Browsing by Author "Bardsley, Peter"

Now showing 1 - 4 of 4
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    Local expected utility without compactness
    (1992-08) Bardsley, Peter
    For probability distributions defined over a finite interval, it is well known that the hypothesis of smooth preferences leads to an elegant generalization of expected utility theory. One can show that local utility functions exist, and that their shape and curvature describe attitude to risk just as in the classical von Neumann Morgernstern theory. As well as encompassing the classical theory, convincing explanations are provided for the ailais paradox and other anomalies. Unfortunately, the fineness assumption excludes the normal distributions and most of the important distributions of economics. This paper shows that the fineness assumption can be dispensed with, leading to a theory with a much broader field of application.
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    Local utility functions
    (1992-03) Bardsley, Peter
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    Regulating and deregulating the dairy industry
    (1992-03) Bardsley, Peter; Stoneham, Gary; Daniel, Peter
    The Australian dairy industry is one of the most highly regulated agricultural industries in Australia. The system of producing processing distributing and pricing dairy products has evolved over time as a result of factors such as the physical characteristics of milk and milk products the nature of technical change in production the policies of state and commonwealth governments and the extraordinarily successful lobbying power of the dairy industry
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    A spatial equilibrium model of the Australian dairy industry
    (1992-03) Bardsley, Peter; Daniel, Peter
    The Australian dairy industry faces many pressures for policy change.To understand the effects of on the industry of changing government policies we have created a spatial equilibrium model uses simultaneous equations and is solved using the non unesr algoruhms of the mathematical programming language gauss equations allow polictes to be varted and the effects of these changes on production, consumption and prices to be simulated Australia is divided in to stx state production regions and six fluid milk markets a domestic market for manufactured products and an export market. We have used our model to analyse the possible effects of implementing the recommendations of the recent industry commision inquiry in to the dairy industry.