Description:
\"Quantitative economic models are regularly used in analysing the economic issues that affect Australia s agricultural industries. The value of quantitative economic models for industry analyses depends on how accurately they represent an industry s economic activity. This paper describes the development of such a structural econometric model of the Australian sheep industry. The structural econometric procedures on which this model is based provide a high degree of rigour in modelling the economic relationships in the sheep industry. The model s specification, estimation and validation processes are described and its intended uses in evaluating sheep industry research are discussed.
\"