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...

An analysis of prospects for deriving self-enforcing, global, greenhouse gas emission mitigation agreements is provided. Policy spillovers and carbon leakages are accounted for. Situations where mitigation effort should be concentrated in particular countries and where efficient outcomes can be...

Socially optimal pricing and investment decisions are analysed for a tollway that experiences competition from unpriced, congested roads. The resulting "second-best" problem has a simple qualitative structure: optimal tolls are set lower than they would be without the unpriced congestion. The...

A model of persisting labor and capital migrations is proposed which relies on capital installation adjustment costs. Labor and capital markets are supposed internationally integrated with free factor movements imposing a 'law of one price' on the gross return to each factor. The development of...

Should the Australian immigration intake be forward-planned and, if so, should the resulting intake be numerically stable through time? There are sound reasons for anticipating the effects of current intakes on future intakes and for basing current intakes on Australia's long-term national...

A model of illicit, addictive drug use is proposed when users have foresight. Impacts of drug use penalties, penalties on drug use-related crime, support for drug user rehabilitation as well as the effects of health-related, harm-minimisation policies are analysed. In the short run, government...

"Distributional and second-best problems of implementing efficiency based demand management of road use in Australian cities are addressed. Both road use pricing and parking policies are considered. Failure to price roads and parking spots efficiently contributes to excessive travel and to...

Addictive consumption involves health and other risks. This paper analyzes how such risks influence steady state consumption and equilibrium addiction. Mortality risks deter addictive consumption provided they are strongly addiction-dependent. If however risks are addiction-independent they may...