Size and Distribution of Research Benefits in the Australian Dairy Industry
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An equilibrium displacement model of the Australian dairy industry is being developed for
estimating the net benefits from dairy research undertaken by DPI Victoria. In this initial
version, the dairy industry is represented by a system of aggregate demand and supply
relationships for two input sectors, raw milk and milk processing inputs, and three output
sectors, export and domestic manufactured milk and domestic fluid milk. Quantities and
prices are calibrated in terms of milk equivalents. The vertical and horizontal disaggregation
of the industry in the model enables the distribution of benefits from farmers to consumers to
be assessed. The results for a 1% hypothetical shift in the supply curve in the farm and
processing sectors are presented. Sensitivity analysis is also conducted for the uncertain
elasticity values specified in the model.