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AN OPTIMAL‐CONTROL APPROACH TO STABILISING AUSTRALIAN WOOL PRICES *
Author(s) -
Hinchy Mike,
Simmons Phil
Publication year - 1983
Publication title -
australian journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.683
H-Index - 49
eISSN - 1467-8489
pISSN - 0004-9395
DOI - 10.1111/j.1467-8489.1983.tb00422.x
Subject(s) - wool , blueprint , control (management) , economics , optimal control , process (computing) , computer science , operations research , operations management , engineering , mathematics , mathematical optimization , mechanical engineering , management , archaeology , history , operating system
In this paper, some aspects of the application of optimal‐control techniques to wool industry price stabilisation are considered. It is not intended to provide a blueprint for the immediate adoption of optimal‐control techniques in the management of wool price stablisation. Rather, the contribution is to the developmental and evaluative process involved in considering these techniques. A new econometric model of wool price and supply is also presented, since none of the existing models satisfied the requirements of the study.