The researchers are working on a model to study how the agriculture industry should respond to climate change.
A project aimed at determining the thresholds at which Australian farmers may need to transform their industry in response to climate change has secured University of Sydney researchers a prestigious $250,000 national grant. Agriculture and climate change specialist, Associate Professor Greg Hertzler , from Agricultural and Resource Economics within the Faculty of Agriculture, Food and Natural Resources said the highly competitive grant will allow his team to determine the thresholds farmers may cross in dealing with climate change. Hertzler says the project is about keeping the farming industry's options open. "Formal methods for quantifying and making decisions under risk have not done as well as good old common sense, until recently," says Hertzler. "In the 1990s a new method was developed which allows us to think rigorously about our options. It evolved as economists began adapting the methods of financial options to the real world. "Our new method allows us to think objectively about decisions in our complex, dynamic and nonlinear world, subject to thresholds and risks of irreversible damage.
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