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The Collapse of the Australian Wool Reserve Price Scheme

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  • Peter Bardsley

    (School of Economics, La Trobe University)

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.

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Bibliographic Info

Paper provided by School of Economics, La Trobe University in its series Working Papers with number 1992.17.

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Date of creation: 1992
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Handle: RePEc:trb:wpaper:1992.17

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As found by EconAcademics.org, the blog aggregator for Economics research:
  1. 266 – Supply and demand: The wool crisis
    by David Pannell in Pannell Discussions on 2014-05-05 15:13:27
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Cited by:
  1. Hong Liang & C. John McDermott & Paul Cashin, 1999. "How Persistent Are Shocks to World Commodity Prices?," IMF Working Papers 99/80, International Monetary Fund.
  2. repec:ltr:wpaper:1995.27 is not listed on IDEAS
  3. Wright, Brian, 2009. "International grain reserves and other instruments to address volatility in grain markets," Policy Research Working Paper Series 5028, The World Bank.
  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, 04.
  5. Fraser, Iain & Waschik, Robert, 2006. "A Computable General Equilibrium Analysis of Export Taxes in the Australian Wool Industry," 2006 Conference (50th), February 8-10, 2006, Sydney, Australia 139733, Australian Agricultural and Resource Economics Society.
  6. Chang, Hui-Shung (Christie), 2000. "A Cointegration Analysis of Wool Prices," Working Papers 12929, University of New England, School of Economics.
  7. Akiyama, Takamasa & Baffes, John & Larson, Donald F. & Varangis, Panos, 2003. "Commodity market reform in Africa : some recent experience," Policy Research Working Paper Series 2995, The World Bank.
  8. Gouel, Christophe, 2013. "Food price volatility and domestic stabilization policies in developing countries," Policy Research Working Paper Series 6393, The World Bank.
  9. Larson, Donald F. & Lampietti, Julian & Gouel, Christophe & Cafiero, Carlo & Roberts, John, 2012. "Food security and storage in the Middle East and North Africa," Policy Research Working Paper Series 6031, The World Bank.
  10. 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.
  11. 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 7985, Agricultural Economics Society.
  12. Smith, Vincent H., 1998. "Measuring the benefits of social science research:," Impact assessments 2, International Food Policy Research Institute (IFPRI).
  13. 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.

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