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State-contingent modelling of the Murray Darling Basin: implications for the design of property rights

  • David Adamson

    ()

    (Risk and Sustainable Management Group, University of Queensland)

  • Thilak Mallawaarachchi

    ()

    (Risk and Sustainable Management Group, University of Queensland)

  • John Quiggin

    ()

    (Risk & Sustainable Management Group, School of Economics, University of Queensland)

Questions relating to the allocation and management of risk have played a central role in the development of the National Water Initiative, particularly as it has applied to the Murray-Darling Basin. The central issues of efficiency and equity in allocations are best understood by considering water licenses as bundles of state-contingent claims. The interaction of property rights and uncertainty regarding water flows, production and output prices is modelled using a state-contingent representation of production under uncertainty. The role of technology and investment in the determination of efficient adaptation strategies to manage risks is explored using an illustrative example.

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Paper provided by Risk and Sustainable Management Group, University of Queensland in its series Murray-Darling Program Working Papers with number WP2M06.

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Date of creation: Feb 2006
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Handle: RePEc:rsm:murray:m06_2
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  1. Grossman, Sanford J & Hart, Oliver D, 1983. "An Analysis of the Principal-Agent Problem," Econometrica, Econometric Society, vol. 51(1), pages 7-45, January.
  2. John Quiggin & Robert G. Chambers, . "The state-contingent approach to production under uncertainty," Risk & Uncertainty Working Papers WPR05_1, Risk and Sustainable Management Group, University of Queensland.
  3. Adamson, David & Quiggin, John C. & Mallawaarachchi, Thilak, 2005. "Modelling basin level allocation of water in the Murray Darling Basin in a world of Uncertainty," 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia 137740, Australian Agricultural and Resource Economics Society.
  4. Freebairn, John & Quiggin, John, 2005. "Water Rights for Variable Supplies," Risk and Sustainable Management Group Working Papers 149838, University of Queensland, School of Economics.
  5. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, vol. 7(1), pages 67-86, February.
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