There is pressure in Australia for water management reform to ensure an efficient allocation of resources between productive uses and to provide adequate conservation of the environment. The establishment of water markets and trade has been seen as the primary mechanism for improving the...

Problems in natural resource management arise when markets do not work effectively to resolve the inefficiencies associated with the way resource access rights are currently specified. In most cases, this can be linked to incomplete markets. In order to assess potential management options it is...

Uncertainty has long been recognised as an important aspect of renewable resource assessment and management. Stochastic optimal control provides a framework in which to incorporate uncertainty, whether arising from fluctuations in the biological or economic environment or from lack of a precise...

Environmental intervention is often seen as being high risk and high return. Traditional scientific hypothesis testing provides limited guidance to policy makers unless there is a high level of certainty in the supporting scientific evidence. Traditional cost-benefit analysis under uncertainty...