This paper develops methods to quantify weather derivatives and yield index insurance. These are exotic options that differ from financial options in several ways. The underlying random variable is not a price but a quantity such as millimeters of rainfall. Instead of option "pricing", a method...

This paper develops methods to quantify weather derivatives and yield index insurance. These are exotic options that differ from financial options in several ways. The underlying random variable is not a price but a quantity such as millimeters of rainfall. Instead of option "pricing", a method...

This paper develops a theoretical model to examine the relationship between the input elasticity of (technical) substitution and both farm total factor productivity and size. In the presence of ongoing technical change and its factor bias, the ‘income effect’ arising from farms’ cost...

A rising saline aquifer in the Coleambally Irrigation Area constitutes a common pool resource, characterised by costly exclusion and rival utilisation for regional irrigators. The approach outlined in general terms in this paper is the application of formal, empirical techniques to guide the...

Increases in induced waterlogging and dryland salinization resulting from deep drainage to watertables have been predicted to occur across the mixed farming zone of northern Victoria. Consequently, deep-rooted perennials need to be introduced into farming systems. Lucerne (Medicago sativa) has...