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Understanding the World Wool Market: Trade, Productivity and Grower Incomes. Part 2: The Toolbox

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  • George Verikios

    (UWA Business School, The University of Western Australia)

Abstract

This is Chapter 2 of my PhD thesis Understanding the World Wool Market: Trade, Productivity and Grower Incomes, UWA, 2006. In this chapter we present the tools used to construct the theoretical structure of the model presented in Chapter 3. The theory of the model is highly nonlinear but is specified in linearised form. In deriving the linearised form of the nonlinear functions, we make explicit the optimising behaviour that underlies the tools and their properties. We use the notational convention of expressing the levels form of a variable in capital letters and the percentage-change equivalent in lower case letters. We also discuss how the tools can be combined by assuming separability between functions.In this chapter we present the tools used to construct the theoretical structure of the model presented in Chapter 3. The theory of the model is highly nonlinear but is specified in linearised form. In deriving the linearised form of the nonlinear functions, we make explicit the optimising behaviour that underlies the tools and their properties. We use the notational convention of expressing the levels form of a variable in capital letters and the percentage-change equivalent in lower case letters. We also discuss how the tools can be combined by assuming separability between functions.

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File URL: http://www.biz.uwa.edu.au/home/research/discussionworking_papers/economics/2005?f=146991
File Function: First version, 2006
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Bibliographic Info

Paper provided by The University of Western Australia, Department of Economics in its series Economics Discussion / Working Papers with number 06-20.

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Length: 32 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:uwa:wpaper:06-20

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  1. Clements, Kenneth W & Selvanathan, Antony & Selvanathan, Saroja, 1996. "Applied Demand Analysis: A Survey," The Economic Record, The Economic Society of Australia, vol. 72(216), pages 63-81, March.
  2. Thomas W. Hertel & J. Mark Horridge & K. R. Pearson, 1991. "Mending the Family Tree: A Reconciliation of the Linearization and Levels Schools of CGE Modelling," Centre of Policy Studies/IMPACT Centre Working Papers ip-54, Victoria University, Centre of Policy Studies/IMPACT Centre.
  3. Vincent, David P & Dixon, Peter B & Powell, Alan A, 1980. "The Estimation of Supply Response in Australian Agrucilture: The CRESH/CRETH Production System," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 221-42, February.
  4. Hanoch, Giora, 1971. "CRESH Production Functions," Econometrica, Econometric Society, vol. 39(5), pages 695-712, September.
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