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ANALISIS RISIKO PERDAGANGAN BAWANG MERAH DENGAN VOLATILITAS HISTORIS DAN VALUE AT RISK YAN ADITYA PRADANA; LENNY PUSPITA DEWI; PUTRI BALQIS AL KUBRO; SATRIYO PRIYO HANDOKO; MUHAMMAD ULUL ALBAB; FRANSISKUS FIDO EKA KURNIA NUGRAHA
E-Jurnal Matematika Vol. 15 No. 3 (2026)
Publisher : Mathematics Department, Faculty of Mathematics and Natural Sciences, Udayana University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/MTK.2026.v15.i03.p511

Abstract

Shallots are one of Indonesia's most important horticultural commodities, however their prices are highly volatile, creating significant financial risks for farmers and traders. This study aims to quantify the price risk of shallot trading in East Java Province and Nganjuk Regency using historical volatility, Value at Risk (VaR), and Conditional Value at Risk (CVaR) based on rolling windows of 10, 20, &40 days. The log-return series were found to be non-normally distributed (Shapiro–Wilk, p<0.05) but stationary (ADF, p<0.05), supporting the use of the historical simulation approach. The results show that Nganjuk exhibits substantially higher price volatility than East Java, particularly over the 10-day rolling window. Consistent with this finding, the 95% VaR indicates that Nganjuk has a higher potential short-term loss than East Java (-0.0133 compared with-0.0065). Furthermore, CVaR provides a more conservative estimate of downside risk, indicating that the expected loss beyond the VaR threshold in Nganjuk is considerably larger than that estimated by VaR alone. These findings demonstrate that combining historical volatility, VaR, &CVaR provides a more comprehensive assessment of extreme price risk than volatility analysis alone, thereby extending the application of quantitative risk measurement to agricultural commodity trading and supporting risk management and policy decisions.
Valorization of Crab Shell Waste into Onion Sticks: Physicochemical Characteristics and Sensory Acceptance of Soft-Shell Crab and Blue Swimming Crab Shell Flours Santosa Pradana Putra Setya Negara; Dicky Pratama; Putri Balqis Al Kubro
Jurnal Penelitian Sains Teknologi Vol. 1 No. 2 (2025)
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/saintek.v1i2.19790

Abstract

Crab shell waste is an abundant fisheries by-product that remains underutilized despite its potential as a source of minerals and other valuable components. This study aimed to evaluate the physicochemical characteristics and sensory acceptance of onion sticks formulated with different types of crab shell flour. A Completely Randomized Design was applied using four treatments: control, soft-shell crab (Scylla serrata) shell flour, blue swimming crab (Portunus pelagicus) shell flour, and a mixture of both shell flours, with three replications. Analyses included moisture content, ash content, instrumental color (L*, a*, and b*), descriptive sensory evaluation by eight trained panelists, and hedonic testing by 50 untrained panelists. Data were analyzed using ANOVA followed by Duncan’s Multiple Range Test at a 5% significance level. Crab shell flour increased the ash content and modified the color characteristics of the onion sticks while enhancing crab-related aroma and flavor. Although shell flour increased the perception of sandy texture, crispness remained relatively stable across treatments. The hedonic evaluation showed that the soft-shell crab treatment achieved overall acceptance comparable to the control and exhibited a more favorable sensory profile than the blue swimming crab treatment. These findings indicate that soft-shell crab shell flour has potential as a value-added ingredient for onion stick production and as an alternative approach for utilizing crab shell waste.