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Substitution Between Wools Of Different Fibre Diameter

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  • Beare, Stephen
  • Meshios, Helen

Abstract

The extent to which wools with different fibre characteristics can be substituted in textile production and consumption holds implications for Australia's international and domestic marketing policies. An analysis of price-induced substitution between Australian wools of different fibre diameters was conducted. Fibre diameter was used to parameterise cross-price relationships in order to estimate a system of demand equations for wools by diameter class. The results indicate that direct substitution takes place within a very limited range of fibre diameters. The use of product characteristics to parameterise price relationships may be extended to other graded commodities.

Suggested Citation

  • Beare, Stephen & Meshios, Helen, 1990. "Substitution Between Wools Of Different Fibre Diameter," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 34(1), pages 1-11, April.
    • Handle: RePEc:ags:ajaeau:22499
    DOI: 10.22004/ag.econ.22499
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    References listed on IDEAS

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    1. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    2. Skinner, J.N., 1965. "Some Factors Affecting The Clean Price Of Greasy Wool," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 9(2), pages 1-12, December.
    3. Jorgenson, Dale W., 1986. "Econometric methods for modeling producer behavior," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 3, chapter 31, pages 1841-1915, Elsevier.
    4. Simmons, Phil, 1980. "Determination of Grade Prices for Wool," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(01), pages 1-10, April.
    5. J.N. Skinner, 1965. "Some Factors Affecting The Clean Price Of Greasy Wool," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 9(2), pages 176-187, December.
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    Cited by:

    1. George Verikios, 2004. "A Model of the World Wool Market," Economics Discussion / Working Papers 04-24, The University of Western Australia, Department of Economics.
    2. Chang, Hui-Shung (Christie), 2000. "A Cointegration Analysis of Wool Prices," Working Papers 12929, University of New England, School of Economics.
    3. Verikios, George, 2009. "Modelling the world wool market: A hybrid approach," Economic Modelling, Elsevier, vol. 26(2), pages 418-431, March.
    4. Henry Haszler & Geoff Edwards & Anthony Chisholm & Phillip Hone, 1996. "The Wool Debt, the Wool Stockpile and the National Interest: Did the Garnaut Committee Get it Right?," The Economic Record, The Economic Society of Australia, vol. 72(218), pages 260-271, September.
    5. Templeton, Deborah J. & Griffith, Garry R. & Piggott, Roley R. & O'Donnell, Christopher J., 2004. "Measuring the Impact of Staple Strength-Enhancing Technologies on Australian Wool Producer Profits: A Duality-Based Approach," Working Papers 12922, University of New England, School of Economics.
    6. Chang, Hui-Shung (Christie), 2000. "Stability of price premiums for wool," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123621, Australian Agricultural and Resource Economics Society.
    7. Hanson, Phillip & Simmons, Phil, 1995. "Measures of Buyer Concentration in the Australian Wool Market," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 63(02), pages 1-7, August.

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