Harold Hotelling proposed the first method for non-market valuation. Most of us believe this is the Travel Cost Method. In this paper I argue that the first method is from Hotelling's seminal study on the extraction of exhaustible resources. The first method is dynamic optimisation as applied to...

Non market valuation and bio economic modelling are combined in a dynamic model of ecosystem services. A mathematical proof demonstrates that the imputed price of natural capital contains all non market values and that scarcity rent is the total value of ecosystem services. A dynamic demand...

Stochastic differential equations are a flexible way to model continuous probability distributions. The most popular differential equations are for non-stationary Lognormal, non-stationary Normal and stationary Ornstein-Uhlenbeck distributions. The probability densities are known for these...

Australia by using the data from the newly finished National Survey of Recreational Fishing (2000/2001)(NSRF). There are a number of findings. 1. Socio-economic characteristics of anglers didn’t affect their catch of high quality fish (prize fish, reef fish or key-sport fish) as much as their...

Bugs are an unavoidable aspect of mathematical programming (MP) modelling. In this paper we discuss the prevention and diagnosis of bugs in MP models. The topic is rarely addressed in the literature but is crucial to the success of modelling projects, especially for large models. We argue that...

Simulation models are valuable tools in the analysis of complex, highly constrained economic systems unsuitable for solution by mathematical programming. However, model size may hamper the efforts of practitioners to efficiently identify the most valuable configurations. This paper investigates...

The parameter values and assumptions of any economic model are subject to change and error. Sensitivity analysis (SA), broadly defined, is the investigation of these potential changes and errors and their impacts on conclusions to be drawn from the model. There is a very large literature on...

Compared to studies evaluating the benefits from agricultural research, there are relatively few empirical studies of the net economic benefits of agricultural extension, and even fewer that consider both public and private sector extension effort. In this study we examine regional differences...

Batterham (1987) described a computer program which eases entry of mathematical programming data. Users of the program first use a text editor to enter data in a relatively efficient format, which the program then converts into MPS format as required by most mathematical programming solution...