-Carlo simulation was used in the model for risk assessment. Based on the results of the analysis, it was concluded that the production value per unit was most affected by the selling price of fattening pig (ß=0.972), the production cost per unit were most influenced by the body weight at the beginning of fattening (ß=0.567) and the feed conversion ratio (ß=0.537), in addition, the change of the income per unit was most determined by the previously factors.

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126
Economic Aspects of Winter Wheat and Sunflower Production Under Organic Farming Methods
Published May 4, 2004
256-261

On the basis of data from selected organic crop producing farms around Hortobagy and a significant conventional agricultural enterprise, the efficiency calculation of two important crops, winter wheat and sunflower were compared to each other, according to the organic and the conventional farming methods. The analysis was carried out on the bas...is of data of the year 2002, helped by the calculation and the comparison of the efficiency indexes. According to the results, the organic winter wheat was more highly profitable in 2002 than the conventional one, and this is because the price ratio of the two was quite high, however the yields and the production costs per hectare were almost on the same level. Considering the sunflower, organic farming was less productive than the conventional one in 2002, as the average yield in the examined organic farms was significantly lower than under the conventional farming method, and this was not compensated by the extra price for the organic crop product.

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101
A földhasználat alakulása az ezredfordulón - egy felmérés eredményei
Published March 27, 2002
58-66

There were no significant changes in land ownership and use in 2000, compared to the period following the compensation process. Land is mainly owned by people who do not want to use their property, so they generally turn to renting it out to others. Although farming on rented land is performed under various conditions, farms try to rent the lan...ds of better quality. In general, examined farms would like to increase their size by tenancy or land purchase. Buying land is a good investment, considering the price increase in the future, but because of the lack of capital, tenancy remains the main form of territory increase.
Farms which rent land are in connection with a lot of owners, the land within their use is frittered away, it is in a lot of parts. Most rental contracts are written, but the ratio of oral contracts is still quite high. To reduce this ratio is one future aim. One more characteristic of the rental contracts is the dominance of a medium length period – which is acceptable for both the owner and user, but the ratio of short time contracts is still high. Land rent, on average for the examined farms, is quite balanced, it is on the level of about 16.000 HUF/hectare.
The land users mainly pay the same land rent to the owners, but in some cases, there are exceptions. Generally, land rent is a fix cost, but sometimes this cost depends on the level of the yield or the change of product price. Land rent, on average, is 16% within the production costs on the examined farms, which try to choose better and larger lands for rent. Sometimes, farmers can pay higher land rent for the unit of better land, but this is not a general tendency. It is mainly true that they pay the same land rent for the unit, regardless of land quality. Land owners can not interfere in the use of their land within the rental period, and also is a main characteristic of contracts that important particulars are not spelled out sufficiently by the partners. It follows that their content has to be improved in the future.

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Stability and development of Transdanubian agricultural enterprises
Published June 1, 2021
77-82

Personal fulfilment, financial security, flexibility, relationships, information, rules - these are all hallmarks of entrepreneurship. Furthermore, one more important factor should be added to the list, which enables satisfaction resulting from reliable income and self-fulfillment: this is openness. An open mind to changes, to novelties, an...d to the workforce is necessary. The central question of the present research is how to effectively develop Hungarian small and medium-sized agricultural enterprises, especially in the Transdanubian region, by utilizing these factors. In addition to production, institutional and price risks, agricultural enterprises, like other sectors, are also affected by massive labour shortages and resource-intensive development objectives. In the research, primary agricultural producers, micro, small and medium-sized enterprises were surveyed through questionnaire in the second and third quarters of 2019. Using the snowball method, both the development opportunities and the risks were mapped in this sector, mostly among growers. The research results show that there is a correlation between satisfaction and development and favorable workplace relationships. These correlations were presented by demonstrating the relationship between technological development, income satisfaction, stable job creation, and the need to try new developments. However, there seems to be an invisible boundary to development in the examined field, which may stem from uncertainty, and yet, it is important to maintain development and learning activity so that the right knowledge and know-how is available to the business when needed. Since the results show that there is a lack of openness to new technologies among the farmers in the studied region, and this may pose a problem in the future in terms of meeting the expectations of precision farming, it is recommended to focus on innovation in the agricultural sector in Hungary.

