Managing Sustainability in an uncertain world
The problems of sustrainable management of environmental resources are among the most pressing we face, but they are complicated by incomplete knowledge and by the uncertainty inherent in natural eco systems and processes.
The research of RSMG is aimed at improving our understanding of all aspects of this process, from fundamental issues regarding uncertainty to the policy problems involved in developing a sustainable system of water entitlements for the Murray - Darling Basin
Creation of an economic model of the Murray-Darlin Basin. The aim is to examine the economic implications to the economy, irrigators, potable water supplies and the environmental from a range of natural resource isssues and policy decisions within the Basin by using a state contingent approach to deal with risk and uncertainty.
Projects in this program will develop tools for the modelling of uncertainty in the absence of probabilities and with imperfect knowledge about possible events. It will also formalise and assess the precautionary principle for the sustainable management of complex systems.
New developments in the theory of risk and uncertainty will be applied to the central economic policy choices facing Australia; those connected with globalisation and microeconomic reform. Projects in this program will show how the latest advances in economic theory can help to illuminate the major issues in the Australian public debate, from the role of government and the market to the assessment of standards of living.