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Measuring the Impact of Staple Strength-Enhancing Technologies on Australian Wool Producer Profits: A Duality-Based Approach

  • Templeton, Deborah J.
  • Griffith, Garry R.
  • Piggott, Roley R.
  • O'Donnell, Christopher J.

Wool tenderness is a significant problem in Australia, especially in areas where sheep graze under highly seasonal conditions. In this study, a duality-based modeling framework is implemented to assess the economic impact of staple strength-enhancing research on the profits of Australian woolgrowers. Within this framework, a normalized quadratic profit function is specified and estimated. The model is based on a number of fundamental characteristics of the Australian wool industry and the staple-strength enhancing technology being assessed. The model consists of a system of equations that are specified in terms of effective, rather than actual, prices. The interrelationships between the netputs are allowed for in the model in a manner that is consistent with the theoretical restrictions that arise as a result of assuming profit maximization, ensuring that the welfare calculations are unambiguous.

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File URL: http://purl.umn.edu/12922
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Paper provided by University of New England, School of Economics in its series Working Papers with number 12922.

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Date of creation: 2004
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Handle: RePEc:ags:uneewp:12922
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  1. Martin, Will & Alston, Julian M., 1992. "An exact approach for evaluating the benefits from technological change," Policy Research Working Paper Series 1024, The World Bank.
  2. Peter Kennedy, 2003. "A Guide to Econometrics, 5th Edition," MIT Press Books, The MIT Press, edition 5, volume 1, number 026261183x, June.
  3. McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1983. "Profit, Output Supply, and Input Demand Functions for Multiproduct Firms: The Case of Australian Agriculture," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(2), pages 323-39, June.
  4. Beare, Stephen & Meshios, Helen, 1990. "Substitution Between Wools Of Different Fibre Diameter," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 34(01), April.
  5. Mullen, John D. & Alston, Julian M. & Wohlgenant, Michael K., 1989. "The Impact Of Farm And Processing Research On The Australian Wool Industry," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 33(01), April.
  6. Martin, Will & Alston, Julian M, 1997. "Producer Surplus without Apology? Evaluating Investments in R&D," The Economic Record, The Economic Society of Australia, vol. 73(221), pages 146-58, June.
  7. Just, Richard E., 1993. "Discovering Production and Supply Relationships: Present Status and Future Opportunities," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 61(01), April.
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