Sustainable Reform of the Murray-Darling System: Property Rights, Uncertainty and Institutions (2003–2007)
The project 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. Finally, the project will apply these tools to analyse and improve policies for the reform of property rights, institutions and land and water management in the Murray-Darling system. The project will assist in the formulation of sustainable responses to problems of drought and irrigation related salinity in the Murray-Darling system.