Drought Policy: A State-Contingent View

Quiggin, John C. and Chambers, Robert G. (2003) Drought Policy: A State-Contingent View. Murray Darling Program Working Paper: 1/M03, Risk & Sustainable Management Group, Schools of Economics and Political Science, The University of Queensland.

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Author Quiggin, John C.
Chambers, Robert G.
Title Drought Policy: A State-Contingent View
School, Department or Centre Risk & Sustainable Management Group, Schools of Economics and Political Science
Institution The University of Queensland
Open Access Status Other
Report Number Murray Darling Program Working Paper: 1/M03
Publication date 2003-08-01
Subject 300803 Natural Resource Management
230202 Stochastic Analysis and Modelling
340202 Environment and Resource Economics
300903 Sustainable Development
Abstract/Summary The standard approach to modelling production under uncertainty has relied on the concept of a stochastic production. In this paper, it is argued that a state-contingent production model is more flexible and realistic. The model is applied to the problem of drought policy.
Keyword drought
stochastic production
modelling
uncertainty
risk

Document type: Department Technical Report
Collection: Working Papers (School of Economics)
 
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Created: Fri, 19 Nov 2004, 10:00:00 EST