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Economic Control of Groundwater Reserves

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  • Oscar R. Burt

Abstract

Sequential decision theory is used to develop a framework for derivation of optimal groundwater policies focused on temporal allocation. The primary criterion of choice is expected present value of net output from the basin, and dispersion of net output is introduced as a secondary consideration. The expected-present-value function and its associated rate-of-use function under an optimal policy are discussed in the context of net social benefit as prerequisites to an economic solution to the problems of commonality encountered in the use of water from groundwater basins.

Suggested Citation

  • Oscar R. Burt, 1966. "Economic Control of Groundwater Reserves," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 48(3_Part_I), pages 632-647.
    • Handle: RePEc:oup:ajagec:v:48:y:1966:i:3_part_i:p:632-647.
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    File URL: http://hdl.handle.net/10.2307/1236865
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    Citations

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    Cited by:

    1. Faye, Amy & Msangi, Siwa, 2018. "Rainfall variability and groundwater availability for irrigation in Sub-Saharan Africa: evidence from the Niayes region of Senegal," MPRA Paper 92625, University Library of Munich, Germany.
    2. Lee, Kun Chol, 1981. "Optimal exploitation of common property resources: a case of groundwater mining in the Ogallala Aquifer," ISU General Staff Papers 198101010800008442, Iowa State University, Department of Economics.
    3. Wada, Christopher A. & Pongkijvorasin, Sittidaj & Roumasset, James A. & Burnett, Kimberly M., 2023. "Solving Optimal Groundwater Problems with EXCEL," Applied Economics Teaching Resources (AETR), Agricultural and Applied Economics Association, vol. 5(3), September.
    4. Santiago J. Rubio & Juan P. Castro, 1996. "Long-run groundwater reserves under uncertainty," Investigaciones Economicas, Fundación SEPI, vol. 20(1), pages 71-88, January.
    5. A. Alamanos & D. Latinopoulos & G. Papaioannou & N. Mylopoulos, 2019. "Integrated Hydro-Economic Modeling for Sustainable Water Resources Management in Data-Scarce Areas: The Case of Lake Karla Watershed in Greece," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 33(8), pages 2775-2790, June.
    6. Rubio, Santiago J. & Casino, Begona, 2001. "Competitive versus efficient extraction of a common property resource: The groundwater case," Journal of Economic Dynamics and Control, Elsevier, vol. 25(8), pages 1117-1137, August.
    7. Norton, George W., 1976. "Constraints To Increasing Livestock Production In Less Developed Countries: A Literature Review," Staff Papers 14043, University of Minnesota, Department of Applied Economics.
    8. Phoebe Koundouri, 2004. "Current Issues in the Economics of Groundwater Resource Management," Journal of Economic Surveys, Wiley Blackwell, vol. 18(5), pages 703-740, December.
    9. Woonghee Tim Huh & Chandra Kiran Krishnamurthy & Richard Weber, 2011. "Concavity and monotonicity properties in a groundwater management model," Naval Research Logistics (NRL), John Wiley & Sons, vol. 58(7), pages 670-675, October.
    10. Xie, Yang & Zilberman, David, 2014. "The Economics of Water Project Capacities under Optimal Water Inventory Management," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt6c24636b, Department of Agricultural & Resource Economics, UC Berkeley.
    11. Wada, Christopher A. & Pongkijvorasin, Sittidaj & Roumasset, James A. & Burnett, Kimberly M., 2023. "Solving Optimal Groundwater Problems with Excel," Applied Economics Teaching Resources (AETR), Agricultural and Applied Economics Association, vol. 5(2), May.
    12. Patil, Kiran Kumar R & Chandrakanth, MG & Bhat, Mahadev G & Manjunatha, AV, 2015. "Sustainable path of extraction of groundwater for irrigation and Whither Jevons paradox in hard rock areas of India," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 200417, Agricultural and Applied Economics Association.
    13. Athanasios Tsiarapas & Zisis Mallios, 2023. "Estimating the long-term impact of market power on the welfare gains from groundwater markets," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 25(3), pages 377-406, July.
    14. Xie, Yang & Zilberman, David, 2014. "The Economics of Water Project Capacities and Conservation Technologies," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 169820, Agricultural and Applied Economics Association.
    15. Chandra Kiran B. Krishnamurthy, 2017. "Optimal Management of Groundwater Under Uncertainty: A Unified Approach," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 67(2), pages 351-377, June.
    16. Spinks, Thomas & Dahl, Dale C., 1981. "Inputs Used in U.S. Farm Production: A Bibliography of Selected Economic Studies, 1950-80," Economics and Statistics Services (ESS) Reports 319963, United States Department of Agriculture, Economic Research Service.
    17. Wichelns, Dennis & Horner, Gerald, 1985. "Economic Aspects Of Salinity Management In California'S San Joaquin Valley: Farm-Level And Regional Considerations," Working Papers 225792, University of California, Davis, Department of Agricultural and Resource Economics.
    18. Phoebe Koundouri, 2003. "Potential for groundwater management: Gisser-Sanchez effect reconsidered," DEOS Working Papers 0307, Athens University of Economics and Business.
    19. Runge, C. Ford, 2006. "Agricultural Economics: A Brief Intellectual History," Staff Papers 13649, University of Minnesota, Department of Applied Economics.
    20. Vestal, Mallory K. & Guerrero, Bridget L. & Golden, Bill B. & Harkey, Logan D., 2017. "The Impact of Discount Rate and Price on Intertemporal Groundwater Models in Grant County, Kansas," 2017 Annual Meeting, February 4-7, 2017, Mobile, Alabama 253033, Southern Agricultural Economics Association.
    21. Kiran Krishnamurthy, Chandra, 2012. "Optimal Management of Groundwater under Uncertainty: A Unified Approach," CERE Working Papers 2012:19, CERE - the Center for Environmental and Resource Economics, revised 30 Jun 2014.

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