SUPPLY RESPONSE IN THE AUSTRALIAN SHEEP INDUSTRY: A CASE FOR DISAGGREGATION AND DYNAMICS

R.G. Reynolds and B. Gardiner

Australian Journal of Agricultural Economics, 1980, vol. 24, issue 3, 14

Abstract: Microeconomic capital goods theory was utilised to provide a theoretical framework on which a dynamic econometric model was based. Econometric procedures were then employed in an analysis of sheep producers' decision making regarding the annual supplies of wool, lamb and mutton, and annual changes in the inventory levels of sheep, lambs and ewes maintained for breeding purposes. Estimates show that wool prices provide the long-run stimulus for increases and decreases in the sheep flock while mutton and lamb prices are responsible for short-run changes in flock composition. Substitution between sheep and beef cattle is of considerable importance although no significant substitution between sheep and cropping could be found. Seasonal conditions proved to be an important short-run supply shifter, affecting both numbers and composition of the sheep flock.

Keywords: Demand and Price Analysis; Productivity Analysis (search for similar items in EconPapers)
Date: 1980
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
https://ageconsearch.umn.edu/record/22910/files/24030196.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22910

DOI: 10.22004/ag.econ.22910

Access Statistics for this article

More articles in Australian Journal of Agricultural Economics from Australian Agricultural and Resource Economics Society Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().