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Modelling the World Wool Market: A Hybrid Approach

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  • George Verikios

    (Access Economics Pty Ltd,)

Abstract

We present a model of the world wool market that merges two modelling traditions: the partialequilibrium commodity-specific approach and the computable general-equilibrium approach. The model captures the multistage nature of the wool production system, and the heterogeneous nature of raw wool, processed wool and wool garments. It also captures the important wool producing and consuming regions of the world. We illustrate the utility of the model by estimating the effects of tariff barriers on wool products using partial- and general-equilibrium solutions. We find that either solution generates similar wool industry results, whereas the macroeconomic effects differ significantly with the partial-equilibrium estimates significantly overestimating the benefits of the tariff changes.

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File URL: http://www.business.uwa.edu.au/school/disciplines/economics/?a=98650
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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 07-18.

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Length: 26 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:uwa:wpaper:07-18

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Keywords: general equilibrium; multistage production; partial equilibrium; tariffs; wool products.;

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  1. W. Jill Harrison & K.R. Pearson, 1994. "Computing Solutions for Large General Equilibrium Models Using GEMPACK," Centre of Policy Studies/IMPACT Centre Working Papers ip-64, Victoria University, Centre of Policy Studies/IMPACT Centre.
  2. Whalley, John, 1975. "How Reliable is Partial Equilibrium Analysis?," The Review of Economics and Statistics, MIT Press, vol. 57(3), pages 299-310, August.
  3. Reghubendra, J. & Murty, M.N. & Paul, S. & Rao, B.B., 1992. "An Analysis of Technological Change, Factor Substitution and Economies of Scale in Manufacturing Industries in India," Papers e9214, Western Sydney - School of Business And Technology.
  4. Trela, Irene & Whalley, John, 1990. "Global Effects of Developed Country Trade Restrictions on Textiles and Apparel," Economic Journal, Royal Economic Society, vol. 100(403), pages 1190-1205, December.
  5. John D. Mullen & Julian M. Alston & Michael K. Wohlgenant, 1989. "The Impact Of Farm And Processing Research On The Australian Wool Industry," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 33(1), pages 32-47, 04.
  6. Stephen Beare & Helen Meshios, 1990. "Substitution Between Wools Of Different Fibre Diameter," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 34(1), pages 56-66, 04.
  7. Joseph Francois & Hans van Meijl & Frank van Tongeren, 2005. "Trade liberalization in the Doha Development Round," Economic Policy, CEPR & CES & MSH, vol. 20(42), pages 349-391, 04.
  8. Kenneth W. Clements & Yihui Lan & Xueyan Zhao, 2005. "The Demand for Vice: Inter-Commodity Interactions with Uncertainty," Economics Discussion / Working Papers 05-30, The University of Western Australia, Department of Economics.
  9. Harri Ramcharran, 2001. "Estimating productivity and returns to scale in the US textile industry," Empirical Economics, Springer, vol. 26(3), pages 515-524.
  10. Layman, B.D., 1999. "A Structural Model of the World Wool Market," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 123691, Australian Agricultural and Resource Economics Society.
  11. 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.
  12. 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.
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