We consider conditions under which the representation of the world available to a boundedly rational decision-maker, whose awareness in- creases over time, constitutes an adequate `small world' (in the sense of Savage 1954) for the assessment of a given decision. Equivalently, we consider...

This paper describes experiences in the development and testing of three distinct financial models to support farm forestry decisions involving non-traditional tree species in northern Australia and in the Philippines. A variety of options were examined with respect to model design, yield...

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...

This paper develops an analytically tractable approach to the comparative statics of output subsidies for firms, with monotonic preferences over costs and returns, that face price and production uncertainty. We derive comparative static results for input demand and output supply.

Magill and Quinzii show that for any economy for which the state space is technological (the vector of firms' outputs distinguishes states), there is a security structure consisting of the riskless bond, the equity of each firm, an index of equity contracts and an appropriately-chosen family of...

In this article, we present one of the first real-world empirical applications of state-contingent production theory. Our state-contingent behavioral model allows us to analyze production under both inefficiency and uncertainty without regard to the nature of producer risk preferences. Using...

In this article we model production technology in a state-contingent framework. Our model analyzes production under uncertainty without being explicit about the nature of producer risk preferences. In our model producers’ risk preferences are captured by the risk-neutral probabilities they...

The mining industry in Australia, and in most other countries, pay special taxes for the use of community owned resources in additional to taxes levied on businesses in general. General taxes include the corporate income tax, payroll and transaction taxes, and labour pay personal income taxes....

In this paper, we consider an extension of the commonly used poverty gap measure that may be used to address he question of whether the elimination of poverty is a feasible objective, given sufficient political commitment. The resources potentially available to address poverty may be measured by...

On 2 June 2009, the Queensland government announced a program of asset sales projected to realise $15 billion. In this paper, the public case for privatisation put forward by the Queensland government is case is shown to be wrong and, in important respects, deliberately misleading. It is argued...