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The Collapse of the Australian Wool Reserve Price Scheme

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  • Bardsley, Peter

Abstract

This paper examines the background to the collapse of price stabilization under the Australian Wool Reserve Price Scheme in 1991-92 and draws out implications for the feasibility of goverment backed price stabilization schemes. Optimal control techniques are applied to the problem of valuing stabilization stockpiles. Option pricing techniques are used to elucidate the incentives facing the industry and to explain why the industry adopted policies that drove the scheme to its collapse. Copyright 1994 by Royal Economic Society.

Suggested Citation

  • Bardsley, Peter, 1994. "The Collapse of the Australian Wool Reserve Price Scheme," Economic Journal, Royal Economic Society, vol. 104(426), pages 1087-1105, September.
    • Handle: RePEc:ecj:econjl:v:104:y:1994:i:426:p:1087-1105
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    1. 266 – Supply and demand: The wool crisis
      by David Pannell in Pannell Discussions on 2014-05-05 20:13:27

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    Cited by:

    1. Brian D. Wright, 2012. "International Grain Reserves And Other Instruments to Address Volatility in Grain Markets," The World Bank Research Observer, World Bank, vol. 27(2), pages 222-260, August.
    2. Chang, Hui-Shung (Christie), 2000. "A Cointegration Analysis of Wool Prices," Working Papers 12929, University of New England, School of Economics.
    3. Jackson, Elizabeth & Quaddus, Mohammed & Islam, Nazrul & Stanton, John & Hoque, Zohurul, 2007. "A Multi-Disciplinary Approach For Determining Adoption Of Agricultural Price Risk Management Strategies," 81st Annual Conference, April 2-4, 2007, Reading University, UK 7985, Agricultural Economics Society.
    4. Peter Bardsley & Nilss Olekalns, 1996. "Wool Price Variability In The Long Run," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 40(1), pages 51-61, April.
    5. 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.
    6. Waschik, Robert & Fraser, Iain, 2007. "A computable general equilibrium analysis of export taxes in the Australian wool industry," Economic Modelling, Elsevier, vol. 24(4), pages 712-736, July.
    7. Akiyama, Takamasa & Baffes, John & Larson, Donald F. & Varangis, Panos, 2003. "Commodity market reform in Africa: some recent experience," Economic Systems, Elsevier, vol. 27(1), pages 83-115, March.
    8. Leishman, David & Menkhaus, Dale J. & Whipple, Glen D., 1999. "Revealed Comparative Advantage And The Measurement Of International Competitiveness For Agricultural Commodities: An Empirical Analysis Of Wool Exporters," 1999 Annual Meeting, July 11-14, 1999, Fargo, ND 35691, Western Agricultural Economics Association.
    9. Paul Cashin & Hong Liang & C. John McDermott, 2000. "How Persistent Are Shocks to World Commodity Prices?," IMF Staff Papers, Palgrave Macmillan, vol. 47(2), pages 1-2.
    10. Smith, Vincent H., 1998. "Measuring the benefits of social science research," Impact assessments 2, International Food Policy Research Institute (IFPRI).
    11. Ross Kingwell, 2021. "Agriculture’s carbon‐neutral challenge: The case of Western Australia," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 65(3), pages 566-595, July.
    12. Christophe Gouel, 2014. "Food Price Volatility and Domestic Stabilization Policies in Developing Countries," NBER Chapters, in: The Economics of Food Price Volatility, pages 261-306, National Bureau of Economic Research, Inc.
    13. Donald F. Larson & Julian Lampietti & Christophe Gouel & Carlo Cafiero & John Roberts, 2014. "Food Security and Storage in the Middle East and North Africa," The World Bank Economic Review, World Bank, vol. 28(1), pages 48-73.
    14. 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.
    15. Ross Kingwell, 2021. "Making Agriculture Carbon Neutral Amid a Changing Climate: The Case of South-Western Australia," Land, MDPI, vol. 10(11), pages 1-20, November.
    16. Lim, Terence & Lo, Andrew W. & Merton, Robert C. & Scholes, Myron S., 2006. "The Derivatives Sourcebook," Foundations and Trends(R) in Finance, now publishers, vol. 1(5–6), pages 365-572, April.

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