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The article offers information on the special issue of the journal "Economic Record" which contains papers selected from the 37th Annual Conference of Economists held at the Gold Coast, Queensland, from September 30-October 3, 2008. The conference was held under the auspices of the Economic Society of Australia. In total, 158 papers were presented at the conference in 45 contributed sessions. Eight papers were finally selected for inclusion in this issue.

During periods of market stress, electricity prices can rise dramatically. Electricity retailers cannot pass these extreme prices on to customers because of retail price regulation. Improved prediction of these price spikes therefore is important for risk management. This paper builds a time-varying-probability Markov-switching model of Queensland electricity prices, aimed particularly at forecasting price spikes. Variables capturing demand and weather patterns are used to drive the transition probabilities. Unlike traditional Markov-switching models that assume normality of the prices in each state, the model presented here uses a generalised beta distribution to allow for the skewness in the distribution of electricity prices during high-price episodes. [ABSTRACT FROM AUTHOR]

In this paper, a stated value experiment is reported that assesses values held for protecting Aboriginal cultural heritage sites in central Queensland. Choice Modelling, a stated preference non-market valuation technique, was used to estimate non-use values for protecting cultural heritage sites in the context of further water resource allocation and irrigation development. Three population groups were sampled, being an indigenous population, and regional centre and capital city populations. Results show that there are significant differences in values between indigenous and general population groups. The general population groups had negative values for high levels of cultural heritage site protection, but did have positive values for small increases in protection above current levels. [ABSTRACT FROM AUTHOR]

This paper presents a stylized account and analysts of the implications of the intergovernmental tax rivalry which arises between the Queensland and Federal governments tn their efforts to tax resource rents. In particular, coal is taxed explicitly through the Federal export levy and implicitly through the Queensland railways 'excess rail freight'. A game-theoretic environment thus arises. It ts shown that if each government sets its tax rate optimally in reaction to the other government's tax policy, then less revenue is generated a t a higher deadweight cost. The optimal cooperative solution is compared to the non-cooperative equilibrium and the resulting welfare gains are identified. [ABSTRACT FROM AUTHOR]

This paper reports the results of the first analytical phase of the Central Queensland project, which was based on two objectives: (a) to investigate the problems involved in the construction of an input-output table of a large-area sub-state region in Australia and to develop methods of table construction in the Australian regional context. This was intended as an exploration in regional economic analysis in an area in which no previous research was recorded. (b) to undertake an analytical study of the economy of the Central Queensland region. This region had been the subject of concern due to a relatively low growth rate and the unknown effects of the establishment of some large-scale industries on the essentially rural regional economy. The input-output model was intended to quantify the characteristics of the Central Queensland economy as it existed prior to the establishment of these large industries and to provide an analytical base for impact studies in a subsequent phase. [ABSTRACT FROM AUTHOR]

Examines the impact of beam trawling on recreational fishing in Queensland. Types of consumption externalities imposed by beam trawlers on recreational fishery; Estimation on the value of recreational fishery to the average fisher and marginal increases of target species caught; Insignificance of externalities cost in closing beam trawl fishery.