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Textile Fibre Substitution And Relative Prices

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  • Minford, Patrick

Abstract

The elasticity of substitution between textile fibres is investigated within a CES production function in which the fibres are grouped according to degree of substitutability. Disaggregated data for U.S. textile usage in the post-war period are examined and the elasticities estimated are generally above unity. The conclusion is reached that, while technical change and diffusion may have explained changing fibre shares in certain, usually specialized end-uses and contributed to the explanation in others, in most end-uses relative price change has been an important factor.

Suggested Citation

  • Minford, Patrick, 1975. "Textile Fibre Substitution And Relative Prices," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 19(3), pages 1-22, December.
    • Handle: RePEc:ags:ajaeau:22333
    DOI: 10.22004/ag.econ.22333
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    1. Alan A. Powell & Metodey Polasek & Harry T. Burley, 1963. "Synthetic Fibres In The Wool Textile Industrya Study Of The Role Of Price In Technological Adjustment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 7(2), pages 107-120, December.
    2. Blackorby, Charles, et al, 1970. "Homothetic Separability and Consumer Budgeting," Econometrica, Econometric Society, vol. 38(3), pages 468-472, May.
    3. Metodey Polasek & Alan A. Powell, 1964. "WOOL AND SYNTHETICS: A Statistical Analysis of Fibre Substitution in the U.S," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 8(1), pages 11-27, June.
    4. M. Polasek, 1965. "Synthetic Fibres And Australia'S Economic Future," The Economic Record, The Economic Society of Australia, vol. 41(93), pages 23-37, March.
    5. K. Sato, 1967. "A Two-Level Constant-Elasticity-of-Substitution Production Function," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 34(2), pages 201-218.
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    Cited by:

    1. D. J. Carland & A. R. Pagan, 1979. "A Short‐Run Econometric Model of the Japanese Wool Textile Industry," The Economic Record, The Economic Society of Australia, vol. 55(4), pages 317-327, December.

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