Improving Choice Models: Multiple Goal Pursuit and Multi-Stage Decision Processes. This project aims to develop new econometric models of choice behaviour that recognise individuals adopt “how to decide” strategies when choosing between alternatives. Existing models simplistically assume that people evaluate all goods and choose the best of them, when in fact they ignore some goods, select what information is relevant, pursue multiple goals, and otherwise deviate from the assumptions commonly ma ....Improving Choice Models: Multiple Goal Pursuit and Multi-Stage Decision Processes. This project aims to develop new econometric models of choice behaviour that recognise individuals adopt “how to decide” strategies when choosing between alternatives. Existing models simplistically assume that people evaluate all goods and choose the best of them, when in fact they ignore some goods, select what information is relevant, pursue multiple goals, and otherwise deviate from the assumptions commonly made in econometric models. Filling in this significant gap in the choice modelling literature constitutes a significant contribution to improving our understanding of human decision making and policy analysis in every area of human endeavour.Read moreRead less
Transitioning to a water-secure future in the Basin. Increased water scarcity threatens the viability of the Murray-Darling Basin. There has been little analysis conducted of the consequences of water market impediments. The economic dimensions of trade impediments, water management, water market intervention and the net social benefits of water markets are at the core of this project. In particular, this project aims to explore: the impact of impediments and policy in water markets; how further ....Transitioning to a water-secure future in the Basin. Increased water scarcity threatens the viability of the Murray-Darling Basin. There has been little analysis conducted of the consequences of water market impediments. The economic dimensions of trade impediments, water management, water market intervention and the net social benefits of water markets are at the core of this project. In particular, this project aims to explore: the impact of impediments and policy in water markets; how further water market products may increase water market efficiency; and, the nature and sources of transactions costs in markets. Benefits from this project will enhance resilience and adaptation of irrigators to future climate change and water shortages, as well as providing future policy guidance.Read moreRead less
Accounting for preference seperability in stated choice experiments. This project aims to unite three separate streams of applied economic research into a single framework in order to develop a micro-economically consistent framework for demand forecasting and analysis. Forecasting demand to improve product performance or policy impacts requires realistic representations of how humans actually make choices. Combining theories of preference separability with recent developments in both activity a ....Accounting for preference seperability in stated choice experiments. This project aims to unite three separate streams of applied economic research into a single framework in order to develop a micro-economically consistent framework for demand forecasting and analysis. Forecasting demand to improve product performance or policy impacts requires realistic representations of how humans actually make choices. Combining theories of preference separability with recent developments in both activity and time use modelling and stated choice techniques, the project plans to develop new insights into consumer equilibrium as well as new econometric methods to test for the assumption of preference separability. Project outcomes would lead to an improved understanding of consumer behaviour as well as demand forecasting, with benefits to studies involving the need for benefit cost comparisons.Read moreRead less