Extraction from a common pool resource may result in a divergence between competitive and optimal rates of extraction. This paper develops a theoretical model to estimate the size of the payoffs from this divergence under alternative spatial representations. Results show that when a resource is...

This paper studies how monetary policy should respond to news about an oil discovery, using a workhorse New Keynesian model. Good news about future production can create a recession today under exchange rate pegs and a simple Taylor rule, as seen in practice. This is explained by forward-looking...

In recent years, renewable energy technologies have been advocated in Small Island Developing States (SIDS) in the Pacific as a risk-mitigation measure against oil price volatility. Despite this, there have been no attempts to measure the impact of renewable technologies on financial risk in...

The spontaneous growth of Vietnam’s 2,790 rural craft villages has been a mixed blessing. Specialising in ‘traditional’ crafts such as processed foods, textiles and furniture, as well as newer commodities, such as recycled products, craft businesses have expanded rapidly since Vietnam...

The paper analyses the economic payoffs from marine reserves using a stochastic optimal control model. The results show that even if the reserve and harvested populations face the same negative shocks, harvesting is optimal, the population is persistent and with no uncertainty over current stock...

We contribute to the understanding of marine reserves and the management of renewable resources with uncertainty. We show that the key benefit of reserves is that they increase resilience, or the speed it takes a population to return to a former state following a negative shock. Resilience can...

To elicit household willingness to pay (WTP) for improvements in environmental quality in three NSW catchments (Lachlan, Namoi and Hawkesbury-Nepean), a choice modelling (CM) study was conducted. This report presents results of research designed to investigate variations in WTP across different...

This research report investigates the effects of including a provision rule in choice modelling non-market valuation studies. Split samples with and without a provision rule were used to test for differences in household willingness-to-pay for improvements in environmental quality in the...

Metrics for evaluating environmental trade-offs can be developed with varying levels of consistency across case study sites. A key issue is whether standard evaluation experiments can be conducted over multiple sites, or whether experiments have to be tailored to each case study application. To...