Issues in Modelling the Australian Dairy Industry: Joint Products, Market Power and Deregulation
2017
MacAulay, T. Gordon | Owen, Kate M. | O'Donnell, Christopher J.
This paper reports on an expanded and revised version of the spatialequilibrium model of the Australian dairy industry developed by MacAulay(1997). In the expanded version there is demand for five manufacturedproducts. The transformation from bulk milk to final product is modelledby considering milk and dairy products in terms of their primarycomponents, milk fat and protein. For market milk, a variable element wasadded to the margin to replicate the effects of market power in the processorto retail chain. Some implications for the deregulation of the Australiandairy industry are noted.
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