In this paper we consider the problem of accommodating indigenous cultural heritage values in resource assessment and valuation. We suggest a need for price-based approaches to valuation to be replaced by or complemented with quantitative constraints, reflecting the requirement that rights...

We present a definition of increasing uncertainty, in which an elementary increase in the uncertainty of any act corresponds to the addition of an `elementary bet' that increases consumption by a fixed amount in (relatively) `good' states and decreases consumption by a fixed (and possibly...

The willingness to pay (WTP)/willingness to accept (WTA) disparity raises serious questions about preference elicitation techniques based on the Hicksian model of decision-making. In this paper we investigate the possibility of incorporating the strategies suggested by Plott and Zeiler (2005) in...

Quality-Adjusted Life Years (QALYs) are the most widely-used measure of health in cost– effectiveness analysis and cost–benefit analysis. Within a welfarist framework QALYs are consistent with people’s preferences under stringent assumptions. Several authors have argued that QALYs are a...

Abstract. We define and discuss Savage games, which are ordinal games that are set in L. J. Savage’s framework of purely subjective uncertainty. Every Bayesian game is ordinally equivalent to a Savage game. However, Savage games are free of priors, prob- abilities and payoffs. Players’...

Quiggin and Chambers have introduced the notion of invariant preferences, and shown that the only invariant expected-utility functionals are those associated with a quadratic utility function. This note identifies the class of preferences which simultaneously satisfy invariance, two-fund...

In this chapter, we compare the experience of Australia and New Zealand over the period of microeconomic reform that began in the early 1980s. Of particular concern is the question of how New Zealand, with what were seen at the time as the ‘best’ set of economic policies in the OECD,...

Australia is the world's driest continent and the intensity of conflict over water and water management has been increasing , especially in rural areas. By focussing on the recent federalist compact, National Wa ter Initiative (NWI), we explore the use of market and property rights instruments...

In this paper we experiment with an original format of a Choice Modelling questionnaire developed to capture preferences from respondents with different property right frame of references. The format includes both WTP and WTA choice alternatives for native vegetation management. It is well...

High population pressure and the rapid pace of human activity including urbanization, industrialization and other economic activities have led to a dwindling supply of arable land per capita and a process of agricultural intensification in South Asia. While this process has significantly...