Drought policy: a graphical analysis

John Quiggin and Robert Chambers ()

Australian Journal of Agricultural and Resource Economics, 2004, vol. 48, issue 2, 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.

Date: 2004
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https://doi.org/10.1111/j.1467-8489.2004.00249.x

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