The effect of buyer concentration on prices in the Australian wool market
A theoretical model of the wool market that distinguishes between large and small buyers is developed. The model forecasts that “large” buyers with a cost advantage will increase grower prices providing there is competition from a periphery of small, relatively high cost buyers. Econometric estimates of premiums associated with buyer concentration, as measured by the Herfindahl Index, are obtained using hedonic price analysis. The results are consistent with theory, and it is concluded that increased buyer concentration favors growers providing a “periphery” of small competitive firms remains intact. © 1997 John Wiley & Sons, Inc.
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Volume (Year): 13 (1997)
Issue (Month): 4 ()
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- Jackson, Brenda & Spinks, Murray, 1982. "Price Effects Of Wool Marketing Innovations: Some Empirical Evidence," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 26(01), April.
- Vlastuin, Chris, 1988. "The Efficiency of Price Discovery at Wool Auctions," 1988 Conference (32nd), February 8-11, 1988, Melbourne, Australia 144366, Australian Agricultural and Resource Economics Society.
- Simmons, Phil, 1980. "Determination of Grade Prices for Wool," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(01), April.
- Hanson, Phillip & Simmons, Phil, 1995. "Measures of Buyer Concentration in the Australian Wool Market," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 63(02), August.
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