Technical Efficiency of Australian Wool Production: Point and Confidence Interval Estimates

Iain Fraser and William Horrace

No 125084, 2002 Conference (46th), February 13-15, 2002, Canberra, Australia from Australian Agricultural and Resource Economics Society

Abstract: A balanced panel of data is used to estimate technical efficiency, employing a fixed-effects stochastic frontier specification for wool producers in Australia. Both point estimates and confidence intervals for technical efficiency are reported. The confidence intervals are constructed using the Multiple Comparisons with the Best (MCB) procedure of Horrace and Schmidt (2000). The confidence intervals make explicit the precision of the technical efficiency estimates and underscore the dangers of drawing inferences based solely on point estimates. Additionally, they allow identification of wool producers that are statistically efficient and those that are statistically inefficient. The data reveal at the 95% level that twenty of the twenty-five wool farms analysed may be efficient.

Keywords: Productivity; Analysis (search for similar items in EconPapers)
Pages: 28
Date: 2002-02
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Related works:
Journal Article: Technical Efficiency of Australian Wool Production: Point and Confidence Interval Estimates (2003)
Working Paper: Technical Efficiency of Australian Wool Production: Point and Confidence Interval Estimates (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aare02:125084

DOI: 10.22004/ag.econ.125084

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