Risk and water management in the Murray-Darling Basin

John Quiggin

No WPM05_4, Murray-Darling Program Working Papers from Risk and Sustainable Management Group, University of Queensland

Abstract: Most settled parts of Australia, notably including the Murray-Darling Basin, experience low and highly variable rainfall levels. Both medium-term cycles such as the Southern Oscillation and longer term climate change contribute uncertainty in additional to that arising from seasonal fluctuations. It follows that uncertainty is an inherent feature of water management in Australia. In addition, the policy process itself generates uncertainty. As new knowledge about water systems emerges and new demands, such as increased concerns about environmental flows, arise, policies must adjust. The adjustment process inevitably creates uncertainty for both new and existing water users. It follows that the allocation of risk and uncertainty is a crucial problem in the design of institutions for water management in Australia.

JEL-codes: D81 Q25 (search for similar items in EconPapers)
Date: 2005-04
New Economics Papers: this item is included in nep-env
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Working Paper: Risk and Water Management in the Murray-Darling Basin (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:rsm:murray:m05_4

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