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| Marshall, Graham R.; Jones, Randall E.; Wall, Lisa M.. |
| When assessing farming strategies, it is important to account for the opportunities provided for tactically adjusting to outcomes of risk. The hypothesis that accounting for tactical adjustment is more important than accounting for risk attitude was supported in this study with regard to identifying the optimal drainage recirculation strategy for an irrigated dairy farm. Failing to account for tactical adjustment would lead to a sub‐optimal choice, costing the farmer about A$3 100 in present value terms. In contrast, failing to account for risk aversion would not affect the strategy chosen. The distribution method was found to be well suited to modelling tactical adjustment. |
| Tipo: Journal Article |
Palavras-chave: Research and Development/Tech Change/Emerging Technologies. |
| Ano: 1997 |
URL: http://purl.umn.edu/118064 |
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| Marshall, Graham R.; Wall, Lisa M.; Jones, Randall E.. |
| Integrated Catchment Management (ICM) can be viewed as an institutional instrument designed to ameliorate losses of economic efficiency that have arisen due to incomplete specification of the privileges and restrictions attached to property rights. If applied appropriately ICM can facilitate the emergence of a market in which parties disadvantaged by incomplete specification attempt to bribe those advantaged, with the aim of obtaining the latter's agreement to more complete specification. The instrument provides potential for transactions costs of bargaining to be reduced substantially by reducing the number of parties eligible to participate in, and installing the state as broker and arbiter of, the bargaining process. Participation by sub-catchment... |
| Tipo: Journal Article |
Palavras-chave: Resource /Energy Economics and Policy. |
| Ano: 1996 |
URL: http://purl.umn.edu/12415 |
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