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Computing Alternating Offers And Water Prices In Bilateral River Basin Management

  • HAROLD HOUBA

    ()

    (Department of Econometrics, Vrije Universiteit, De Boelelaan 1105, Amsterdam, 1081 HV, Netherlands)

This contribution addresses the fundamental critique in Dinar et al. [1992, Theory and Decision 32] on the use of game theory in river basin management: People are reluctant to monetary transfers unrelated to water prices and game theoretic solutions impose a computational burden. For the bilateral alternating-offers model, a single optimization program significantly reduces the computational burden. Furthermore, water prices and property rights result from exploiting the Second Welfare Theorem. Both issues are discussed and applied to a bilateral version of the theoretical river basin model in Ambec and Sprumont [2002, Journal of Economic Theory 107]. Directions for future research are provided.

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Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal International Game Theory Review.

Volume (Year): 10 (2008)
Issue (Month): 03 ()
Pages: 257-278

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Handle: RePEc:wsi:igtrxx:v:10:y:2008:i:03:p:257-278
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