Long-term risks such as climate change question the resilience of Australian agriculture. Difficult, expensive, and possibly irreversible changes to farming practices will have to be implemented in the face of uncertainty, such as adapting, moving, or abandoning altogether some types of crop. Stochastic optimisation tools such as the real option approach are suitable to assist decision making under uncertainty, regarding both type and timing of changes to be implemented by farmers for resilience. The aim of this project is to identify the main unintended effects of climate uncertainty on agricultural systems, identify the set of mitigation options available for farmer, model mathematically the decision-making process under uncertainty, and finally solve it numerically, so as to be able to propose mitigation policies towards greater resilience of agricultural systems nationwide.
Keywords: Real option, climate change, adaptation, food and water, stochastic programming
Applications can be made by selecting the below link.
Please attach supporting documentation including a covering letter outlining why you would like to undertake the PhD project and a current CV including 2 referees. Please note that more than one application can be made if you wish to be considered for more than one PhD project.