This paper uses variance decomposition modelling to explore how wheat revenuevolatility in Australia has changed spatially and temporally. The components ofrevenue variance are the variances and covariances of wheat prices, the area of wheatharvested and the yield of wheat. The key finding is...

The relative merits of different systems of property rights to allocate water among different extractive uses are evaluated for the case where variability of supply is important. Three systems of property rights are considered. In the first, variable supply is dealt with through the use of water...