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Renewable Resource Management with Stock Externalities: Coastal Aquifers and Submarine Groundwater Discharge

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Author Info
Sittidaj Pongkijvorasin (Chulalongkorn University)
James Roumasset (University of Hawaii at Manoa)
Thomas Kaeo Duarte (Kamehameha Schools)
Kimberly Burnett (University of Hawaii Economic Research Organization)

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Abstract

This paper develops a hydrologic-ecologic-economic model of groundwater use. Particularly, we model coastal groundwater management and its effects on submarine groundwater discharge, nearshore marine water quality, and marine biota. We show that incorporating the external effects on nearshore resources increases the optimal sustainable steady-state head level. Numerical simulations are illustrated using data from the Kuki’o region on the island of Hawaii. Two different approaches for incorporating the nearshore resource are examined. Including algae’s market value in the objective function results in only slightly lower rates of extraction. When a minimum constraint is placed on the stock of the keystone species, however, greater conservation may be indicated. The constraint also results in non-monotonic paths of water extraction, head level, and water price in the optimal solution.

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File URL: http://www.economics.hawaii.edu/research/workingpapers/WP_08-8R.pdf
File Format: application/pdf
File Function: First version, 2008
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Publisher Info
Paper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number 200808.

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Length: 30
Date of creation: 10 Nov 2008
Date of revision:
Handle: RePEc:hai:wpaper:200808

Note: Revised version of WP:07-13, Coastal Groundwater Management with Nearshore Resource Interactions
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Related research
Keywords: groundwater management; marine ecology; dynamic optimization; safe minimum standard; sustainability science;

Find related papers by JEL classification:
Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D62 - Microeconomics - - Welfare Economics - - - Externalities

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  1. Tsur, Yacov & Graham-Tomasi, Theodore, 1991. "The buffer value of groundwater with stochastic surface water supplies," Journal of Environmental Economics and Management, Elsevier, vol. 21(3), pages 201-224, November. [Downloadable!] (restricted)
  2. Dennis Collentine, 2006. "Water Resource Economics: The Analysis of Scarcity, Policies and Projects," European Review of Agricultural Economics, Oxford University Press for the Foundation for the European Review of Agricultural Economics, vol. 33(3), pages 437-439, September.
  3. Gisser, Micha, 1983. "Groundwater: Focusing on the Real Issue," Journal of Political Economy, University of Chicago Press, vol. 91(6), pages 1001-27, December. [Downloadable!] (restricted)
  4. Jasper M. Dalhuisen & Raymond J. G. M. Florax & JHenri L. F. de Groot & Peter Nijkamp, 2003. "Price and Income Elasticities of Residential Water Demand: A Meta-Analysis," Land Economics, University of Wisconsin Press, vol. 79(2), pages 292-308. [Downloadable!] (restricted)
  5. Pearce, David & Markandya, Anil, 1987. "Marginal Opportunity Cost as a Planning Concept in Natural Resource Management," The Annals of Regional Science, Springer, vol. 21(3), pages 18-32, November.
  6. Gollier, Christian & Jullien, Bruno & Treich, Nicolas, 2000. "Scientific progress and irreversibility: an economic interpretation of the 'Precautionary Principle'," Journal of Public Economics, Elsevier, vol. 75(2), pages 229-253, February. [Downloadable!] (restricted)
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