Potential returns to the Australian sheep and wool industries from effective R&D and promotion investments and their sensitivities to assumed elasticity values
Mounter et al. (2007) developed an equilibrium displacement model (EDM) of the Australian sheepmeat and wool industries. In this paper the EDM is used to estimate the potential annual returns and their distribution among the various industry sectors for nine hypothetical investment scenarios. Initially, the EDM is solved for the base set of parameter values. A formal stochastic sensitivity analysis is then undertaken to account for the uncertain parameter values in the model. The results were found to be relatively robust to different parameter values, indicating that the model as specified provides a credible framework to estimate and compare the potential impacts from new technologies, generic promotions and other industry changes in a consistent way.
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- Zhao, Xueyan & Griffiths, William E. & Griffith, Garry R. & Mullen, John D., 2000. "Probability distributions for economic surplus changes: the case of technical change in the Australian wool industry," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 44(1), March.
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- Pannell, David J., 1997. "Sensitivity analysis of normative economic models: theoretical framework and practical strategies," Agricultural Economics, Blackwell, vol. 16(2), pages 139-152, May.
- Pannell, David J., 1996. "Sensitivity Analysis of Normative Economic Models: Theoretical Framework and Practical Strategies," 1996 Conference (40th), February 11-16, 1996, Melbourne, Australia 156444, Australian Agricultural and Resource Economics Society.
- Mounter, Stuart W. & Griffith, Garry R. & Piggott, Roley R. & Fleming, Euan M. & Zhao, Xueyan, 2008. "An Equilibrium Displacement Model of the Australian Sheep and Wool Industries," Research Reports 37663, New South Wales Department of Primary Industries Research Economists.
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