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- W2170181483 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." @default.
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- W2170181483 date "2006-01-01" @default.
- W2170181483 modified "2023-09-28" @default.
- W2170181483 title "State-contingent modelling of the Murray Darling Basin: implications for the design of property rights" @default.
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- W2170181483 doi "https://doi.org/10.22004/ag.econ.137977" @default.
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