Please use this identifier to cite or link to this item:
https://hdl.handle.net/2440/101433
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Type: | Journal article |
Title: | Elicitation of irrigators' risk preferences from observed behaviour |
Author: | Nauges, C. Wheeler, S. Zuo, A. |
Citation: | The Australian Journal of Agricultural and Resource Economics, 2016; 60(3):442-458 |
Publisher: | Wiley-Blackwell |
Issue Date: | 2016 |
ISSN: | 1364-985X 1467-8489 |
Statement of Responsibility: | Céline Nauges, Sarah Ann Wheeler, Alec Zuo |
Abstract: | Water trading in the Murray-Darling Basin of Australia has developed to the point where it is a common adaptation tool used by irrigators, making it an apt case study to elicit the marginal value of irrigation water and irrigators' risk preferences in two key industries with differing levels of water dependence. Our data come from large-scale and representative surveys of irrigated broadacre and horticultural farms in the Murray–Darling Basin over a 6-year period. The marginal contribution of irrigation water to profit is estimated at $547 and $61/ML on average in horticulture and broadacre, respectively. Horticultural irrigators are found to be averse to the risk of large losses (downside risk) while broadacre irrigators are averse to the variability (variance) of profit. |
Keywords: | Irrigation; marginal value of water; Murray-Darling Basin; profit function; risk preferences |
Rights: | © 2015 Australian Agricultural and Resource Economics Society Inc. |
DOI: | 10.1111/1467-8489.12134 |
Grant ID: | http://purl.org/au-research/grants/arc/DP140103946 http://purl.org/au-research/grants/arc/FT140100773 http://purl.org/au-research/grants/arc/FT100100708 |
Published version: | http://dx.doi.org/10.1111/1467-8489.12134 |
Appears in Collections: | Agriculture, Food and Wine publications Aurora harvest 3 |
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RA_hdl_101433.pdf Restricted Access | Restricted Access | 280.34 kB | Adobe PDF | View/Open |
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