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

Author

Listed:
  • 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)

Abstract

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.

Suggested Citation

  • David Adamson & Thilak Mallawaarachchi & John Quiggin, 2006. "State-contingent modelling of the Murray Darling Basin: implications for the design of property rights," Murray-Darling Program Working Papers WP2M06, Risk and Sustainable Management Group, University of Queensland.
    • Handle: RePEc:rsm:murray:m06_2
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    File URL: http://www.uq.edu.au/rsmg/WP/WPM06_2.pdf
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    Cited by:

    1. Adamson, David & Mallawaarachchi, Thilak & Quiggin, John C., 2007. "Water use and salinity in the Murray–Darling Basin: A state-contingent model," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 51(3), pages 1-19.
    2. Mallawaarachchi, Thilak & Auricht, Christopher & Loch, Adam & Adamson, David & Quiggin, John, 2020. "Water allocation in Australia’s Murray–Darling Basin: Managing change under heightened uncertainty," Economic Analysis and Policy, Elsevier, vol. 66(C), pages 345-369.
    3. Donna Brennan, 2006. "Water policy reform in Australia: lessons from the Victorian seasonal water market ," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(3), pages 403-423, September.
    4. Peggy Schrobback & David Adamson & John Quiggin, 2011. "Turning Water into Carbon: Carbon Sequestration and Water Flow in the Murray–Darling Basin," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 49(1), pages 23-45, May.
    5. Brennan, Donna C., 2006. "Water policy reform in Australia: lessons from the Victorian seasonal water market," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(3), pages 1-21, September.
    6. Peggy Schrobback & David Adamson & John Quiggin, 2009. "Turning Water into Carbon: Carbon sequestration vs. water flow in the Murray-Darling Basin," Murray-Darling Program Working Papers WP2M09, Risk and Sustainable Management Group, University of Queensland.

    More about this item

    JEL classification:

    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water

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