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Drought policy: A state-contingent view

John Quiggin () and Robert Chambers ()

No WPM03_1, Murray-Darling Program Working Papers from Risk and Sustainable Management Group, University of Queensland

Abstract: The standard approach to modelling production under uncertainty has relied on the concept of the stochastic production. In this 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.

Keywords: Drought; production; uncertainty (search for similar items in EconPapers)
JEL-codes: D24 D81 (search for similar items in EconPapers)
Date: 2003-08, Revised 2003-08
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