Relative Economic Efficiency in the Australian Grazing Industry
AbstractThe Lau and Yotopoulos restricted profit function methodology for testing for differences in economic efficiency and its components of allocative and technical efficiency is applied to data from grazing properties in the High Rainfall Zone of New South Wales. Tests are made on the basis of property size and operator's age. Larger farms are found to be significantly more economically efficient than smaller farms. The range of data considered in this study is found to exhibit constant returns to scale. Operator's age is found to have no effect on economic, allocative or technical efficiency and both younger and older operators are found to allocate variable inputs optimally. Finally, the usefulness of the methodology for examining issues related to economic efficiency in the Australian agricultural sector is assesed.
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Bibliographic InfoArticle provided by Australian Agricultural and Resource Economics Society in its journal Review of Marketing and Agricultural Economics.
Volume (Year): 49 (1981)
Issue (Month): 01 (April)
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Livestock Production/Industries; Productivity Analysis;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1980. "Input Demand and Substitution in the Australian Sheep Industry," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(02), August.
- Sidhu, Surjit S, 1974. "Relative Efficiency in Wheat Production in the Indian Punjab," American Economic Review, American Economic Association, vol. 64(4), pages 742-51, September.
- Trosper, Ronald L, 1978. "American Indian Relative Ranching Efficiency," American Economic Review, American Economic Association, vol. 68(4), pages 503-16, September.
- Yotopoulos, Pan A & Lau, Lawrence J, 1973. "A Test for Relative Economic Efficiency: Some Further Results," American Economic Review, American Economic Association, vol. 63(1), pages 214-23, March.
- Byron, R P, 1970. "The Restricted Aitken Estimation of Sets of Demand Relations," Econometrica, Econometric Society, vol. 38(6), pages 816-30, November.
- Atkinson, Scott E & Halvorsen, Robert, 1980. "A Test of Relative and Absolute Price Efficiency in Regulated Utilities," The Review of Economics and Statistics, MIT Press, vol. 62(1), pages 81-88, February.
- 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.
- Lau, Lawrence J & Yotopoulos, Pan A, 1971. "A Test for Relative Efficiency and Application to Indian Agriculture," American Economic Review, American Economic Association, vol. 61(1), pages 94-109, March.
- Fraser, Iain & Horrace, William C., 2002.
"Technical Efficiency of Australian Wool Production: Point and Confidence Interval Estimates,"
2002 Conference (46th), February 13-15, 2002, Canberra
125084, Australian Agricultural and Resource Economics Society.
- I. Fraser & W. Horrace, 2003. "Technical Efficiency of Australian Wool Production: Point and Confidence Interval Estimates," Journal of Productivity Analysis, Springer, vol. 20(2), pages 169-190, September.
- Iain Fraser & William C. Horrace, 2002. "Technical Efficiency of Australian Wool Production: Point and Confidence Interval Estimates," Public Economics 0206001, EconWPA, revised 11 May 2003.
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