SUPPLY RESPONSE WITH STOCHASTIC TECHNOLOGY AND PRICES IN AUSTRALIA'S RURAL EXPORT INDUSTRIES

Christopher D. Easter and Quirino Paris

Australian Journal of Agricultural Economics, 1983, vol. 27, issue 01, 19

Abstract: 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 is used to show that changes in US beef import policy generating a 10 per cent beef price fall could reduce Australian beef supply by 3.5 per cent and grazing industry net revenue by 8.4 per cent, despite some switching from beef production to other enterprises.

Keywords: Demand and Price Analysis; Risk and Uncertainty (search for similar items in EconPapers)
Date: 1983
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22824

DOI: 10.22004/ag.econ.22824

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