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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)

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 Function: First version, 2008
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Bibliographic 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;

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References

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  1. Ronald C. Griffin, 2006. "Water Resource Economics: The Analysis of Scarcity, Policies, and Projects," MIT Press Books, The MIT Press, edition 1, volume 1, number 026207267x, December.
  2. Settle, Chad & Crocker, Thomas D. & Shogren, Jason F., 2002. "On the joint determination of biological and economic systems," Ecological Economics, Elsevier, vol. 42(1-2), pages 301-311, August.
  3. Krupnick, Alan & Austin, David & Morton, Brian & McConnell, Virginia & Stoessell, Terrell & Cannon, Matthew, 1998. "The Chesapeake Bay and the Control of NOx Emissions: A Policy Analysis," Discussion Papers dp-98-46, Resources For the Future.
  4. 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.
  5. Dennis Collentine, 2006. "Water Resource Economics: The Analysis of Scarcity, Policies and Projects," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 33(3), pages 437-439, September.
  6. Koundouri, Phoebe & Christou, Christina, 2006. "Dynamic adaptation to resource scarcity and backstop availability: theory and application to groundwater," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(2), June.
  7. Darrell Krulce & James A. Roumasset & Tom Wilson, 1997. "Optimal Management of a Renewable and Replaceable Resource: The Case of Coastal Groundwater," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1218-1228.
  8. Oskar Von dem Hagen & Holger Wacker, 2001. "Stock Externality vs. Symbiosis in a Forest-Air System," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 20(3), pages 197-210, November.
  9. Oscar R. Burt, 1964. "Optimal Resource Use Over Time with an Application to Ground Water," Management Science, INFORMS, vol. 11(1), pages 80-93, September.
  10. Gisser, Micha, 1983. "Groundwater: Focusing on the Real Issue," Journal of Political Economy, University of Chicago Press, vol. 91(6), pages 1001-27, December.
  11. Edward B. Barbier, 1994. "Valuing Environmental Functions: Tropical Wetlands," Land Economics, University of Wisconsin Press, vol. 70(2), pages 155-173.
  12. Basharat A. Pitafi & James A. Roumasset, 2009. "Pareto-Improving Water Management over Space and Time: The Honolulu Case," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(1), pages 138-153.
  13. 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.
  14. Chad Settle & Jason E Shogren, 2002. "Modeling Native-Exotic Species within Yellowstone Lake," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(5), pages 1323-1328.
  15. 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.
  16. Berck, Peter, 1981. "Optimal management of renewable resources with growing demand and stock externalities," Journal of Environmental Economics and Management, Elsevier, vol. 8(2), pages 105-117, June.
  17. 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.
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Citations

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Cited by:
  1. Thomas Kaeo Duarte & Sittidaj Pongkijvorasin & James Roumasset & Daniel Amato & Kimberly Burnett, 2010. "Optimal Management of a Hawaiian Coastal Aquifer with Near-Shore Marine Ecological Interactions," Working Papers 2010-08, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.
  2. James Roumasset & Christopher Wada, 2014. "Integrated Groundwater Resource Management," Working Papers 201414, University of Hawaii at Manoa, Department of Economics.
  3. Encarna Esteban & Ariel Dinar, 2013. "Cooperative Management of Groundwater Resources in the Presence of Environmental Externalities," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 54(3), pages 443-469, March.

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