It is likely that climate change will be associated with reductions in inflows of water to the Murray–Darling Basin In this paper, we analyse the effects of climate change in the Murray–Darling Basin, using a simulation model that incorporates a state-contingent representation of...

This review will focus on the question of discounting. The paper begins with an outline of the expected utility model used in the Stern Review. Next, the question of ‘inherent discounting’, that is, the idea that future outcomes should be discounted simply because they are in the future, is...

It is likely that climate change will be associated with reductions in inflows of water to the Murray–Darling Basin In this paper, we analyse the effects of climate change in the Murray–Darling Basin, using a simulation model that incorporates a state-contingent representation of...

The precautionary principle has been proposed as a basis making decisions about environmental health under conditions of uncertainty, but remains controversial. This paper shows how the precautionary principle may be interpreted as a guide to decision making in complex systems characterised by...

This note is a demonstration that, in the presence of overlapping generations and under standard conditions for a social welfare ordering (Pareto optimality, transitivity, independence), the only ordering consistent with utilitarianism for all people currently alive at any given point in time is...

The paper consists of a summary of the main sources of uncertainty about climate change, and a discussion of the major implications for economic analysis and the formulation of climate policy. Uncertainty typically implies that the optimal policy is more risk-averse than otherwise, and therefore...

Among the many environmental problems facing Australia, the problems of managing the Murray-Darling Basin and of responding to climate change are notable for their complexity, intractability and for the wide range of people and regions affected. Consideration of policy successes and failures in...

Summarises some of the predicted natural consequences of increasing concentrations of greenhouse gases in the atmosphere. Changes in temperature, climates, physical and chemical impacts on the biosphere as well as biodiversity loss are considered. Then some of the expected social and economic...

The precautionary principle was included in 1992 in the Rio Declaration on Environmental and Development and is a part of important international agreements and documents, for example, the Convention on Biological Diversity. Yet the interpretation of this principle is not straightforward as a...

This article briefly outlines the cause of global warming, its trends and consequences as indicated by the International Panel on Climate Change. Sea-level rise is one consequence of particular concern to Pacific island states. It also reviews the views of economists about connections between...