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Summer grabs me by the throat once again

The usual end to each year for me. I have been holidaying in southern NSW and now in Sydney waiting for some really hot weather. Posting will be intermittent at most until New Year. Enjoy the festive season – I hope Santa brings all my readers lots of good toys.

Update 1: Back in Melbourne […]

Gun control in the US will fail

One can empathize with “the tears, the thoughts, the prayers and the broken hearts” (a synthesised quote from several newspapers) that Americans are expressing/experiencing in relation to the murder of 26 people in Connecticut. The murders of the 20 mostly 6 or 7 year old school children naturally create a feeling of deep sadness and, […]

Robert Doyle on gambling

A few weeks back Doyle – operating, I guess, on the basis of steely Liberal principle (!) – argued against local councils imposing extra rates on noxious gambling facilities. Councils – including Melbourne City if it increased its take from Crown – could have earned extra dollars if the proposal had gone through

In today’s […]

Real option and insurance approaches to infrastructure investment with climate risk

I attended the Risk Management and Climate Change think Tank meeting at the Australian Centre for Financial Studies in Melbourne yesterday. As background I prepared the following notes that are intended to provide a non-technical guide to some technical economics.

Abstract: The real options and insurance literatures alter the way planners think about evaluating […]

BHP Billiton & climate change

It interests me that BHP Billiton (the world’s largest coal exporter) is adjusting its port construction plans to account for the effects of climate change on ocean behaviour. They are also looking carefully at further investments in coal given they anticipate a movement away from coal. As a firm they are committed to addressing the […]

Investing in infrastructure with the possibility of severe future climate change

Suppose government is thinking of building a desalination plant to deal with future possible severe climate change. Despite the current sound water supply situation over the next 10 years or so this is a reasonable supposition. Suppose further that the expected future discounted benefits of such a project are B(t) and the expected construction and […]