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A Model of the World Wool Market

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  • Verikios, George

Abstract

This paper presents the theoretical and empirical structure of WOOLMOD – a model of the world wool market which treats raw wool and wool products as heterogeneous commodities. The model divides the world wool market into ten geographical regions and production in each region amongst eight major industrial sectors, each representing a different stage of the wool market. The industrial sectors cover the full spectrum of activities from raw wool production to retail garment production. The usefulness of WOOLMOD is demonstrated via an illustrative application: analysing the short-run effects of two to three years worth of total factor productivity growth in the Australian sheep industry – the world’s largest single producer and exporter of raw wool.

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Bibliographic Info

Paper provided by Australian Agricultural and Resource Economics Society in its series 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia with number 139293.

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Date of creation: 2005
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Handle: RePEc:ags:aare05:139293

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Related research

Keywords: raw wool; wool products; modelling the world wool market; wool processing; Industrial Organization; International Relations/Trade; Livestock Production/Industries; F11; L70; Q13;

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  1. Powell, Alan A. & Gruen, Fred H.G., 1967. "The Estimation Of Production Frontiers: The Australian Livestock/Cereals Complex," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 11(01), June.
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  13. Hanoch, Giora, 1971. "CRESH Production Functions," Econometrica, Econometric Society, vol. 39(5), pages 695-712, September.
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  15. Beare, Stephen & Meshios, Helen, 1990. "Substitution Between Wools Of Different Fibre Diameter," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 34(01), April.
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Cited by:
  1. George Verikios, 2006. "Understanding the World Wool Market: Trade, Productivity and Grower Incomes. Part 1: Introduction," Economics Discussion / Working Papers 06-19, The University of Western Australia, Department of Economics.

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