(Magill, M., Quinzii, M., 2002. Capital market equilibrium with moral hazard. Journal of Mathematical Economics 38, 149-190) showed that, in a stockmarket economy with private information, the moral hazard problem may be resolved provided that a spanning overlap condition is satisfed. This...

The relative merits of different systems of property rights to allocate water among different extractive uses are evaluated for the case where variability of supply is important. Three systems of property rights are considered. In the first, variable supply is dealt with through the use of water...

Large estimates of the benefits of microeconomic reform have been put forward in official studies. By contrast, Quiggin (1997) concludes that benefits of microeconomic reforms have been modest. A key area of disagreement relates to the claim that increased competition leads to increases in...

This paper presents a personal view of the interaction between the analysis of choice under uncertainty and the analysis of production under uncertainty. Interest in the foundations of the theory of choice under uncertainty were stimulated by applications of expected utility theory such as the...

Claims that the Australian economy has experienced a 'productivity miracle' have been made with increasing frequency and confidence since the late 1990s. Krugman (1998), in his discussion of the Asian financial crisis, described Australia as the miracle economy of the financial crisis. Similar...

In this paper we derive a set of conditions that is both necessary and sufficient for the consistency of QALY based decision making with life-cycle preferences over consumption and health status. Cost benefit analysis is always consistent with life-cycle preferences over consumption and health...