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...

The process by which producers form expectations has implications for model building and policy analysis. An econometric model of the Australian wool market is estimated. It is shown that the rational expectations hypothesis is not inconsistent with the data for both the period before the floor...

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...

In this paper a method for evaluating the supply response of individual producers to a price underwriting scheme is presented. The method includes precise formulae to take account of the impact of price underwriting on the producer's uncertain conditions. The Australian Wheat Board's guaranteed...

The Australian demand for domestically-produced sawn timber is investigated by considering its major use - as an input into residential construction. Using a cost function approach, a system of equations is derived expressing quantities demanded in terms of relative prices. Cross-price...

In this paper a method for estimating a producer's willingness-to-pay for crop insurance is presented. The method includes formulae to capture the impact of crop insurance on the producer's expected income and variance of income. These impacts are evaluated in the context of a model of producer...

The study is focused on the development and the application of a stochastic economic optimisation model by which optimal levels of applied water and sprinkler spacing are determined. Data on crop-water production function and uniformity of water application are taken from a sprinkler irrigation...

Interdependence has always been central to economics but assumes pressing importance for agricultural economists as they deal with industrialising agricultures. Continued unresolvable uncertainties, when properly recognised, also add to the challenge of relevant work in agricultural economics....