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Potential returns to the Australian sheep and wool industries from effective R&D and promotion investments and their sensitivities to assumed elasticity values

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  • Mounter, Stuart W.
  • Griffith, Garry R.
  • Piggott, Roley R.
  • Fleming, Euan M.
  • Zhao, Xueyan
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    Abstract

    Mounter et al. (2007) developed an equilibrium displacement model (EDM) of the Australian sheepmeat and wool industries. In this paper the EDM is used to estimate the potential annual returns and their distribution among the various industry sectors for nine hypothetical investment scenarios. Initially, the EDM is solved for the base set of parameter values. A formal stochastic sensitivity analysis is then undertaken to account for the uncertain parameter values in the model. The results were found to be relatively robust to different parameter values, indicating that the model as specified provides a credible framework to estimate and compare the potential impacts from new technologies, generic promotions and other industry changes in a consistent way.

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    Bibliographic Info

    Article provided by University of Melbourne, Melbourne School of Land and Environment in its journal Australasian Agribusiness Review.

    Volume (Year): 16 (2008)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:ags:auagre:125732

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    Web page: http://www.agrifood.info/review/

    Related research

    Keywords: equilibrium displacement model; EDM; wool industry; stochastic sensitivity analysis; generic promotions; Agribusiness; Agricultural and Food Policy; Farm Management; Livestock Production/Industries; Marketing; Research Methods/ Statistical Methods; ISSN 1442-6951;

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    1. Mounter, Stuart W. & Griffith, Garry R. & Piggott, Roley R. & Fleming, Euan M. & Zhao, Xueyan, 2008. "An Equilibrium Displacement Model of the Australian Sheep and Wool Industries," Research Reports 37663, New South Wales Department of Primary Industries Research Economists.
    2. Pannell, David J., 1997. "Sensitivity analysis of normative economic models: theoretical framework and practical strategies," Agricultural Economics, Blackwell, vol. 16(2), pages 139-152, May.
    3. Pannell, David J., 1997. "Sensitivity analysis of normative economic models: theoretical framework and practical strategies," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 16(2), May.
    4. John D. Mullen & Julian M. Alston & Michael K. Wohlgenant, 1989. "The Impact Of Farm And Processing Research On The Australian Wool Industry," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 33(1), pages 32-47, 04.
    5. Zhao, Xueyan & Griffiths, William E. & Griffith, Garry R. & Mullen, John D., 2000. "Probability distributions for economic surplus changes: the case of technical change in the Australian wool industry," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 44(1), March.
    6. Mullen, John D. & Alston, Julian M., 1994. "The Impact on the Australian Lamb Industry of Producing Larger Leaner Lamb," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 62(01), April.
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