Drought policy: a graphical analysis

John Quiggin () and Robert G Chambers ()

Australian Journal of Agricultural and Resource Economics, 2004, vol. 48, issue 2, pages 225-251

Abstract: The standard approach to modelling production under uncertainty has relied on the concept of the stochastic production function. In the present paper, it is argued that a state-contingent production model is more flexible and realistic. The model is applied to the problem of drought policy. Copyright 2004 Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Asia Pty Ltd..

Date: 2004
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