Price formation in the raw wool market

McKenzie, C. J.; Philpott, B. P.; Woods, M. J.

Price formation in the raw wool market

dc.contributor.author	McKenzie, C. J.
dc.contributor.author	Philpott, B. P.
dc.contributor.author	Woods, M. J.
dc.date.accessioned	2009-07-10T03:35:49Z
dc.date.available	2009-07-10T03:35:49Z
dc.date.issued	1969-02
dc.description.abstract	Econometric analysis of the demand for raw wool at auction published by other authors has been mainly confined to an analysis of the determinants of the consumption of raw wool. However the purchaser of raw wool at auction must hold his purchases either in transit or in store for some months before either reselling or consuming wool in his own mills. Thus the conventional analysis of the determinants of the demand for wool for consumption is not directly relevant when considering the short run demand for wool at auction. As a result, models based on the conventional analysis do not adequately explain fluctuations in prices paid at auction in primary markets. An earlier attempt by Philpott to explain such fluctuations used annual data. Based on this earlier work we develop in this paper two models of quarterly demand for raw wool at auction and we test these models against quarterly data for the period 1952 to the first quarter of 1967.	en
dc.identifier.uri	https://hdl.handle.net/10182/1124
dc.language.iso	en
dc.publisher	Lincoln College. Agricultural Economics Research Unit.
dc.relation.ispartofseries	Discussion paper (Lincoln College (Canterbury, N.Z.). Agricultural Economics Research Unit) ; no. 8	en
dc.subject	wool industry	en
dc.subject	wool marketing	en
dc.subject	wool pricing	en
dc.subject	textile industry	en
dc.subject	economic aspects	en
dc.subject	econometric models	en
dc.subject.marsden	Marsden::340201 Agricultural economics	en
dc.subject.marsden	Marsden::340205 Industry economics and industrial organisation	en
dc.subject.marsden	Marsden::340402 Econometric and statistical methods	en
dc.title	Price formation in the raw wool market	en
dc.type	Discussion Paper	en
lu.contributor.unit	Agribusiness and Economics Research Unit