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Drought Policy: A State-contingent View

Author

Listed:
  • Quiggin, John
  • Chambers, Robert G.

Abstract

The standard approach to modelling production under uncertainty has relied on the concept of a 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

  • Quiggin, John & Chambers, Robert G., 2003. "Drought Policy: A State-contingent View," Risk and Sustainable Management Group Working Papers 149836, University of Queensland, School of Economics.
  • Handle: RePEc:ags:uqsers:149836
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    File URL: http://ageconsearch.umn.edu/record/149836/files/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

    Environmental Economics and Policy; Risk and 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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