The extended dry conditions in the Murray Darling Basin have resulted in unprecedented levels of reduced water availability for both irrigators and the environment. Concerns over environmental degradation and the health of the river Murray have prompted the Federal and State Governments to...

Production functions that take into account uncertainty can be empirically estimated by taking a state contingent view of the world. Where there is no a priori information to allocate data amongst a small number of states, the estimation may be carried out with finite mixtures model. The...

Wik people on Cape York Peninsula, Queensland, aspire to economic independence. Commercial processing of native forest timbers is seen by Wik people as a culturally appropriate engine for economic development; however, much uncertainty surrounds their property rights to native forest timber. The...

Prospect theory [KT79] and its more recent formalizations [KR06, KR07] prescribe "nonlinear" reference-dependence. The same may be said of other forms of context-dependence such as status quo bias [MO05]. Even in settings where there is a strong case for linear context-dependence such as Gilboa...

Most, if not all, production technologies are stochastic. This article demonstrates how data envelopment analysis (DEA) methods can be adapted to accommodate stochastic elements in a state-contingent setting. Specifically, we show how observations on a random input, not under the control of the...

In recent years, the process of economic growth in the Indian economy has been characterized by a peculiar divergence between the indicators of poverty and those of food security – the paradox of rising undernutrition and declining poverty rate over time. Given above, an important question...