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Allocating Resources in an Uncertain World: Water Management and Endangered Species

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  • Richard T. Woodward
  • W. Douglass Shaw

Abstract

Instream flows may be essential in protecting aquatic species that are threatened or endangered. An economic model of the optimal allocation of water under pure uncertainty is developed, with particular attention paid to the situation when a species characterized by critical depensation is affected by instream flows. We adopt the notion of pure uncertainty that Frank Knight and Daniel Ellsberg intended, which applies when decision makers cannot reduce their uncertainty to a unique probability distribution. Following recent work by Hansen, Sargent, and others, we employ robust control as a way to deal with this problem. Copyright 2008, Oxford University Press.

Suggested Citation

  • Richard T. Woodward & W. Douglass Shaw, 2008. "Allocating Resources in an Uncertain World: Water Management and Endangered Species," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 90(3), pages 593-605.
  • Handle: RePEc:oup:ajagec:v:90:y:2008:i:3:p:593-605
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    File URL: http://hdl.handle.net/10.1111/j.1467-8276.2008.01141.x
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    Cited by:

    1. Anastasios Xepapadeas & Catarina Roseta-Palma, 2013. "Instabilities and robust control in natural resource management," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 12(3), pages 161-180, December.
    2. Chen, Yong & Jayaprakash, Ciriyam & Irwin, Elena, 2012. "Threshold management in a coupled economic–ecological system," Journal of Environmental Economics and Management, Elsevier, vol. 64(3), pages 442-455.
    3. Susan Stratton Sayre & Rachel Goodhue & Leo Simon, "undated". "Probabilistic Political Viability: A Methodology for Predictive Political Economy," Working Papers 2012-01, Smith College, Department of Economics.
    4. Doole, Graeme & Pannell, David J., 2011. "Evaluating environmental policies under uncertainty through application of robust nonlinear programming," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 55(4), pages 1-18.

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