A Comparison of the Determinants of Wool Production in the Six Leading Producing Countries: 1949–1965
1969
Witherell, William H.
In this study, a general model of seasonal wool production is developed, based on the assumptions of (1) a lagged adjustment of actual to desired output, and (2) “naive” or “static” price expectations. The results of fitting this model to data from six major wool‐producing countries for the seasons 1948–49 to 1964–65 indicate that wool production responds fairly weakly to economic factors and then only after a substantial lag. The estimates obtained of short‐ and long‐run elasticities of wool production with respect to wool prices and the prices of the joint product, lamb, and the substitute products, wheat and beef, are all quite low. Australian wool production is found to be affected positively by fertilizer usage, and rainfall is found to be an important factor for wool production in Australia, South Africa and Argentina
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