Although a handful of forage species such as perennial ryegrass are predominant, there are a wide range of forage species that can be grown in sub tropical and temperate regions in Australia as dairy pastures. These species have differing seasonal yields, nutrient quality and water use...

Production functions that take into account uncertainty can be empirically estimated by taking a state contingent view of the world. Where there is no a priori information to allocate data amongst a small number of states, the estimation may be carried out with finite mixtures model. The...

The wide use of artificial insemination by dairy farmers has facilitated the development of a multi-billion dollar international market in animal genetics. In the major western dairy producing nations, each country has developed a single index to rank bulls, based on the value of traits they are...

This paper has two goals. First, we demonstrate that standard arguments and methods from production and duality analysis can be used to provide a comprehensive and general treatment of the value of information for a risk-averse firm with expected-utility (linear-in-probabilities) preferences and...

This paper describes a Choice Modelling experiment set up to investigate the relationship between distance and willingness to pay for environmental quality changes. The issue is important for the estimation and transfer of benefits. The Choice Modelling experiment allows testing distance effects...

A forestry industry based on the native Darwin stringybark forests of Cape York Peninsula has been identified as a potential generator of employment and income for Wik people. Information appropriate for examining potential Wik timber utilisation strategies is scarce, necessitating primary data...

In the past year, climate change has moved from political controversy to political consensus; at least, in relation for price-based policies the need to limit emissions. Uncertainties remain but with both major parties proposing to develop an emissions trading regime, it is timely to highlight...

We formulate a dynamic framework for an individual decision-maker within which discovery of previously unconsidered propositions is possible. Using a standard game-theoretic representation of the state space as a tree structure generated by the actions of agents (including acts of nature), we...

We consider an asset market traded three types of assets: the risk–free asset, the market portfolio and derivatives written on the market portfolio return. We determine a sufficient condition to guarantee that noise risk monotonically changes their derivatives. The condition is that...

In this paper we show that, if demand varies stochastically, and firms compete after the realization of demand shocks, the strategy space may be inferred from market evidence. The key idea is that, in equilibrium, each firm acts as a monopolist, choosing the optimal price-quantity combination...