An econometric analysis of the factors influencing binned wool prices :a thesis presented in partial fulfillment of the requirements for the degree of Master of Agricultural Science in Agricultural Economics at Massey University
This study analyses appraisal, measurement and price data for 8,500 binned wool lots in an examination of some of the factors affecting wool valuation and price formation. The study explicitly considers: 1. The sources of binned wool price variation and the extent to which these prices are explained by appraised and measured greasy wool characteristics. 2. The relative economic importance of greasy wool characteristics . 3. Relationships between appraisals and between appraised and measured wool characteristics. 4. The effect of economic circumstances on appraisal. 5. The effect of objective measurement on total income and the equity of income distribution among growers. The study provides evidence to support the conclusion that the present wool auction system has a number of inefficiencies and suggests that the introduction of objective measurement, into wool marketing could improve this situation.