This discussion paper will briefly examine the concepts of risk and uncertainty, and the relevance of risk to decision making about animal health programs. Various techniques for dealing with uncertain cash flows will then be discussed, with particular emphasis on three extensions to the...

‘Risk’ has become a central theme in 21st-century policy thinking. The fact that individuals and families are vulnerable to a wide range of social, economic and other risks, and that collective action is needed to help reduce and manage these risks, has long been important in social...

Questions relating to the allocation and management of risk have played a central role in the development of the National Water Initiative, particularly as it has applied to the Murray-Darling Basin. The central issues of efficiency and equity in allocations are best understood by considering...

Dual approaches have proved their value in many areas of economic analysis. Until recently, however, they have been virtually ignored in the analysis of choice under uncertainty.In this paper, we present a dual formulation of choice under uncertainty based on a few simple assumptions about...

This study compares the effectiveness of five crop insurance/disaster assistance plans: an individual farm yield insurance plan similar to the current FCIC multi-peril program ; two area yield insurance plans; a farm yield disaster assistance plan; and an area yield disaster assistance plan....

This report, which follows five earlier discussion papers on cost-benefit analysis (CBA) methods and their application to animal health programs, examines two applied areas of animal health economics in more detail. First, specific categories of costs and benefits of improved animal health are...

We focus on syntactic aspects of di¤erential awareness that give rise to contractual disputes. Boundedly rational parties use a common language, but do not share a common understanding of the world, leading to ambiguity in both syntactic and semantic forms. In contractual relationships,...