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Most of the supply elasticity estimates reported for Australian agriculture are derived from equations estimated using time series data and incorporating ad hoc assumptions about price expectations. The authors' aim is to compare previously obtained supply elasticity estimates with those derived...
Risky output prices and production characterise Australian agriculture. Exports are vitally important, sometimes relying heavily on a particular market. In this study a model is developed to include explicitly both output price and technological risks as well as multiple output relationships. It...
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In this paper, some aspects of the application of optimal‐control techniques to wool industry price stabilisation are considered. It is not intended to provide a blueprint for the immediate adoption of optimal‐control techniques in the management of wool price stablisation. Rather, the...
It has often been suggested that more stable wool prices would lead to an outward shift in the long‐run demand for wool. To assess this claim it is necessary to examine different sources of risk and instability in wool prices and their impact on the risk borne by wool users. A model is presented...
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