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Some Estimates of Supply and Inventory Response Functions for the Cattle and Sheep Sector of New South Wales

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  • Freebairn, John W.

Abstract

Econometric procedures are employed in an analysis of N.S.W. cattle and sheep producers' decision-making regarding the annual supplies of beef, veal, lamb, mutton and wool, and annual changes in the inventory levels of beef cows, dairy cows, steers, adult sheep and ewes mated to British breed rams. A simultaneous equation model containing fourteen stochastic equations is specified and estimated using annual data for the period 1953-4 to 1970-1. A set of derived reduced form functions are employed in a study of some dynamic behavioural relationships in the cattle and sheep sector. The estimated model is used to analyse some effects on prices, quantities and inventory levels of the imposition of a (10 cent per kg) tax on beef exports.

Suggested Citation

  • Freebairn, John W., 1973. "Some Estimates of Supply and Inventory Response Functions for the Cattle and Sheep Sector of New South Wales," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 41(02-3), pages 1-38, June.
    • Handle: RePEc:ags:remaae:9629
    DOI: 10.22004/ag.econ.9629
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    1. Wicks, John A. & Dillon, John L., 1978. "APMAA Estimates of Supply Elasticities for Australian Wool, Beef and Wheat," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 46(01), pages 1-10, April.
    2. Griffith, Garry R., 1974. "Sydney Meat Marketing Margins - An Econometric Analysis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(04), pages 1-17, December.
    3. Kingma, O.T. & Longmire, J.L. & Stoeckel, A.B., 1980. "Some Aspects of Quantitative Modelling in the Australian Bureau of Agricultural Economics," Proceedings “Schriften der Gesellschaft für Wirtschafts- und Sozialwissenschaften des Landbaues e.V.”, German Association of Agricultural Economists (GEWISOLA), vol. 17.
    4. Muhammad Akmal, 1993. "A Dynamic Model of Milk Production Response for Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 32(4), pages 873-884.
    5. Zhao, Xueyan & Mullen, John D. & Griffith, Garry R. & Griffiths, William E. & Piggott, Roley R., 2000. "An Equilibrium Displacement Model of the Australian Beef Industry," Research Reports 28007, New South Wales Department of Primary Industries Research Economists.
    6. Hinchy, Mike & Simmons, Phil, 1983. "An Optimal-Control Approach To Stabilising Australian Wool Prices," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 27(1), pages 1-29, April.
    7. Eswaramoorthy, K., 1991. "U.S. livestock production and factor demand: a multiproduct dynamic dual approach," ISU General Staff Papers 1991010108000010523, Iowa State University, Department of Economics.
    8. Vere, David T. & Griffith, Garry R., 1988. "Supply and Demand Interactions in the New South Wales Prime Lamb Market," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 56(03), pages 1-19, December.
    9. A. W. Smith & Rhonda L. Smith, 1979. "The Australian Cattle Industry: Prospects and Consequences," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 12(3), pages 57-68, October.
    10. Khan, M. Akhtar & Helmers, Glenn A., 1997. "Causality, Input Price Variability, and Structural Changes in the U.S. Livestock- Meat Industry," 1997 Annual Meeting, July 13-16, 1997, Reno\ Sparks, Nevada 35825, Western Agricultural Economics Association.
    11. Fisher, Brian S. & Munro, Robyn G., 1983. "Supply Response In The Australian Extensive Livestock And Cropping Industries: A Study Of Intentions And Expectations," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 27(1), pages 1-11, April.
    12. McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1982. "Production Flexibility and Technical Change in Australia's Wheat-Sheep Zone," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(01), pages 1-18, April.
    13. Harrison, Ian & Richardson, Bob, 1980. "Table and Manufacturing Quality Beef Cattle Price Relationships in Australia," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(03), pages 1-16, December.
    14. Brennan, John P., 1982. "The Representation Of Risk In Econometric Models Of Supply: Some Observations," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 26(2), pages 1-6, August.
    15. Reynolds, R.G. & Gardiner, B., 1980. "Supply Response In The Australian Sheep Industry: A Case For Disaggregation And Dynamics," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 1-14, December.
    16. Harrison, Ian, 1982. "Beef Cow Inventory Response: An Attempt to Apply the Adaptive Risk Model," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 50(02), pages 1-15, August.
    17. Vere, David T. & Griffith, Garry R. & Bootle, B.W., 1993. "Alternative Breeding Inventory Specifications In A Livestock Market Model," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 37(3), pages 1-24, December.
    18. Cassidy, P.A. & Kilminster, J.C., 1974. "Spatial Equilibrium Analysis, Social Welfare and Rural Policy: The Case of the Wool Marketing Innovations and Reforms," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(03), pages 1-17, September.
    19. Ryan, James G., 1976. "Growth And Size Economies Over Space And Time: Wheat-Sheep Farms In New South Wales," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 20(3), pages 1-19, December.
    20. Vere, David T. & Muir, A.M., 1986. "Pasture Improvement Adoption In South-Eastern New South Wales," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 54(01), pages 1-24, April.

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