The idea of representing choice under uncertainty as a trade-off between mean returns and some measure of risk or uncertainty is fundamental to the analysis of investment decisions. In this paper, we show that preferences can be characterized in this way, even in the absence of objective...

"Climate change is likely to have substantial effects on irrigated agriculture. Extreme climate events, such as droughts, are likely to become more common. These patterns are evident in median projections of climate change for the Murray-Darling Basin in Australia. Understanding climate change...