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The Brigalow Scheme has been one of Australia's largest dryland development projects since World War II. Large sums of private and public capital have been invested to create 247 new farm firms. Planning the development of these new properties is a complex task. A simulation model of the typical...
Studies of the ease of substitution between inputs in production have generally been carried out within a production framework of an explicit functional form. In this study, a somewhat different approach is followed. A model of derived demand for primary factors of production, land, labour and...
A review of crop‐insurance schemes is followed by a discussion of a guaranteed‐yield, crop‐insurance plan. General formulae for the distribution function and mathematical expectation of indemnities for the insurance plan are presented in terms of the distribution of crop yields. Three special...
This paper uses observations on visitation rates to estimate Clawson demand functions for a non‐priced recreation commodity, namely, the Milford Track located in the Fiordland National Park of New Zealand. Different classes of user with potentially different demand elasticities are identified,...
Spectral analysis is used to test hypotheses relating to regular four‐year cycles in the Australian pig industry. The data point to the existence of annual cycles in production, slaughterings and prices, but four‐year cycles are only evident in pig prices. Relationships between these series are...
Risky production functions which are commonly in use are shown to be very restrictive. In particular, such functions cannot describe technologies where inputs marginally reduce risk. A simple production function which avoids these restrictions is posited and alternative estimation procedures are...
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