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
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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Working Paper: Drought Policy: A State-contingent View (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:rsm:murray:m03_1
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