Honesty and efficiency in the provision of expert services: doctors and other experts as participants in economic experiments. Experts serve us when we see the doctor, the financial planner or the car mechanic. In all these case the expert can take advantage of his superior knowledge and sell us something we do not need. This research will inform policy makers about the underlying motives of real world experts and allow them to design better institutions.
Using Heart Rate Variability measurements to identify the effects of stress on decision making. Rationality and the willingness to cooperate is an important aspect of human decision making. Research shows that certain decisions not only cause stress but are also affected by it. Using modern mobile heart rate monitors, we are able to measure causes and consequences of stress in a controlled and natural environment. This research will help to provide better workplace environments by helping to des ....Using Heart Rate Variability measurements to identify the effects of stress on decision making. Rationality and the willingness to cooperate is an important aspect of human decision making. Research shows that certain decisions not only cause stress but are also affected by it. Using modern mobile heart rate monitors, we are able to measure causes and consequences of stress in a controlled and natural environment. This research will help to provide better workplace environments by helping to design better organisations, decreasing the probability of workplace accidents, and advising employees how to better use their talents. This research also helps put Australia on the forefront of modern economic research that aims to open the ultimate "black box" of human decision making.Read moreRead less
Balancing the risk of harm with productivity in the mercurial firm: economic theory and applications to Australian policy. Australia has had at least one significant chemical spill per month for the last 30 years. While the Longford disaster fades from the news, James Hardy's asbestos problem fills its place. This project will develop a general conceptual framework in which to analyse the economics of risky firms. The framework will be used to evaluate Australian, International, and alternative ....Balancing the risk of harm with productivity in the mercurial firm: economic theory and applications to Australian policy. Australia has had at least one significant chemical spill per month for the last 30 years. While the Longford disaster fades from the news, James Hardy's asbestos problem fills its place. This project will develop a general conceptual framework in which to analyse the economics of risky firms. The framework will be used to evaluate Australian, International, and alternative policies. The end benefit to Australia will be an improvement in policy toward firms that cause accidents.Read moreRead less
The Role of the Family in Facilitating the Human Capital and Labour Market Investments of Young Australians. A nation's future lies in its young people, and society as a whole must take part in ensuring that today's youth acquire the skills, experience, and training necessary not only to cope, but to thrive. The proposed research will make a substantial step forward in understanding how families make decisions about supporting their young adult children and how those decisions are shaped by Aust ....The Role of the Family in Facilitating the Human Capital and Labour Market Investments of Young Australians. A nation's future lies in its young people, and society as a whole must take part in ensuring that today's youth acquire the skills, experience, and training necessary not only to cope, but to thrive. The proposed research will make a substantial step forward in understanding how families make decisions about supporting their young adult children and how those decisions are shaped by Australian social policy. The findings will inform social policy development by providing evidence on pressing issues such as the effects of rising house prices or weakening labour markets on young Australians' ability to invest in education.Read moreRead less
Optimal taxation when the allocation of time matters. This project aims to incorporate evidence-based models of time allocation, which go beyond the simple division between work and leisure, in optimal tax settings. This approach will help to inform the public policy debate on child support, by questioning whether, and if so how, to subsidise childcare, where parental time use plays a crucial role.
Risk and Australian public policy. This project will develop fundamentally new approaches to the theory of risk and uncertainty and their role in the design and management of complex projects and policy initiatives. The results will be applied to the central economic policy choices facing Australia; those connected with globalisation and microeconomic reform. This project will show how the latest advances in economic theory can help to illuminate the major issues in the Australian public debate, ....Risk and Australian public policy. This project will develop fundamentally new approaches to the theory of risk and uncertainty and their role in the design and management of complex projects and policy initiatives. The results will be applied to the central economic policy choices facing Australia; those connected with globalisation and microeconomic reform. This project 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. The project will also help to bridge the gap between economics and other social sciences.Read moreRead less
General market equilibrium analysis of securitisable assets in the presence of private information, when contracts are incomplete. Three key markets (among others) were involved in the gestation of the worst financial crisis seen since the great depression: the market for mortgages and the market for securities, backed by mortgages and housing market. The focus of this project is to examine financial fragility in such markets, theoretically applying outcomes to Australian policy.
Natural resources and ecosystem services in productivity measurement. This project aims to understand sources of productivity growth through addressing theoretical and practical problems in the economics of natural resources and ecosystem services. It will study the valuation of non-renewable resources and ecosystem services, acknowledging their contributions to economic activity and the effect on national income from their depletion and degradation. It will develop approaches to incorporating n ....Natural resources and ecosystem services in productivity measurement. This project aims to understand sources of productivity growth through addressing theoretical and practical problems in the economics of natural resources and ecosystem services. It will study the valuation of non-renewable resources and ecosystem services, acknowledging their contributions to economic activity and the effect on national income from their depletion and degradation. It will develop approaches to incorporating natural resource depletion and degradation into productivity analysis with the aim of better informing environmental, innovation and industry policy.Read moreRead less
Economic Analysis of an Environmental Challenge: Salinity, Uncertainty and Property. The applicability of standard property-rights solutions to complex environmental issues such as salinity is examined. Water and carbon trading, as well as issues relating to agricultural land management are addressed. In particular, the use of price instruments as a potentially more attractive mechanism than standard quantity instruments for achieving desirable outcomes is examined. The project will exploit and ....Economic Analysis of an Environmental Challenge: Salinity, Uncertainty and Property. The applicability of standard property-rights solutions to complex environmental issues such as salinity is examined. Water and carbon trading, as well as issues relating to agricultural land management are addressed. In particular, the use of price instruments as a potentially more attractive mechanism than standard quantity instruments for achieving desirable outcomes is examined. The project will exploit and extend recent theoretical developments in modelling under conditions of uncertainty, and the use of price and quantity instruments in regulatory contexts.Read moreRead less
Biosecurity or Trade Barrier? The Economic Costs of Quarantine. Agricultural, fishing and forestry groups are united in supporting strict biosecurity measures, such as quarantine, in order to prevent any possibility of the importation of diseases. However, the importation of certain products from "diseased" countries does not necessarily mean that the disease will also be imported, and even if imported it may not result in the destruction of the local industry. The "diseased" countries obviousl ....Biosecurity or Trade Barrier? The Economic Costs of Quarantine. Agricultural, fishing and forestry groups are united in supporting strict biosecurity measures, such as quarantine, in order to prevent any possibility of the importation of diseases. However, the importation of certain products from "diseased" countries does not necessarily mean that the disease will also be imported, and even if imported it may not result in the destruction of the local industry. The "diseased" countries obviously remain competitive if they are able to export the products. Foreign quarantine restrictions are restricting Australia's access to international markets. The costs to consumers of the current zero-tolerance policy has not been quantified. The costs may indeed exceed the benefit.Read moreRead less