Estimating production response of broadacre farms in Western Australia: the nexus of empirics and economics revisited
Reliable estimates of elasticities are fundamental requirement to accurate economic forecasting and valid analyses of the impacts of changes in government policies or international events. The aim of this paper is thus, to estimate production response for broadacre farms in Western Australia by usin...
| Main Authors: | , , |
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| Format: | Journal Article |
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The Economic Society of Australia
2011
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| Online Access: | http://www.eap-journal.com/archive/v41_i3_05-xayavong-islamandsalim.pdf http://hdl.handle.net/20.500.11937/47286 |
| _version_ | 1848757792328908800 |
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| author | Xayavong, V. Islam, Mohammad Nazrul Salim, Ruhul |
| author_facet | Xayavong, V. Islam, Mohammad Nazrul Salim, Ruhul |
| author_sort | Xayavong, V. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | Reliable estimates of elasticities are fundamental requirement to accurate economic forecasting and valid analyses of the impacts of changes in government policies or international events. The aim of this paper is thus, to estimate production response for broadacre farms in Western Australia by using a normalized quadratic profit function for the period 1977/78 to 2005/06. The result reflects the imposition of curvature restrictions for a normalized profit function, and estimated elasticities are found to be less elastic in the short run. The results from this exercise can be used in a number of ways, depending on the policy objective in mind, such as simulation for forecasting agricultural production. |
| first_indexed | 2025-11-14T09:33:43Z |
| format | Journal Article |
| id | curtin-20.500.11937-47286 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T09:33:43Z |
| publishDate | 2011 |
| publisher | The Economic Society of Australia |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-472862017-01-30T15:32:23Z Estimating production response of broadacre farms in Western Australia: the nexus of empirics and economics revisited Xayavong, V. Islam, Mohammad Nazrul Salim, Ruhul Reliable estimates of elasticities are fundamental requirement to accurate economic forecasting and valid analyses of the impacts of changes in government policies or international events. The aim of this paper is thus, to estimate production response for broadacre farms in Western Australia by using a normalized quadratic profit function for the period 1977/78 to 2005/06. The result reflects the imposition of curvature restrictions for a normalized profit function, and estimated elasticities are found to be less elastic in the short run. The results from this exercise can be used in a number of ways, depending on the policy objective in mind, such as simulation for forecasting agricultural production. 2011 Journal Article http://hdl.handle.net/20.500.11937/47286 http://www.eap-journal.com/archive/v41_i3_05-xayavong-islamandsalim.pdf The Economic Society of Australia fulltext |
| spellingShingle | Xayavong, V. Islam, Mohammad Nazrul Salim, Ruhul Estimating production response of broadacre farms in Western Australia: the nexus of empirics and economics revisited |
| title | Estimating production response of broadacre farms in Western Australia: the nexus of empirics and economics revisited |
| title_full | Estimating production response of broadacre farms in Western Australia: the nexus of empirics and economics revisited |
| title_fullStr | Estimating production response of broadacre farms in Western Australia: the nexus of empirics and economics revisited |
| title_full_unstemmed | Estimating production response of broadacre farms in Western Australia: the nexus of empirics and economics revisited |
| title_short | Estimating production response of broadacre farms in Western Australia: the nexus of empirics and economics revisited |
| title_sort | estimating production response of broadacre farms in western australia: the nexus of empirics and economics revisited |
| url | http://www.eap-journal.com/archive/v41_i3_05-xayavong-islamandsalim.pdf http://hdl.handle.net/20.500.11937/47286 |