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An Optimal Control Approach To Water Quality Trading: Cost-Effective Point/Nonpoint Management In A Watershed Framework

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  • Zhao, Xiaobing
  • Fletcher, Jerald J.

Abstract

This study reflects a growing interest in water quality trading involving both point and nonpoint sources in a watershed framework. An empirical spatial-temporal optimal control model is presented and solved to assess the scope and implications of point/nonpoint trading. Results indicate significant economic gains to broader based interpretations of trading rules.

Suggested Citation

  • Zhao, Xiaobing & Fletcher, Jerald J., 2004. "An Optimal Control Approach To Water Quality Trading: Cost-Effective Point/Nonpoint Management In A Watershed Framework," 2004 Annual meeting, August 1-4, Denver, CO 20195, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  • Handle: RePEc:ags:aaea04:20195
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    References listed on IDEAS

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    1. Pace, R. Kelley & Barry, Ronald & Gilley, Otis W. & Sirmans, C. F., 2000. "A method for spatial-temporal forecasting with an application to real estate prices," International Journal of Forecasting, Elsevier, vol. 16(2), pages 229-246.
    2. Gaudet, G. & Moreaux, M. & Salant, S.W., 1997. "Intertemporal and Spatial Depletion of Landfills," Papers 97-07, Michigan - Center for Research on Economic & Social Theory.
    3. Greiner, Romy & Cacho, Oscar, 2001. "On the efficient use of a catchment's land and water resources: dryland salinization in Australia," Ecological Economics, Elsevier, vol. 38(3), pages 441-458, September.
    4. Richard T. Woodward & Ronald A. Kaiser, 2002. "Market Structures for U.S. Water Quality Trading," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 24(2), pages 366-383.
    5. Arun S. Malik & David Letson & Stephen R. Crutchfield, 1993. "Point/Nonpoint Source Trading of Pollution Abatement: Choosing the Right Trading Ratio," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(4), pages 959-967.
    6. Mary Riddel, 2001. "A Dynamic Approach to Estimating Hedonic Prices for Environmental Goods: An Application to Open Space Purchase," Land Economics, University of Wisconsin Press, vol. 77(4), pages 494-512.
    7. Makris, Miltiadis, 2001. "Necessary conditions for infinite-horizon discounted two-stage optimal control problems," Journal of Economic Dynamics and Control, Elsevier, vol. 25(12), pages 1935-1950, December.
    8. Richard D. Horan, 2001. "Differences in Social and Public Risk Perceptions and Conflicting Impacts on Point/Nonpoint Trading Ratios," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(4), pages 934-941.
    9. Dana L. Hoag & Jennie S. Hughes-Popp, 1997. "Theory and Practice of Pollution Credit Trading in Water Quality Management," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 19(2), pages 252-262.
    10. Ali, Md Kamar & Fletcher, Jerald J. & Phipps, Tim T., 2002. "Stream Water Quality Management: A Stochastic Mixed-Integer Programming Model," 2002 Annual meeting, July 28-31, Long Beach, CA 19811, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    11. Kurt Stephenson & Patricia Norris & Leonard Shabman, 1998. "Watershed-Based Effluent Trading: The Nonpoint Source Challenge," Contemporary Economic Policy, Western Economic Association International, vol. 16(4), pages 412-421, October.
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    Keywords

    Resource /Energy Economics and Policy;

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