Economic analysis shows that the Central Arizona Project will be a poor investment from the point of view of individual farmers. Yet farmers support the Project. In this study of the economics and politics of the CAP, farmers are questioned as to their information, perceptions and motivations....

Both the federal and state governments have strong constitutional daims and political resources with which to influence the allocation of water resources. Until the 1970s. federal agencies were able to dominate kr setting goals and objectives. However, when the federal government attempted to...

Since Hardin first formulated the tragedy of the commons, researchers have described various ways that commons problems are solved, all based on the model of individual rationality. Invariably, these institutional solutions involve creating some system of property rights. We formulate an...

Screening equilibria, mainly those a la Rothchild-Stiglitz(1976), have been widely used to explain various aspects of mortgage contracting. In the real world, however, most mortghage contracting processes involve both signalling and screening. In this paper, we combine signalling and screening...

To value non-transferable non-hedgeable (NTNH) contingent claims and price executive stock options (ESOs), we use a replication argument to translate portfolios with NTNH derivatives into portfolios of primary assets (only) with stochastic portfolio constraints. By identifying stochastic...

Since the mid-1970s the south-west of Australia has displayed a warming and drying trend in its climate. Using parametric and non-parametric methods this paper provides a decadal assessment of the profitability, productivity and productivity components of over 250 farms in the region. The farm...