Around $100 million has been spent annually on R&D and promotion in the Australian red meat industries in recent years. The R&D investments are made throughout the production, processing and marketing chain in both the grass and grain finished sectors. Promotion investments are made in both...

Crop output can be defined as the product of area sown and yield. Given the existence of separate equations for explaining and predicting area sown and yield, in this paper we suggest predictors for output and derive expressions for the standard errors of the predictors. The methodology is...

Systems of equations comprising cost functions and first-order derivative equations are often used to estimate characteristics of production technologies. Unfortunately, many estimated systems violate the regularity conditions implied by economic theory. Sampling theory methods can be used to...

The implications of alternative disturbance specifications in supply functions have been considered in recent theoretical work but little, if any, empirical evidence has been provided on such specifications. Any empirical investigation of the nature of a supply function disturbance is hampered...

Efficient allocation of resources has usually been couched in risk less terms, partly because statistical techniques did not exist for measuring the impact of varying levels of factors of production on risks associated with production. Now that such techniques are available, methods are required...

Analysis of actual observations of response processes is a routine procedure in applied econometrics but methods of dealing with purely subjective probability distributions as response 'data' have seemingly not hitherto been worked out. The models and methods developed here go some way to...

A Bayesian approach is used to provide a framework for optimal input allocation for a stochastic production function with uncertain parameters. The chosen production function is a single-input version of a function which can exhibit positive or negative marginal risk. The sensitivity of optimal...

The (double) Pareto–lognormal is an emerging parametric distribution for income that has a sound underlying generating process, good theoretical properties, and some limited favorable evidence of its fit to data. We extend existing results for this distribution in 3 directions. (1) We derive...