The stabilization of global climate presents one of the most complex problems in public good provision the world has faced. Continuation of ‘business as usual’ policies, leading to warming of more than 2 degrees over the next year, will produce significant damage to agricultural systems and...

Climate change is likely to have substantial effects on irrigated agriculture. It is anticipated that many areas that are already dry will become drier, while areas that already receive high rainfall may experience further increases. Extreme climate events such as droughts are likely to become...

Large scale forest plantations in the Murray-Darling Basin may be embraced as a carbon sequestration mechanism under a Carbon Pollution Reduction Scheme. However, increased tree plantation will be associated with reduced inflows to river systems because of increased transpiration, interception...

The Murray-Darling Basin faces increasing pressure on water quantity and quality. In 2006-07, salt interception schemes implemented as part of the Murray–Darling Basin Salinity Management strategy removed over 470,000 tonnes of salt from the water supply, reducing the salinity of water...

We present a formal treatment of contracting in the face of ambiguity. The central idea is that boundedly rational individuals will not always interpret the same situation in the same way. More specifically, even with well defined contracts, the precise actions to be taken by each party to the...

We specify an oligopoly game, where firms choose quantity in order to maximise profits, that is strategically equivalent to a standard Tullock rent- seeking game. We then show that the Tullock game may be interpreted as an oligopsonistic market for in?uence. Alternative specifications of the...

This paper studies the structure of state-contingent contracts in the presence of moral hazard and multitasking. Necessary and sufficient conditions for the presence of multitasking to lead to fixed payments instead of incentive schemes are identified. It is shown that the primary determinant of...

A new method of estimating the economic value of life is proposed. Using cross-country data, an equation is estimated to explain life expectancy as a function of real consumption of goods and services. The associated cost function for life expectancy in terms of the prices of specific goods and...