Australian wool producers have been slow to adopt price risk management strategies to stabilise the income from their wool sales. The highly volatile auction system accounts for 85% of raw wool sales while the remainder is sold by forward contract, futures and other hedging methods. Qualitative...

Recently there has been a growing debate as to whether the empirical properties ofproduction response derived from the multi-product framework are consistent with thebehavioral assumption in the duality theory of production. This issue could in turn affectthe reliable estimates of elasticities...