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A General Equilibrium Model of the World Wool Market

Author

Listed:
  • George Verikios

    (Department of Economics, The University of Western Australia)

Abstract

This paper presents the theoretical and numerical structure of WOOLGEM – a general equilibrium model of the world wool market which treats raw wool, wool textiles and wool garments as heterogeneous commodities. The model divides the world wool market into nine geographical regions and production in each region amongst eight major industrial sectors, seven of which represent different production stages for wool and one representing the nonwool economy. The wool industrial sectors cover the full spectrum of activities from the production of greasy wool to wool garments. We use WOOLGEM to quantify the effects on Australian wool producers’ welfare of industry levies used to fund research and development at different stages of the wool chain.

Suggested Citation

  • George Verikios, 2006. "A General Equilibrium Model of the World Wool Market," Economics Discussion / Working Papers 06-01, The University of Western Australia, Department of Economics.
    • Handle: RePEc:uwa:wpaper:06-01
    as

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    File URL: https://ecompapers.biz.uwa.edu.au/paper/PDF%20of%20Discussion%20Papers/1993/93-02%20Gupta%2C%20A.pdf
    File Function: First version, 2006
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    References listed on IDEAS

    as
    1. Harrison, W Jill & Pearson, K R, 1996. "Computing Solutions for Large General Equilibrium Models Using GEMPACK," Computational Economics, Springer;Society for Computational Economics, vol. 9(2), pages 83-127, May.
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    More about this item

    Keywords

    raw wool; wool textiles; wool garments; computable general equilibrium; research benefits; multistage production;
    All these keywords.

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • L79 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Other
    • O39 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Other
    • Q16 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - R&D; Agricultural Technology; Biofuels; Agricultural Extension Services

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