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Temporal allocation of groundwater
Author(s) -
Burt Oscar R.
Publication year - 1967
Publication title -
water resources research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.863
H-Index - 217
eISSN - 1944-7973
pISSN - 0043-1397
DOI - 10.1029/wr003i001p00045
Subject(s) - groundwater recharge , groundwater , economics , econometrics , decision rule , simple (philosophy) , environmental science , aquifer , microeconomics , geology , geotechnical engineering , philosophy , epistemology
A relatively simple economic model for allocation of groundwater in time is developed. The economic consequences of altering various parameters in the model are examined with respect to the effect on equilibrium stocks and rate of use. The concept of a conditional decision rule for stochastic groundwater recharge and the properties of the implied equilibrium are discussed. In its simplest form, the derived decision rule is to equate marginal net output with respect to rate of use to capitalized marginal net output with respect to water stocks.