Australian governments have agreed to develop and implement policies to promote more efficient use of water resources and improved water quality. Policy objectives may include incentives for investment in efficient irrigation technologies. However, the presence of large, sunk investment and the...

Long run excess fishing capacity affects both the profitability and biological status of a fishery. In order for policy makers to determine optimal resource allocation to a fishery and to establish whether a fishery is over-capitalised, it is important to identify both the level and the source...