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68
Managing risk using real options in company’s valuation
Published April 8, 2014
125-132

The valuation of company is very important because provides information about the current value/situation of company, and through this, provide the opportunity of choosing the best company’s growth alternatives. The future strategic decisions are characterized by lack of knowledge, information, so all measures of company’s growth are closel...y linked with uncertainty and risk. The company’s valuation process is also related with uncertainty and risk. The risk may result both from the assessed assets and the technique used. In literature, we could find three approaches for risk management: capital budgeting based method, methods based on portfolio analysis and real options approach of risk management. Among them, the real options based methods is the most revolutionary approach for risk management. The advantages of the method, consists in the fact, that the process of establishing strategic decisions integrates the possibility of reversibility, delay and rejections, which isn’t it possible at two previous methods. The method also takes into account the total risk of company, so both the company-specific and systematic risk. In this study, I have used one of the best-known real option based method, the Black-Scholes model, for determining the option’s value. Determination of option value is based on the data of enterprise, which was tested Monte Carlo simulation. One of the basic assumptions of the Black-Scholes model is that the value of option is influenced by several factors. The sensitivity of option’s value could be carried out with so-called “Greeks”.. In the study the sensitivity analysis, was carried out with indicators Delta (Δ), Gamma (Γ) and Vega (ν). The real options based risk management determinations were performed in the R-statistics software system, and the used modules are 'fPortofio' and 'mc2d'. By using of real options method, I have calculated the average value of company capital equal with 38.79 million. By using simulation was carried out 1000 runs. The results of this show a relatively low standard deviation, small interquartile range and normal distribution. In the calculation of indicator Delta, could be concluded the value of company moves in 0.831 proportion to the price of options, the standard deviations of index is low, so the real option based method could be used with success in company’s value estimation. The Gamma index shows the enterprise value is sensitive just for large changes. The result of Vega reflects the value of option, so the company’s value volatility, which is small in this case, but this means a volatility of value. In summary, we can conclude that the call options pricing model, well suited for the determination of company’s value.

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121
Complex problem analysis of the Hungarian milk product chain
Published November 20, 2011
43-47

Hungarian dairy sector went through significant changes in past two decades. The most significant changes were caused by our accession to the European Union. In Hungary milk production remarkably declined after EU accession. The size of our dairy herd has been practically reducing since the political transformation, but increasing yields per co...w could compensate it in some way and for some time. However, in recent years, increasing yield per cow came to a stop and in parallel, the number of cows declined further and faster. Low prices, high production costs and tightening quality requirements ousted several producers from the market in past years. Feeding cost represents the highest rate in cost structure of production, but animal health expenditures and various losses are also significant. There are undeniably competitive disadvantages in the level of organisation and labour productivity; however competitiveness already depends on cost effectiveness in the medium run. In Hungary concentration of the dairies is relatively strong in spite of the relative high number of corporations. The dairies compete with each other and with the export market for the raw material and the better exploitation of their capacities. Applied technology of the Hungarian dairies lags behind the Western-European competitors’; in addition they have handicaps in efficiency and product innovation. Presence of chain of stores being dominant in sale of milk products does also not favour in all respects to the position of the dairies. The aforementioned retail chains are namely consumer-centric, engage in price follower conduct and weaken the position of the dairies with their private label products. As a result of increasing import of milk and milk products Hungary became a net importer in recent years. Today, disposable income still essentially determines the consumption habits of price-sensitive consumers. Loyalty for Hungarian products is not typical, consumers are open for import products being preferred by retail chains. In addition Hungarian milk and milk product consumption is about half of the Union average and it is far behind the level being necessary for healthy eating. In Hungary lack of competitiveness and vertical integration relationships and backwardness are revealing among the dairy farmers and the dairies, while chain of stores are in unprecedented “monopolistic situation”; the whole sector can be characterised by defencelessness. 

