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Measuring the Impact of Staple Strength-Enhancing Technologies on Australian Wool Producer Profits: A Duality-Based Approach

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Author Info
Templeton, Deborah
Griffith, Garry
Piggott, Roley
O'Donnell, Chris

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Abstract

Wool tenderness is a significant problem in Australia, especially in areas where sheep graze under highly seasonal conditions. In this study, a duality-based modeling framework is implemented to assess the economic impact of staple strength-enhancing research on the profits of Australian woolgrowers. Within this framework, a normalized quadratic profit function is specified and estimated. The model is based on a number of fundamental characteristics of the Australian wool industry and the staple-strength enhancing technology being assessed. The model consists of a system of equations that are specified in terms of effective, rather than actual, prices. The interrelationships between the netputs are allowed for in the model in a manner that is consistent with the theoretical restrictions that arise as a result of assuming profit maximization, ensuring that the welfare calculations are unambiguous.

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Publisher Info
Paper provided by University of New England, School of Economics in its series Working Papers with number 12922.

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Date of creation: 2004
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Handle: RePEc:ags:uneewp:12922

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Related research
Keywords: profit function approach; research evaluation; wool; staple strength; economic analysis; Livestock Production/Industries; Productivity Analysis;

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References listed on IDEAS
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.:
  1. Martin, Will & Alston, Julian M, 1997. "Producer Surplus without Apology? Evaluating Investments in R&D," The Economic Record, The Economic Society of Australia, vol. 73(221), pages 146-58, June.
  2. Just, Richard E., 1993. "Discovering Production and Supply Relationships: Present Status and Future Opportunities," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 61(01), April. [Downloadable!]
  3. McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1983. "Profit, Output Supply, and Input Demand Functions for Multiproduct Firms: The Case of Australian Agriculture," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(2), pages 323-39, June. [Downloadable!] (restricted)
  4. Martin, Will & Alston, Julian M., 1992. "An exact approach for evaluating the benefits from technological change," Policy Research Working Paper Series 1024, The World Bank. [Downloadable!]
  5. Mullen, J.D. & Alston, J.M. & Wohlgenant, M.K., 1989. "The Impact Of Farm And Processing Research On The Australian Wool Industry," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 33(01), April. [Downloadable!]
  6. 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. [Downloadable!]
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Cited by:
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  1. Vere, David & Griffith, Garry & Silvester, Luke, 2005. "Australian Sheep Industry CRC: Economic Evaluations of Scientific Research Programs," Research Reports 42651, New South Wales Department of Primary Industries Research Economists. [Downloadable!]
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