Probability distributions for economic surplus changes: the case of technical change in the Australian wool industry
Mullen, Alston and Wohlgenant (1989) (MAW) examined the distribution of the benefits of technical change in the Australian wool industry. Their conclusions are revisited by examining the probability distributions of changes in the welfare measures, given uncertainty about their model parameters. Sub...
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| Veröffentlicht in: | The Australian journal of agricultural and resource economics 2000-03, Vol.44 (1), p.83-106 |
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| container_title | The Australian journal of agricultural and resource economics |
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| creator | Zhao, X Griffiths, W.E Griffith, G.R Mullen, J.D |
| description | Mullen, Alston and Wohlgenant (1989) (MAW) examined the distribution of the benefits of technical change in the Australian wool industry. Their conclusions are revisited by examining the probability distributions of changes in the welfare measures, given uncertainty about their model parameters. Subjective probability distributions are specified for the parameters and correlations among some of the parameters are imposed. Hierarchical distributions are also used to model diverse views about the specification of the subjective distributions. A sensitivity elasticity is defined through the estimation of a response surface to measure the sensitivity of the estimated research benefits to individual parameters. MAW’s conclusions are found to be robust under the stochastic approach to sensitivity analysis demonstrated in this article. |
| doi_str_mv | 10.1111/1467-8489.00100 |
| format | Article |
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| ispartof | The Australian journal of agricultural and resource economics, 2000-03, Vol.44 (1), p.83-106 |
| issn | 1364-985X 1467-8489 |
| language | eng |
| recordid | cdi_fao_agris_US201302953949 |
| source | AgEcon; Wiley Online Library Journals Frontfile Complete; Business Source Complete; Wiley Free Content; Alma/SFX Local Collection |
| subjects | Agricultural research Australia: Industries and resources costs and returns Econometrics Economics elasticities probability analysis simulation models technical progress uncertainty welfare economics Wool wool industry |
| title | Probability distributions for economic surplus changes: the case of technical change in the Australian wool industry |
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