Investigation of a dynamic economic system : the specification of Australian beef cattle supply

Abstract

This thesis is concerned with investigating the practical determination of an appropriate specification for a dynamic economic system, that of Australian beef cattle supply. As such, it may be logically divided into four parts. Part 1, consists of Chapters I, II and III, which are necessary and lengthy scene-setting Chapters in various guises. Chapter I contains a general introduction to practical specification searches and an overview of the thesis. Chapter II and related Appendices develop the chosen application through all its component stages of economic specification, data considerations and econometric specification, introducing some new developments. Chapter III introduces the major quantitative aspects of the specification search for later development. Part 2, made up of Chapters IV, V and VI, concerns those quantitative components that utilise available data and contain the main technical developments of the thesis. Chapter IV considers the diagnostic testing component, especially those related to data questions both individually and jointly. Chapter V considers the model selection component, especially in relation to the comprehensive model made up of individual (non-nested) models. Chapter VI develops extensions to both the components considered that are relevant to the chosen application. Part 3, comprises Chapters VII and VIII, and contains applications of the earlier developments. Chapter VII specifically applies some of the extended techniques that were developed to an empirical example suited to their illustration. Chapter VIII applies the procedures in general to the chosen application that was developed earlier. Part 4, consists of Chapter IX which contains a summary incorporating an overall strategy for specifications searches and brief concluding comments.