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Compensating Irrigators For Restricting Water Use: An Expected Utility Analysis

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  • Bosch, Darrell J.
  • Eidman, Vernon R.
  • Gill, Eric E.

Abstract

A daily limitation on the number of hours irrigators can pump may be imposed by utility companies seeking to use the company's generating capacity more efficiently. Three power interruption patterns are analyzed to determine electricity cost reductions which would have to be offered to keep irrigators from being made worse off by the interruptions. Irrigation system pumping capacity and the irrigator's attitudes toward risk are found to be primary determinants of the size of the required reductions.

Suggested Citation

  • Bosch, Darrell J. & Eidman, Vernon R. & Gill, Eric E., 1986. "Compensating Irrigators For Restricting Water Use: An Expected Utility Analysis," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 11(2), pages 1-10, December.
    • Handle: RePEc:ags:wjagec:32244
    DOI: 10.22004/ag.econ.32244
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    References listed on IDEAS

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    1. Knowles, Glenn J., 1980. "Estimating Utility Functions," Risk Analysis in Agriculture: Research and Educational Developments, January 16-18, 1980, Tucson, Arizona 271570, Regional Research Projects > W-149: An Economic Evaluation of Managing Market Risks in Agriculture.
    2. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
    3. King, Robert P., 1979. "Operational Techniques for Applied Decision Analysis Under Uncertainty," AAEA Fellows - Dissertations and Theses, Agricultural and Applied Economics Association, number 181951, December.
    4. William Lin & G. W. Dean & C. V. Moore, 1974. "An Empirical Test of Utility vs. Profit Maximization in Agricultural Production," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(3), pages 497-508.
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    1. McCamley, Francis, 1987. "Identifying A Csd Efficient Set Of Mixtures Of Risky Alternatives For Risk Preferring Decision Makers," 1987 Annual Meeting, August 2-5, East Lansing, Michigan 270125, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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    Keywords

    Resource /Energy Economics and Policy;

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