The implications for taxation theory of a life-cycle model of consumption incorporating financial transactions costs are derived. The equity case for progressive taxation is shown to correspond, in a life-cycle setting, to an efficiency case. Individuals prefer a progressive tax system to a...

Over the past twenty years there has been a rapid develop ment of public-choice theory: that is, the application of an assumpti on of egoistic utility maximization to political behavior. It is argu ed that, in important areas, the available empirical evidence runs co unter to this theory. The...

We present a dual formulation of choice under uncertainty based on a few simple assumptions about preferences. It is shown that the additive separability restriction on preferences, key to expected-utility theory, can be dropped with little loss of analytic power for a broad class of choice...

Effective climate policy requires global emissions of greenhouse gases to be cut substantially, which can be achieved by energy supply technologies with lower emissions, greater energy use efficiency and substitution in demand. For policy to be efficient requires at least fairly uniform, fairly...

Management of the Murray-Darling river system involves a large number of users with imprecisely defined rights, and an aggregate rate of resource use that is environmentally unsustainable. One possible policy response is to make formal or informal contracts with users, under which users receive...

The supply of water for irrigation is subject to climatic and policy uncertainty. The object of the present paper is to show how the linear and non-linear programming models commonly used in modelling problems such as those arising in the Murray-Darling Basin may be adapted to incorporate a...

The standard approach to modelling production under uncertainty has relied on the concept of the stochastic production function. In the present paper, it is argued that a state-contingent production model is more flexible and realistic. The model is applied to the problem of drought policy....

High population pressure and the rapid pace of human activity including urbanization, industrialization and other economic activities have led to a dwindling supply of arable land per capita and a process of agricultural intensification in South Asia. While this process has significantly...

We analyze the setting of access prices for a bottleneck facility where the facility owner also competes in the deregulated downstream market. We consider a continuum of market structures from Cournot to Bertrand. These market structures are fully characterized by a single parameter representing...