Modelling the structure of Australian wool auction prices. Australian wool auction ($3.5-4 billions per year) is an on-going process. The prices paid in this auction market are used by the Australian production and service sectors to identify the quality preferences the international retail markets and the intermediate processors. The proposed research will optimise the information that can be extracted and used by these sectors in the production and distribution of the raw wool clip. A two- ....Modelling the structure of Australian wool auction prices. Australian wool auction ($3.5-4 billions per year) is an on-going process. The prices paid in this auction market are used by the Australian production and service sectors to identify the quality preferences the international retail markets and the intermediate processors. The proposed research will optimise the information that can be extracted and used by these sectors in the production and distribution of the raw wool clip. A two-stages algorithm in tree-based regression will be developed. The project will provide a challenge environment to train a Ph.D. student in agriculture modelling and optimisation.Read moreRead less
Bahavioural Determinants of the Adoption of Forward Market by Australian Wool Producers. It is estimated that 85% of Australian wool is sold in Auction, making it the dominant market system to sell wool. However, wool prices have fluctuated significantly in the auction system resulting in wool producers looking for alternative market systems. The Forward Market (selling wool in advance directly to the traders) is one such alternative market system which could offer guaranteed price to the wool p ....Bahavioural Determinants of the Adoption of Forward Market by Australian Wool Producers. It is estimated that 85% of Australian wool is sold in Auction, making it the dominant market system to sell wool. However, wool prices have fluctuated significantly in the auction system resulting in wool producers looking for alternative market systems. The Forward Market (selling wool in advance directly to the traders) is one such alternative market system which could offer guaranteed price to the wool producers. Despite its obvious advantages only 7% of wool producers sell wool through Forward Market system. This project investigates the behavioural determinants for the adoption of Forward Market system by the wool producers. We will develop a valid and reliable adoption model using Structural Equation Modelling approach through two rounds of data collection from the wool producers. The results will enhance wool industry's understanding of producers? response to the Forward Market system and thus help the policy makers to promote the alternative market system effectively. Read moreRead less