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Supply and Demand Interactions in the New South Wales Prime Lamb Market

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  • Vere, David T.
  • Griffith, Garry R.

Abstract

Prime lamb has not received the same level of economic research as Australia's other major livestock markets and knowledge of the lamb market's operations remains relatively limited. This market has experienced increasing problems including highly variable saleyard prices, strong retail competition and calls for market reform. To date, there has been no quantitative mechanism for assessing the potential impacts of these issues on the state or national lamb markets. This paper reports the development of a quarterly econometric model of the New South Wales prime lamb market. The model considers prime lamb as a separate market entity and places emphasis on the demographic influences on supply response. The estimated model is validated under historical dynamic simulation which generates simultaneous equilibrium solutions for twelve endogenous variables. The model's ability to respond to exogenous shocks is established under impact analysis and some proposed uses for the model are indicated.

Suggested Citation

  • Vere, David T. & Griffith, Garry R., 1988. "Supply and Demand Interactions in the New South Wales Prime Lamb Market," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 56(03), December.
  • Handle: RePEc:ags:remaae:12266
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    References listed on IDEAS

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    1. Martin, William J. & Porter, Darrell, 1985. "Testing For Changes In The Structure Of The Demand For Meat In Australia," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 29(01), April.
    2. Murray, Jane, 1984. "Retail Demand for Meat in Australia: A Utility Theory Approach," The Economic Record, The Economic Society of Australia, vol. 60(168), pages 45-56, March.
    3. Reynolds, R.G. & Gardiner, B., 1980. "Supply Response In The Australian Sheep Industry: A Case For Disaggregation And Dynamics," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(03), December.
    4. Marceau, Ian W., 1967. "Quarterly Estimates Of The Demand And Price Structure For Meat In New South Wales," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 11(01), June.
    5. R.G. Reynolds & B. Gardiner, 1980. "Supply Response In The Australian Sheep Industry: A Case For Disaggregation And Dynamics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 196-209, December.
    6. Freebairn, John W., 1973. "Some Estimates of Supply and Inventory Response Functions for the Cattle and Sheep Sector of New South Wales," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 41, September.
    7. Throsby, C D, 1974. "A Qtrly Econometric Model of the Australian Beef Industry," The Economic Record, The Economic Society of Australia, vol. 50(130), pages 199-217, June.
    8. Fisher, Brian S., 1979. "The Demand For Meat - An Example Of An Incomplete Commodity Demand System," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 23(03), December.
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    Cited by:

    1. Vere, David T. & Griffith, Garry R. & Bootle, B.W., 1993. "Alternative Breeding Inventory Specifications In A Livestock Market Model," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 37(03), December.
    2. Vere, David T. & Griffith, Garry R., 1990. "Comparative Forecast Accuracy In The New South Wales Prime Lamb Market," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 34(02), August.
    3. Vere, D. T. & Griffith, G. R., 2004. "Structural econometric modelling in Australia's livestock production and marketing systems: the potential benefits of model integration for industry analysis," Agricultural Systems, Elsevier, vol. 81(2), pages 115-131, August.
    4. Griffith, G. R. & Vere, D. T. & Bootle, B. W., 1995. "An integrated approach to assessing the farm and market level impacts of new technology adoption in Australian lamb production and marketing systems: The case of large, lean lamb," Agricultural Systems, Elsevier, vol. 47(2), pages 175-198.
    5. Mullen, John D. & Alston, Julian M., 1994. "The Impact on the Australian Lamb Industry of Producing Larger Leaner Lamb," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 62(01), April.

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    Keywords

    Demand and Price Analysis;

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