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Modelling the Australian government's buyback scheme with a dynamic multi-regional CGE model

Author

Listed:
  • Peter B. Dixon
  • Maureen T. Rimmer
  • Glyn Wittwer

Abstract

TERM-H2O is a dynamic, multi-regional computable general equilibrium model of the Australian economy with agricultural detail adapted to include regional water accounts. It focuses on the effects of inter-regional water trading. Factors of production are mobile between sectors in farm industries. TERM-H2O includes complementarity conditions that impose constraints on the volume of irrigation water traded between regions. The application detailed here is to the Commonwealth government's water buyback scheme against a background of temporary drought. The buyback scheme provides a windfall gain for holders of water rights by raising the price of irrigation water. The scheme may provide a net benefit to irrigation regions while increasing environmental flows.

Suggested Citation

  • Peter B. Dixon & Maureen T. Rimmer & Glyn Wittwer, 2009. "Modelling the Australian government's buyback scheme with a dynamic multi-regional CGE model," Centre of Policy Studies/IMPACT Centre Working Papers g-186, Victoria University, Centre of Policy Studies/IMPACT Centre.
  • Handle: RePEc:cop:wpaper:g-186
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    Citations

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    Cited by:

    1. Lin Crase, 2010. "A Cautionary Note on the Use of Socio-Economic Analyses in Water Planning," Economic Papers, The Economic Society of Australia, vol. 29(1), pages 41-47, March.
    2. Glyn Wittwer & Mark Horridge, 2010. "Bringing Regional Detail to a CGE Model using Census Data," Spatial Economic Analysis, Taylor & Francis Journals, vol. 5(2), pages 229-255.
    3. Glyn Wittwer & Marnie Griffith, 2011. "Modelling drought and recovery in the southern Murray‐Darling basin," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 55(3), pages 342-359, July.
    4. Grafton, Rupert & Jiang, Qiang, 2011. "Economic effects of water recovery on irrigated agriculture in the Murray-Darling Basin," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 55(4), December.
    5. Mushtaq, Shahbaz & Cockfield, Geoff & White, Neil & Jakeman, Guy, 2014. "Modelling interactions between farm-level structural adjustment and a regional economy: A case of the Australian rice industry," Agricultural Systems, Elsevier, vol. 123(C), pages 34-42.

    More about this item

    Keywords

    regional modelling; CGE modelling; water;

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
    • R13 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General Equilibrium and Welfare Economic Analysis of Regional Economies
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods

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