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Dynamic adaptation to resource scarcity and backstop availability: theory and application to groundwater

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  • Phoebe Koundouri
  • Christina Christou

Abstract

In this paper we analyse the optimal management of a renewable resource (groundwater) with stock-dependent extraction cost and a backstop substitute, facing two-sector linear demands. Application to the Kiti region in Cyprus demonstrates the model's performance and is used to test for the difference between optimal and myopic behaviour. It is found that the presence of a backstop resource diminishes the importance of optimal dynamic behaviour, whereas in the absence of backstop the optimal control solution yields a value for social welfare significantly larger than the myopic policy. Copyright Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Ltd 2006.

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File URL: http://hdl.handle.net/10.1111/j.1467-8489.2006.00333.x
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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural and Resource Economics.

Volume (Year): 50 (2006)
Issue (Month): 2 (06)
Pages: 227-245

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Handle: RePEc:bla:ajarec:v:50:y:2006:i:2:p:227-245

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Cited by:
  1. Hubert Stahn & Agnès Tomini, 2011. "Rainwater Harvesting under Endogenous Capacity of Storage : a solution to aquifer preservation?," Working Papers halshs-00626334, HAL.
  2. Thomas Kaeo Duarte & Sittidaj Pongkijvorasi & James Roumasset & Daniel Amato & Kimberly Burnett, 2010. "Optimal Management of a Hawaiian Coastal Aquifer with Near-Shore Marine Ecological Interactions," Working Papers 201021, University of Hawaii at Manoa, Department of Economics.
  3. Elsa Martin, 2010. "Are the gains from a groundwater management policy so low?," INRA UMR CESAER Working Papers 2010/2, INRA UMR CESAER, Centre d’Economie et Sociologie appliquées à l’Agriculture et aux Espaces Ruraux.
  4. James Roumasset & Christopher Wada, 2011. "Ordering Renewables: Groundwater, Recycling, and Desalination," Working Papers 201105, University of Hawaii at Manoa, Department of Economics.
  5. Doole, Graeme J., 2009. "A Practical Algorithm for Multiple-Phase Control Systems in Agricultural and Natural Resource Economics," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 34(1), April.

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