State-contingent modelling of the Murray Darling Basin: implications for the design of property rights
| dc.creator | Adamson, David | |
| dc.creator | Mallawaarachchi, Thilak | |
| dc.creator | Quiggin, John | |
| dc.date | 2017-04-01T13:50:11Z | |
| dc.date.accessioned | 2026-07-09T07:08:53Z | |
| dc.description | 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. | |
| dc.identifier | doi:10.22004/ag.econ.149856 | |
| dc.identifier | https://ageconsearch.umn.edu/record/149856/files/WPM06_2.pdf | |
| dc.identifier | http://ageconsearch.umn.edu/record/149856 | |
| dc.identifier.uri | http://hdl.handle.net/123456789/585004 | |
| dc.language | eng | |
| dc.publisher | ||
| dc.source | http://ageconsearch.umn.edu/record/149856 | |
| dc.title | State-contingent modelling of the Murray Darling Basin: implications for the design of property rights | |
| dc.type | Text |