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A Model of the World Wool Market

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Author Info
George Verikios () (UWA Business School, The University of Western Australia)
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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Paper provided by The University of Western Australia, Department of Economics in its series Economics Discussion / Working Papers with number 04-24.

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Length: 46 pages
Date of creation: 2004
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Handle: RePEc:uwa:wpaper:04-24

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Related research
Keywords: raw wool wool products modelling the world wool market wool processing

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Find related papers by JEL classification:
F11 - International Economics - - Trade - - - Neoclassical Models of Trade
L70 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - General
Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness

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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.:

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  3. Hanoch, Giora, 1971. "CRESH Production Functions," Econometrica, Econometric Society, vol. 39(5), pages 695-712, September. [Downloadable!] (restricted)
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  5. Harri Ramcharran, 2001. "Estimating productivity and returns to scale in the US textile industry," Empirical Economics, Springer, vol. 26(3), pages 515-524. [Downloadable!] (restricted)
  6. Jha, R, et al, 1993. "An Analysis of Technological Change, Factor Substitution and Economies of Scale in Manufacturing Industries in India," Applied Economics, Taylor and Francis Journals, vol. 25(10), pages 1337-43, October.
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  8. Dixon, Robert & Shepherd, David, 2001. "Trends and Cycles in Australian State and Territory Unemployment Rates," The Economic Record, The Economic Society of Australia, vol. 77(238), pages 252-69, September. [Downloadable!] (restricted)
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  9. Wittwer, Glyn & Berger, Nick & Anderson, Kym, 2003. "A model of the world's wine markets," Economic Modelling, Elsevier, vol. 20(3), pages 487-506, May. [Downloadable!] (restricted)
  10. Paul Cashin & C. John McDermott, 2001. "The Long-Run Behavior of Commodity Prices: Small Trends and Big Variability," IMF Working Papers 01/68, International Monetary Fund. [Downloadable!]
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Cited by:
(explanations, 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. 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. [Downloadable!]
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