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Prices versus Rationing: Marshallian Surplus and Mandatory Water Restrictions

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Author Info
R. QUENTIN GRAFTON
MICHAEL B. WARD

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Abstract

An aggregate daily water demand for Sydney is estimated and used to calculate the difference in Marshallian surplus between using the metered price of household water to regulate total consumption versus mandatory water restrictions for the period 2004/2005. The loss in Marshallian surplus from using mandatory water restrictions is calculated to be $235 million. On a per capita basis this equates to approximately $55 per person or about $150 per household - a little less than half the average Sydney household water bill in 2005. Copyright © 2008 The Economic Society of Australia.

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Publisher Info
Article provided by The Economic Society of Australia in its journal Economic Record.

Volume (Year): 84 (2008)
Issue (Month): s1 (09)
Pages: S57-S65
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Handle: RePEc:bla:ecorec:v:84:y:2008:i:s1:p:s57-s65

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  1. Katrin Millock & Céline Nauges, 2009. "Household Adoption of Water-Efficient Equipment: The Role of Socio-economic Factors, Environmental Attitudes and Policy," Working Papers 09.16.292, LERNA, University of Toulouse. [Downloadable!]
  2. R. Quentin Grafton & Tom Kompas & Hang To & Michael Ward, . "Residential Water Consumption: A Cross Country Analysis," Environmental Economics Research Hub Research Reports 0923, Environmental Economics Research Hub, Crawford School, Australian National University. [Downloadable!]
  3. Gary D. Libecap & R. Quentin Grafton & Clay Landry & J.R. O’Brien, 2009. "Markets - Water Markets: Australia’s Murray-Darling Basin and the US Southwest," ICER Working Papers 15-2009, ICER - International Centre for Economic Research. [Downloadable!]
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This page was last updated on 2009-11-28.

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