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Estimation of Australian Wool and Lamb Production Technologies under Uncertainty: An Error-Components Approach

Author

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  • C.J. O'Donnell
  • A. D. Woodland
Abstract
A model of producer behavior, which explicitly accounts for both output price and production uncertainty, is formulated and estimated. If the production technology is multiplicatively separable in its deterministic and stochastic components, then the expected utility maximization problem implies cost minimization for planned or expected output. Consequently, our empirical model of three lamb- and wool-producing sectors in Australia involves the estimation of a system of input cost share and cost equations whose disturbances have an error-components structure. The empirical results are evaluated in terms of input demand elasticities, and estimates of the stochastic components of production are presented.

Suggested Citation

  • C.J. O'Donnell & A. D. Woodland, 1995. "Estimation of Australian Wool and Lamb Production Technologies under Uncertainty: An Error-Components Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(3), pages 552-565.
    • Handle: RePEc:oup:ajagec:v:77:y:1995:i:3:p:552-565.
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    File URL: http://hdl.handle.net/10.2307/1243224
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    Cited by:

    1. George Verikios, 2004. "A Model of the World Wool Market," Economics Discussion / Working Papers 04-24, The University of Western Australia, Department of Economics.
    2. O'Donnell, Christopher J., 2000. "Estimating The Characteristics Of Homogeneous Functionsusing Flexible Functional Forms," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123713, Australian Agricultural and Resource Economics Society.
    3. Verikios, George, 2009. "Modelling the world wool market: A hybrid approach," Economic Modelling, Elsevier, vol. 26(2), pages 418-431, March.
    4. Griffiths, William E. & O'Donnell, Christopher J. & Cruz, Agustina Tan, 2000. "Imposing regularity conditions on a system of cost and factor share equations," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 44(1), pages 1-21.
    5. Labrecciosa Paola & Colombo Luca, 2010. "Technology Uncertainty and Market Collusion," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-17, March.
    6. Just, Richard E., 2003. "Risk research in agricultural economics: opportunities and challenges for the next twenty-five years," Agricultural Systems, Elsevier, vol. 75(2-3), pages 123-159.

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