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83
Use of Forecasting Methods in Price Analyses
Published May 11, 2003
240-247

The cost of products changes not only seasonally in relation to time, but also follows a hectic motion. It is necessary for the farmers to calculate in advance the size of the future income, which is one of the basic conditions of the economical production. Many authors have examined the change of the prices but since the tendency of the change... of the prices can be only rarely observed purely by itself, therefore it is difficult to separate it. During my research I examined how the monthly prices of corn and the monthly buying prices of pigs for slaughter have changed since 1991 and how much their future value will be. I examined how much is the α factor wich gives the minimal residual variation in case of the Brownian dual exponential smoothing and the corrected dual exponential smoothing and how will the future (2002) prices, which were in this way calculated, change compared to their real market prices.

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Economic questions of maize production on different soil types
Published November 13, 2012
289-292

The requirements and objective of cultivation are in constant change. For example, different cultivation systems are developed for the purpose of soil protection, the preservation of its moisture content and on soils with various precipitation supply or production site conditions. Traditionally, one of the most important cultivation aims is cro...p needs. Further cost saving in fertilisation and crop protection can only be achieved by reducing the quality and quantity of production or it cannot be achieved at all. Furthermore, the costs can be significantly reduced by means of the rationalisation of cultivation. Energy and working time demand can also be notably reduced if ploughing is left out from the conventional tillage method. The key requirement of economicalness is to perform the cultivation at the optimal date, moisture level and the lowest possible cost.
Within production costs, the cost of cultivation is between 3–17%, while they are between 8–36% within machinery costs. It is the vital condition the usability of each technological method to progressively reduce costs. Our evaluation work was carried out with the consideration of the yield data obtained from cooperating farms and the experiment database of the Institute for Land Utilisation, Regional Development and Technology of the Centre for Agricultural and Applied Economic Sciences of the University of Debrecen. Three technological methods (ploughing, heavy cultivator and loosening tillage) were used on several soil types which differ from in terms of cultivability (chernozem, sandy and sandy clay soils) from the economic/economical aspect. We examined the sectoral cost/income relation of maize production as an indicator plant. The maize price during the analytical period was 45 thousand HUF per t. On chernozem soils, the production of maize can be carried out on high income level, while maize production on sandy soils has a huge risk factor. The role of cultivation is the highest on high plasicity soils, since they have a huge energy
demand and the there is a short amount of time available for each procedure in most cases.

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100
Deproteinized plant juice as part of circular economy: A short review and brief experimental data
Published December 1, 2020
23-26

As the population of the Earth is constantly growing it generates an unmet demand for protein, which is an urgent problem. The protein extraction process is a potential solution, which offers high-quality plant protein suitable for animal and human nutrition at a favorable price. The process used within our project produces green juice from... the green alfalfa biomass through pressing. After the coagulation of protein from this green juice, the by-product is called DPJ (Deproteinized Plant Juices) or brown juice. Our preliminary results match the international literature, namely that brown juice take up as much as 50% of the fresh biomass in weight. To utilize this by-product is a crucial part of the process to make it environmental-friendly and financially viable as well. The examined brown juice samples came from a small-scale experiment of alfalfa varieties carried out in the experimental farm at the University of Debrecen. According to our preliminary results, brown juice has high macro- and micronutrient values, furthermore, it has a potentially high amount of antioxidant compounds. The study highlights that brown juice is suitable as an ingredient in microbiological media, in plant nutrition as a supplementary solution, for feedstock and for preparing human food supplements or functional foods. The potential utilization of all biorefinery products makes it a very appropriate technology for today’s challenges.

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