Institutional design focuses on the task of providing accountability and effective monitoring of decision-making by bodies vested with the coercive powers of the state in a context where information is inherently limited, costly to acquire and asymmetrically distributed. This paper focuses on...

A number of studies valuing recreation have shown that the travel cost method (TCM) generates higher estimates of value than the contingent valuation method (CVM), even though the latter is commonly associated with potential problems of hypothetical and strategic bias. In this study, both...

Procedures to measure the producer welfare effects of changes in an output price distribution under uncertainty are reviewed. Theory and numerical integration methods are combined to show how for any form of Marshallian risk-responsive supply, compensating variation of a change in higher moments...

One debate in the literature regarding consumers’ reactions to genetically modified food (GMF) centres on whether consumers react to the process of gene technology or to the specific GMF products. Results from a choice experiment survey in New Zealand indicate that consumers are heterogeneous...

The effectiveness of pricing policies depends on the price elasticity of consumption. It is well documented that residential demand for water is influenced by heterogeneity associated with differences in the size of the household and socioeconomic characteristics. In this paper, we focus on...

Australia has an incredibly variable and unpredictable hydroclimate, and while irrigation is designed to reduce risk, significant uncertainty remains in both seasonal water availability (‘allocations’) and irrigation crop water requirements. This paper explores the nature and impacts of...

Illegal foreign fishing for sharks in Northern Australia has increased substantially over the last two decades. This has likely resulted in declines of shark species abundance, with potentially far-reaching impacts on the ecosystem. This, in turn, could also have indirectly affected the legal...

This article examines the case of a risk‐averse mining firm facing a resource rent tax in order both to incorporate the role of the risk‐sharing quality of such a tax and to assess its implications given a government’s lease allocation system. The model develops the conditions required for...

One approach to rationalising policies for addressing potentially catastrophic climate change when such policies may prove unnecessary is to suppose the policies provide a form of social insurance even in the presence of pure uncertainty. Then, provided the policies are effective, such insurance...

It is likely that climate change will be associated with reductions in inflows of water to the Murray–Darling Basin. In this study, we analyse the effects of climate change in the Murray–Darling Basin using a simulation model that incorporates a state-contingent representation of...