The study uses Theil's concept of certainty equivalence and bias to analyse the production decisions of the purely competitive firm when some of its inputs are controlled and others are non-controlled and subject to random influences. Conditions are outlined under which a surrogate procedure...

Recently, a number of specialty areas have developed dealing with the economics of natural systems, resources and the environment. These include natural resource economics, environmental economics, ecological economics and bioeconomics. As well, new government departments, research institutes...

Stabilization of wool prices (which is partially achieved by the Wool Commission) may reduce the average annual net income (surplus) of growers and also of manufacturers of wool. The argument that the surplus of growers may be reduced is based upon Massell's extension of Oi's hypothesis. The...