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Supply Response In The Australian Sheep Industry: A Profit Function Approach

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  • Fisher, Brian S.
  • Wall, Charles A.
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    Abstract

    Profit function models for the three major regions in which the Australian sheep industry operates are specified and estimated. The supply response elasticity estimates are made using a normalised quadratic functional form and time series cross-sectional data. Elasticity estimates, together with their confidence intervals, are presented for the pastoral, wheat-sheep and high rainfall zones. In general, the supply response elasticity estimates derived in this study are lower than those previously reported for studies in which little or no account has been taken of the multi-product nature of Australian agriculture.

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    File URL: http://purl.umn.edu/22445
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    Bibliographic Info

    Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.

    Volume (Year): 34 (1990)
    Issue (Month): 02 (August)
    Pages:

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    Handle: RePEc:ags:ajaeau:22445

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    Keywords: Demand and Price Analysis;

    References

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    1. Vincent, David P & Dixon, Peter B & Powell, Alan A, 1980. "The Estimation of Supply Response in Australian Agrucilture: The CRESH/CRETH Production System," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 221-42, February.
    2. Carter, Richard A. L. & Nagar, Anirudh L., 1977. "Coefficients of correlation for simultaneous equation systems," Journal of Econometrics, Elsevier, vol. 6(1), pages 39-50, July.
    3. Fisher, Brian S. & Munro, Robyn G., 1983. "Supply Response In The Australian Extensive Livestock And Cropping Industries: A Study Of Intentions And Expectations," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 27(01), April.
    4. Fisher, Brian S., 1975. "Supply Response In The Wheat-Belt Of South-Eastern Australia: The Impact Of Delivery Quotas On Wheat Plantings," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 19(02), August.
    5. Pandey, Sushil & Piggott, Roley R. & MacAulay, T. Gordon, 1982. "The Elasticity Of Aggregate Australian Agricultural Supply: Estimates And Policy Implications," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 26(03), December.
    6. Laitinen, Kenneth, 1978. "Why is demand homogeneity so often rejected?," Economics Letters, Elsevier, vol. 1(3), pages 187-191.
    7. Jarvis, Lovell S, 1974. "Cattle as Capital Goods and Ranchers as Portfolio Managers: An Application to the Argentine Cattle Sector," Journal of Political Economy, University of Chicago Press, vol. 82(3), pages 489-520, May/June.
    8. Lawrence, Denis & McKay, Lloyd, 1980. "Inputs, Outputs And Productivity Change In The Australian Sheep Industry," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(01), April.
    9. Engle, Robert F., 1984. "Wald, likelihood ratio, and Lagrange multiplier tests in econometrics," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 13, pages 775-826 Elsevier.
    10. Adams, Philip D., 1987. "Agricultural Supply Response in ORANI," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 55(03), December.
    11. Fisher, Brian S., 1974. "A Quarterly Model Of Agricultural Investment In Australia," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 18(01), April.
    12. Derrick, Frederick W & Wolken, John D, 1985. "The Effects of Price Aggregation Bias in Systems of Demand Equations," Journal of Business & Economic Statistics, American Statistical Association, vol. 3(4), pages 325-31, October.
    13. McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1982. "Production Flexibility and Technical Change in Australia's Wheat-Sheep Zone," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(01), April.
    14. S. Pandey & Roley R. Piggott & T. Gordon MacAulay, 1982. "The Elasticity Of Aggregate Australian Agricultural Supply: Estimates And Policy Implications," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 26(3), pages 202-219, December.
    15. Lau, Lawrence J., 1978. "Applications of Profit Functions," Histoy of Economic Thought Chapters, in: Fuss, Melvyn & McFadden, Daniel (ed.), Production Economics: A Dual Approach to Theory and Applications, volume 1, chapter 3 McMaster University Archive for the History of Economic Thought.
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    Cited by:
    1. Culas, Richard J., 2014. "Determinants of land use in wheat production: The Australian wheat-sheep zone," 2014 Conference (58th), February 4-7, 2014, Port Maquarie, Australia 165826, Australian Agricultural and Resource Economics Society.
    2. Vilaphonh Xayavong & Nazrul Islam & Ruhul Salim, 2011. "Estimating Production Response of Broadacre Farms in Western Australia: The Nexus of Empirics and Economics Revisited," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(3), pages 217-232, December.
    3. Nguyen, Duong T.M. & McLaren, Keith Robert & Zhao, Xueyan, 2008. "Multi-Output Broadacre Agricultural Production: Estimating A Cost Function Using Quasi-Micro Farm Level Data From Australia," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 6009, Australian Agricultural and Resource Economics Society.
    4. Agbola, Frank W., 2005. "Optimal intertemporal investment in Australian agriculture: An empirical investigation," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 6(2), August.
    5. Vere, D. T., 1998. "Investigating improved pasture productivity change on the New South Wales tablelands," Agricultural Economics, Blackwell, vol. 18(1), pages 63-74, January.
    6. Kingwell, Ross S., 1994. "Effects of Tactical Responses and Risk Aversion on Farm Wheat Supply," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 62(01), April.
    7. Griffiths, William E. & O'Donnell, Christopher J. & Cruz, Agustina Tan, 1999. "Imposing Regularity Conditions On A System Of Cost And Factor Share Equations," Working Papers 12925, University of New England, School of Economics.

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