Drought Policy: A State-contingent View

The standard approach to modelling production under uncertainty has relied on the concept of a 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


Issue Date:
2003-08
Publication Type:
Working or Discussion Paper
PURL Identifier:
http://purl.umn.edu/149836
Total Pages:
24
JEL Codes:
D24; D81
Series Statement:
Murray Darling Program
1/MO3




 Record created 2017-04-01, last modified 2017-08-27

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