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Drought policy: A state-contingent view

Author

Listed:
  • John Quiggin

    (Department of Economics, University of Queensland)

  • Robert G. Chambers

    (Dept of Agricultural and Resource Economics, University of Maryland, College Park)

Abstract

The standard approach to modelling production under uncertainty has relied on the concept of the stochastic production. In this paper, it is argued that a state-contingent production model is more flexible and realistic. The model is applied to the problem of drought policy.

Suggested Citation

  • John Quiggin & Robert G. Chambers, 2003. "Drought policy: A state-contingent view," Murray-Darling Program Working Papers WPM03_1, Risk and Sustainable Management Group, University of Queensland, revised Aug 2003.
    • Handle: RePEc:rsm:murray:m03_1
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    File URL: http://www.uq.edu.au/rsmg/WP/WPM03_1.pdf
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    Cited by:

    1. Adamson, David & Mallawaarachchi, Thilak & Quiggin, John, 2004. "Modelling basin level allocation of water in the Murray Darling Basin in a world of uncertainty," Risk and Sustainable Management Group Working Papers 149844, University of Queensland, School of Economics.

    More about this item

    Keywords

    Drought production uncertainty;

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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