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Intertemporal Allocation of Ground Water in the Central Ogallala Formation: An Application of a Multistage Sequential Decision Model

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  • Bekure, Solomon E.
  • Eidman, Vernon R.

Abstract

A closed underground water supply whose annual recharge is insignificant relative to its annual withdrawal is a stock resource subject to eventual economic exhaustion. Furthermore, it is a common property resource because its users tap the same reservoir. Economists have expressed their concern over the intertemporal misallocation of such fugitive resources, arising from a possible divergence between social and private costs [5, 6, 7, 8, 9]. While the practical determination of the marginal social cost of a ground water stock at different points in time is a formidable task, economists have suggested methods of evaluating ground water as a stock resource [5,7,9].

Suggested Citation

  • Bekure, Solomon E. & Eidman, Vernon R., 1971. "Intertemporal Allocation of Ground Water in the Central Ogallala Formation: An Application of a Multistage Sequential Decision Model," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 3(1), pages 155-160, December.
    • Handle: RePEc:cup:jagaec:v:3:y:1971:i:01:p:155-160_01
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    1. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39(2), pages 137-137.
    2. Maurice M. Kelso, 1961. "The Stock Resource Value of Water," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 43(5), pages 1112-1129.
    3. Edward F. Renshaw, 1963. "The Management of Ground Water Reservoirs," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 45(2), pages 285-295.
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    1. Baker, C.B. & Barry, Peter J. & Lee, Warren F. & Olson, Carl E. & Hochman, Eithan & Rausser, Gordon S. & Kottke, Marvin W., 1977. "Economic Growth of the Agricultural Firm," Western Region Archives 260636, Western Region - Western Extension Directors Association (WEDA).
    2. Harris, Thomas R. & Mapp, Harry P., 1980. "A Control Theory Approach to Optimal Irrigation Scheduling in the Oklahoma Panhandle," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 12(1), pages 165-171, July.
    3. Johnson, Jeffrey W. & Johnson, Phillip N. & Guerrero, Bridget L. & Weinheimer, Justin & Amosson, Stephen H. & Almas, Lal K. & Golden, Bill B. & Wheeler-Cook, Erin, 2011. "Groundwater Policy Research: Collaboration with Groundwater Conservation Districts in Texas," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 43(3), pages 1-12, August.

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