This paper develops an international model of castor oil market in a perfectly competitive framework. The model is then estimated and validated. The empirical model is then used for policy experimentation using simulation teaching. The alternative scenarios considered are: (i) improvement in the extraction efficiency, (ii) devaluation of the rupee, (iii) improved industrial activity in the EEC, and (iv) increase in castor hectarage in China. In cases (i) & (iii) there is a possibility of higher production and exports of castor oil. In case (ii) increase in exports will be marginal but domestic bean and oil prices will increase significantly.
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Article provided by Department of Economics, Delhi School of Economics in its journal Indian Economic Review.
Volume (Year): 33 (1998) Issue (Month): 1 (January) Pages: 67-86 Download reference. The following formats are available: HTML
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