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Product Characteristics And Arbitrage In The Australian And New Zealand Wool Markets

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  • Angel, C.
  • Beare, Stephen
  • Zwart, A.C.
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    Abstract

    The physical characteristics of wool are important determinants of its spinning properties, yarn quality and end use. The degree to which wools from different countries of origin may be substituted has important implications for the domestic marketing policies of Australia and New Zealand. The hypothesis examined in this paper is that the differences in wool prices can be explained by differences in the physical characteristics of the wool and that objective measures of these characteristics allow for effective arbitrage between these markets. The alternative hypothesis is that premiums or discounts exist owing to country of origin. A hedonic price analysis was conducted on wool prices in Australia and New Zealand using a balanced sample of sale lot data from the 1986-87 selling season. In the year examined, there was no evidence of any price premiums associated with country of origin.

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    File URL: http://purl.umn.edu/22501
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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): 01 (April)
    Pages:

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    Handle: RePEc:ags:ajaeau:22501

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    Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
    Phone: 0409 032 338
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    Related research

    Keywords: Crop Production/Industries; Marketing;

    References

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    1. 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(02), December.
    2. 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. Fraser, Iain & Waschik, Robert, 2006. "A Computable General Equilibrium Analysis of Export Taxes in the Australian Wool Industry," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 139733, Australian Agricultural and Resource Economics Society.
    2. Brown, Colin G., 1997. "Chinese wool auctions: Failed agribusiness reform or future marketing channel?," China Economic Review, Elsevier, vol. 8(2), pages 175-189.

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