Relative Economic Efficiency in the Australian Grazing Industry
The Lau and Yotopoulos restricted profit function methodology for testing for differences in economic efficiency and its components of allocative and technical efficiency is applied to data from grazing properties in the High Rainfall Zone of New South Wales. Tests are made on the basis of property size and operator's age. Larger farms are found to be significantly more economically efficient than smaller farms. The range of data considered in this study is found to exhibit constant returns to scale. Operator's age is found to have no effect on economic, allocative or technical efficiency and both younger and older operators are found to allocate variable inputs optimally. Finally, the usefulness of the methodology for examining issues related to economic efficiency in the Australian agricultural sector is assesed.
Volume (Year): 49 (1981)
Issue (Month): 01 (April)
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- McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1980. "Input Demand and Substitution in the Australian Sheep Industry," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(02), August.
- Lau, Lawrence J & Yotopoulos, Pan A, 1971. "A Test for Relative Efficiency and Application to Indian Agriculture," American Economic Review, American Economic Association, vol. 61(1), pages 94-109, March.
- Yotopoulos, Pan A & Lau, Lawrence J, 1973. "A Test for Relative Economic Efficiency: Some Further Results," American Economic Review, American Economic Association, vol. 63(1), pages 214-23, March.
- Atkinson, Scott E & Halvorsen, Robert, 1980. "A Test of Relative and Absolute Price Efficiency in Regulated Utilities," The Review of Economics and Statistics, MIT Press, vol. 62(1), pages 81-88, February.
- Lawrence, Denis & McKay, Lloyd, 1980. "Inputs, Outputs And Productivity Change In The Australian Sheep Industry," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(01), April.
- Sidhu, Surjit S, 1974. "Relative Efficiency in Wheat Production in the Indian Punjab," American Economic Review, American Economic Association, vol. 64(4), pages 742-51, September.
- Byron, R P, 1970. "The Restricted Aitken Estimation of Sets of Demand Relations," Econometrica, Econometric Society, vol. 38(6), pages 816-30, November.
- Trosper, Ronald L, 1978. "American Indian Relative Ranching Efficiency," American Economic Review, American Economic Association, vol. 68(4), pages 503-16, September.
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