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Strategic Behavior and Efficiency in the Common Property Extraction of Groundwater

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Author Info
Santiago Rubio ()
Begoña Casino

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Abstract

Externalities that arise from privateexploitation of groundwater are analyzed by comparing socially optimal and privateextraction. Open-loop Nashequilibrium and stationary Markov feedbackequilibrium in nonlinear strategieshave been computed to characterize privateextraction. The use of thesetwo equilibrium concepts allows us todistinguish between cost andstrategic externalities as long as the open-loop solutioncaptures only the cost externality, and the feedback solution capturesboth. The results show thatstrategic behavior increases theoverexploitation of the aquifer. However, ifthe groundwater storage capacity is large, thedifference between the sociallyoptimal and private extraction is negligible. Copyright Kluwer Academic Publishers 2003

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File URL: http://hdl.handle.net/10.1023/A:1025637705488
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Publisher Info
Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 26 (2003)
Issue (Month): 1 (September)
Pages: 73-87
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Handle: RePEc:kap:enreec:v:26:y:2003:i:1:p:73-87

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Web page: http://www.springerlink.com/link.asp?id=100263

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Related research
Keywords: common property resources; differential games; groundwater extraction; linear versus nonlinear strategies; stationary Markov feedback equilibrium; strategic externality;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Dockner Engelbert J. & Van Long Ngo, 1993. "International Pollution Control: Cooperative versus Noncooperative Strategies," Journal of Environmental Economics and Management, Elsevier, vol. 25(1), pages 13-29, July. [Downloadable!] (restricted)
  2. Wirl Franz, 1994. "Pigouvian Taxation of Energy for Flow and Stock Externalities and Strategic, Noncompetitive Energy Pricing," Journal of Environmental Economics and Management, Elsevier, vol. 26(1), pages 1-18, January. [Downloadable!] (restricted)
  3. Wirl, Franz & Dockner, Engelbert, 1995. "Leviathan governments and carbon taxes: Costs and potential benefits," European Economic Review, Elsevier, vol. 39(6), pages 1215-1236, June. [Downloadable!] (restricted)
  4. Tsutsui, Shunichi & Mino, Kazuo, 1990. "Nonlinear strategies in dynamic duopolistic competition with sticky prices," Journal of Economic Theory, Elsevier, vol. 52(1), pages 136-161, October. [Downloadable!] (restricted)
  5. Knapp Keith C. & Olson Lars J., 1995. "The Economics of Conjunctive Groundwater Management with Stochastic Surface Supplies," Journal of Environmental Economics and Management, Elsevier, vol. 28(3), pages 340-356, May. [Downloadable!] (restricted)
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  1. Pfeiffer, Lisa & Lin, C.-Y. Cynthia, 2009. "Groundwater Pumping and Spatial Externalities in Agriculture," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49427, Agricultural and Applied Economics Association. [Downloadable!]
  2. Catarina Roseta-Palma, 2003. "Joint Quantity/Quality Management of Groundwater," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 26(1), pages 89-106, September. [Downloadable!] (restricted)
  3. Isik, Murat, 2005. "The Role of Land Retirement Programs for Management of Water Resources," 2005 Annual meeting, July 24-27, Providence, RI 19542, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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