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Determination of Grade Prices for Wool

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  • Simmons, Phil

Abstract

The importance of welfare losses resulting from discrepancies between Australian Wool Corporation and trade valuations of different grades of wool is discussed. Cross-sectional data are used to relate variations in wool attributes to variations in price during 1976-7 and a model is derived for determining grade prices that are consistent with market valuations of different grades. The spatial consistency of the model is tested using data from eleven time periods and from two geographically isolated markets. Comparisons between trade valuations and the grade price differentials used in the Minimum Reserve Price Scheme by the Australian Wool Corporation are made.

Suggested Citation

  • Simmons, Phil, 1980. "Determination of Grade Prices for Wool," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(01), pages 1-10, April.
    • Handle: RePEc:ags:remaae:9345
    DOI: 10.22004/ag.econ.9345
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    References listed on IDEAS

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    1. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    2. George, P.S. & King, Gordon A., 1971. "Consumer Demand for Food Commodities in the United States with Projections for 1980," Monographs, University of California, Davis, Giannini Foundation, number 11936, December.
    3. Kravis, Irving B & Lipsey, Robert E, 1969. "International Price Comparisons by Regression Methods," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(2), pages 233-246, June.
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    Cited by:

    1. Phil Simmons & Phillip Hansen, 1997. "The effect of buyer concentration on prices in the Australian wool market," Agribusiness, John Wiley & Sons, Ltd., vol. 13(4), pages 423-430.
    2. Angel, C. & Beare, Stephen & Zwart, A.C., 1990. "Product Characteristics And Arbitrage In The Australian And New Zealand Wool Markets," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 34(1), pages 1-13, April.
    3. 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(1), pages 1-11, April.
    4. Nolan, Elizabeth & Farrell, Terence & Ryan, Madeleine & Gibbon, Candice & Ahmadi-Esfahani, Fredoun Z., 2014. "Valuing quality attributes of Australian merino wool," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 58(3), July.

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