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Modelling the world wool market: A hybrid approach

  • Verikios, George

We present a model of the world wool market that merges two modelling traditions: the partial-equilibrium 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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Article provided by Elsevier in its journal Economic Modelling.

Volume (Year): 26 (2009)
Issue (Month): 2 (March)
Pages: 418-431

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Handle: RePEc:eee:ecmode:v:26:y:2009:i:2:p:418-431
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/30411

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  1. 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.
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  3. 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.
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  7. George Verikios, 2006. "Understanding the World Wool Market: Trade, Productivity and Grower Incomes. Part 4: Model Data and Parameters," Economics Discussion / Working Papers 06-22, The University of Western Australia, Department of Economics.
  8. Harri Ramcharran, 2001. "Estimating productivity and returns to scale in the US textile industry," Empirical Economics, Springer, vol. 26(3), pages 515-524.
  9. 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.
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  11. 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.
  12. 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.
  13. 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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