Updating and Recalibrating Equilibrium Displacement Models of the Australian Livestock Industries: Pig Meat

In this paper, we report on a recent update of an equilibrium displacement model of the Australian pig meat industry. New price and quantity data for the period 2012-2016 are described and compared to values used in two previous versions of the model. Elasticity parameters are kept the same. Then two hypothetical simulations are run, one for a farm productivity improvement and one for a consumer demand expansion, and the results of these simulations are reported and compared with identical simulations previously reported for the earlier versions of the model.