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The risk premium for equity: implications for resource allocation, welfare and policy

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Author Info

  • Simon Grant

    ()
    (Department of Economics, Rice University)

  • John Quiggin

    ()
    (Department of Economics, University of Queensland)

Abstract

This paper describes experiences in the development and testing of three distinct financial models to support farm forestry decisions involving non-traditional tree species in northern Australia and in the Philippines. A variety of options were examined with respect to model design, yield prediction, computing platform, forestry performance criteria and other features. Two of the models focus on the forestry enterprise in isolation, while the third evaluates forestry within the context of the overall farm business. It is found that choice of model design depends on the particular type of application intended and availability of financial data for this application. Some complementarities were gained in replicating features when progressing from one model to the next. Model construction and testing were challenging tasks requiring considerable funds and for two of the models proceeding over a number of years. Validation involved the gradual gaining of confidence in a model as it progressed through various versions. For the more complex models, greater effort in development of the user interface was found to be warranted. The models have proved more suitable for use by extension agents than individual landholders. Even with major resource inputs into model development, a number of desirable additional features can be identified.

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Bibliographic Info

Paper provided by Risk and Sustainable Management Group, University of Queensland in its series Risk & Uncertainty Working Papers with number WPR04_8.

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Date of creation: Aug 2004
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Handle: RePEc:rsm:riskun:r04_8

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Keywords: equity premium puzzle; public investment;

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Cited by:
  1. John Quiggin, 2010. "Bad Politics Makes Bad Policy: The Case of Queensland's Asset Sales Programme," Economic Papers, The Economic Society of Australia, vol. 29(1), pages 13-22, 03.
  2. Kim, Sei-Wan & Krausz, Joshua & Nam, Kiseok, 2013. "Revisiting asset pricing under habit formation in an overlapping-generations economy," Journal of Banking & Finance, Elsevier, vol. 37(1), pages 132-138.

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