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A Structural Model of the World Wool Market

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  • Layman, B.D.

Abstract

This paper summarises the development, structure and data sources of the Western Australian World Wool Model. The model is a comparative static, partial equilibrium model of the world wool market. The technique used for the model is applied general equilibrium (AGE) modelling. Western Australia is separated from the rest of Australia as a production region. A key feature of the model is that raw wool is broken down into 9 different qualities, which determine the end use of the wool. The construction of a database containing these wool qualities is detailed. Potential uses for the model are outlined, and results are compared and contrasted with earlier structural models of the world wool market. Finally, advantages and disadvantages of the approach taken are outlined.

Suggested Citation

  • Layman, B.D., 1999. "A Structural Model of the World Wool Market," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 123691, Australian Agricultural and Resource Economics Society.
    • Handle: RePEc:ags:aare99:123691
    DOI: 10.22004/ag.econ.123691
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    References listed on IDEAS

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    1. J. M. Alston & G. M. Scobie, 1983. "Distribution of Research Gains in Multistage Production Systems: Comment," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(2), pages 353-356.
    2. J. W. Freebairn & J. S. Davis & G. W. Edwards, 1983. "Distribution of Research Gains in Multistage Production Systems: Reply," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(2), pages 357-359.
    3. Kenneth W. Clements & Antony Selvanathan & Saroja Selvanathan, 1996. "Applied Demand Analysis: A Survey," The Economic Record, The Economic Society of Australia, vol. 72(216), pages 63-81, March.
    4. Mark Horridge, 2000. "ORANI-G: A General Equilibrium Model of the Australian Economy," Centre of Policy Studies/IMPACT Centre Working Papers op-93, Victoria University, Centre of Policy Studies/IMPACT Centre.
    5. J. W. Freebairn & J. S. Davis & G. W. Edwards, 1982. "Distribution of Research Gains in Multistage Production Systems," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(1), pages 39-46.
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    Cited by:

    1. George Verikios, 2004. "A Model of the World Wool Market," Economics Discussion / Working Papers 04-24, The University of Western Australia, Department of Economics.
    2. George Verikios, 2007. "Understanding The World Wool Market: Trade, Productivity And Growers’ Incomes," Australian Economic Papers, Wiley Blackwell, vol. 46(1), pages 88-107, March.
    3. Verikios, George, 2009. "Modelling the world wool market: A hybrid approach," Economic Modelling, Elsevier, vol. 26(2), pages 418-431, March.
    4. George Verikios, 2008. "The costs of global tariff barriers on wool products: 1997–2005," Agricultural Economics, International Association of Agricultural Economists, vol. 39(1), pages 87-101, July.
    5. George Verikios, 2006. "Understanding the World Wool Market: Trade, Productivity and Grower Incomes. Part 5: Relative Returns to Australian Wool Producers of On- and Off-Farm Research," Economics Discussion / Working Papers 06-23, The University of Western Australia, Department of Economics.

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