Viktor Bazylevych

The article presents the results of theoretical review and summarizing of materials regarding the interpretation of the nature and role of human capital. It is the main strategic resource capable of solving complex problems for the country’s transition to “green economy”. Human capital is considered as a totality of certain personal, social, professional and business skills, as well as an important investment resource, the use of which contributes to the efficiency of production. Considerable attention is devoted to the methodological aspects of the human capital’s study. Despite the importance of the problem of productive use of human capital, the relationship of quality, motivation of personnel and efficiency of its use has not been sufficiently studied, which led to the need of a more detailed study of this issue with the use of sampling, monographic studies and statistical methods for the research of stochastic relations. The study included the following stages: analysis and assessment of the level of development of the human capital of Kazakhstan compared to the developed countries, identification of factors that influence the use of this capital and calculation of strength of their relationship; formation of proposals regarding the accumulation, effective use and further development of human capital in the agricultural sector of the economy.

Keywords: agriculture, human capital, efficiency, Kazakhstan.
JEL Classification: E24, J24, M53, O15, Q13

To improve the efficiency of organic farming, it is important to improve the management of agricultural enterprises (agrarian management). The research was based on the hypothesis that adequate provision with and the use of fixed assets, as well as the concentration of production, play a decisive role in improving the efficiency of organic farming. This makes it possible to minimize the cost of conducting environmentally safe agro-technical and biocenotic measures, as well as reducing specific production costs.
To identify the reasons that hinder the development of organic farming in Ukraine we conducted a survey of managers of 80 agrarian enterprises from different regions specializing in the growing and export of grain (including organic). 65% of the surveyed managers indicated that the reason for non-implementation of organic production was an expected increase in production costs and a decrease in profitability compared to the traditional production methods. The respondents mentioned the lack of logistics infrastructure as the second obstacle according to the intensity of its impact – 25.9% of responses.
It has been established that in Ukraine, in comparison with other countries, there is a negative tendency for companies to save money on expanded reproduction and improvement of production technologies. The analysis shows that in most countries organic farming is conducted mainly by small farms, while in Ukraine big farms are certified. In the conditions of the shortage of credit resources necessary for updating the material and technical base, monopolization of the market of organic seeds and systematic growth of prices on resources, big farms are the ones to increase the concentration of organic farming and the means to achieve the necessary efficiency of production.

The paper examines the bias introduced by metaorder limit prices when measuring quality of execution services on financial market. While evaluating the quality of execution services, observed execution costs should be adjusted for metaorder participation rate, size and duration to ensure that they are comparable across execution service providers. One of the exogenous factors which may bias measured execution costs are the different metaorder limit prices in the sample. Currently, there are no proposed methods to normalize for this bias. In the research, the difference in execution costs for metaorders with different limit prices was examined by implementing a limit order book simulation model. It was discovered that the difference in metaorder limit prices is a source of significant heterogeneity in the execution cost distribution. However, we were able to prove that when market agents trade with constant intensities, the difference in execution costs for metaorders with different limit prices is fully explained by their realized participation rate. As a result, financial institution may assess quality of execution services for metaorders without any reservations about differences in metaorders limit prices as long as execution costs are adjusted for different participation rates.