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A Micro-Econometric Approach to Deriving Use and Non-Use Values of in-situ Groundwater: The Vosvozis Case Study, Greece

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  • Phoebe Koundouri
  • Vassilis Babalos
  • Mavra Stithou
  • Marianna Mousoulidou
  • Aris Mousoulides
  • Ioannis Anastasiou
  • Katerina Vasiliou

Abstract

The present study attempts to estimate the shadow price of unextracted groundwater in the Vozvozi aquifer. In the context of this study, we model the production function of vertically integrated agricultural firms in termsof an input-oriented distance function with multiple inputs. Duality theory is employed in order to extract information regarding the in situ shadow price of groundwater. This shadow price is of vital importance to the implementation of the EU Water Framework Directive and EU groundwater Directive, because it allows per farm estimation of the value of groundwater. It also allows the investigation of the level of cost recovery when resource’s environmental and resource costs are also considered. In this context, groundwater dependent ecosystems are of great relevance. In our case study, groundwater level decline induces recharge from Vosvozis River and Ismarida Lake, diminishing thus an important source for the life of the wetland ecosystem. Another threat due to groundwater level decline is the intrusion of seawater in the wetland area, causing thus a serious alteration in the initial character of this protected ecosystem. This study offers the opportunity to reveal individual farmer’s valuation of the marginal unit of groundwater in the aquifer and provide policy recommendations for water pricing that provides adequate incentives for users to use groundwater resource efficiently considering groundwater dependent ecosystems.

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Bibliographic Info

Paper provided by Grantham Research Institute on Climate Change and the Environment in its series Grantham Research Institute on Climate Change and the Environment Working Papers with number 128.

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Date of creation: Sep 2013
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Handle: RePEc:lsg:lsgwps:wp128

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  1. Phoebe Koundouri & Panos Pashardes & Timothy Swanson & Anastasios Xepapadeas, . "The Economics of Water Management in Developing Countries Problems, Principles and Policies," DEOS Working Papers 0303, Athens University of Economics and Business.
  2. Wunder, Sven & Engel, Stefanie & Pagiola, Stefano, 2008. "Taking stock: A comparative analysis of payments for environmental services programs in developed and developing countries," Ecological Economics, Elsevier, vol. 65(4), pages 834-852, May.
  3. Coelli, T. J., 1995. "Recent Developments in Frontier Modelling and Efficiency Measurement," 1995 Conference (39th), February 14-16, 1995, Perth, Australia 148798, Australian Agricultural and Resource Economics Society.
  4. Halvorsen, Robert & Smith, Tim R, 1991. "A Test of the Theory of Exhaustible Resources," The Quarterly Journal of Economics, MIT Press, vol. 106(1), pages 123-40, February.
  5. Aigner, Dennis & Lovell, C. A. Knox & Schmidt, Peter, 1977. "Formulation and estimation of stochastic frontier production function models," Journal of Econometrics, Elsevier, vol. 6(1), pages 21-37, July.
  6. Halvorsen, Robert & Smith, Tim R, 1984. "On Measuring Natural Resource Scarcity," Journal of Political Economy, University of Chicago Press, vol. 92(5), pages 954-64, October.
  7. Koundouri, Phoebe, 2000. "Three approaches to measuring natural resource scarcity: theory and application to groundwater," MPRA Paper 38265, University Library of Munich, Germany.
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  1. A Micro-Econometric Approach to Deriving Use and Non-Use Values of in-situ Groundwater: The Vosvozis Case Study, Greece
    by Environmental Valuation and Cost-Benefit News in Environmental Valuation & Cost-Benefit News on 2012-06-08 02:10:00

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