The fundamental assumption of the contingent valuation method (CYM) is that responses to CY questionnaires may be interpreted as expressions of consumer preferences. The consumer preference interpretation has been challenged in recent papers arguing that willingness to pay for wildlife...

Two separate bodies of literature on stabilization give radically different results, yet these contradictions have not attracted any attention. The first arises from the neoclassical theory of stabilization and predicts that beneficial stabilization will always attract positive supply response....

An implicit rental price approach is used to analyse the determinants of farm tractor investment at the aggregate level. Three models, based on different assumed factor substitutabilities, are compared. Variations in the rental price of tractors appear to have less effect on demand than...

The term 'common property' has frequently been misapplied to situations where no property rights exist. Common property rights have provided a workable alternative to private property in many historical situations. Common property concepts and institutions can also play a major role in analysing...

Underwriting schemes are increasingly being used as a basis for price policy in Australian agricultural industries. These policies simultaneously increase average returns and reduce the risk faced by producers. In this paper, conditions are discussed under which such a combination of policy...