Measuring the Impact of Staple Strength-Enhancing Technologies on Australian Wool Producer Profits: A Duality-Based Approach
AbstractWool 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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Bibliographic InfoPaper provided by University of New England, School of Economics in its series Working Papers with number 12922.
Date of creation: 2004
Date of revision:
profit function approach; research evaluation; wool; staple strength; economic analysis; Livestock Production/Industries; Productivity Analysis;
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