The introduction of a stabilization scheme can raise or lower the wealth of initial owners of land and commodity stocks substantially, even if the are risk neutral. The incidence consists of the capitaliz ed value of the revenue changes along the path to the new stochastic steady state. By...

The costs of primary commodity price instability are reviewed and can be significant. Stabilization is problematic, given high serial correlation. Rolling over a sequence of one-year futures hedges can be quite effective and the optimal hedge is derived but encounters the problem of sovereign...

Up to 60 per cent of potable water supplied to Perth, Western Australia, is extracted from the groundwater system that lies below the northern part of the metropolitan area. Many of the urban wetlands are groundwater-dependent and excessive groundwater extraction and climate change have resulted...