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The Potential for Water Market Efficiency When Instream Flows Have Value
Author(s) -
Griffin Ronald C.,
Hsu ShihHsun
Publication year - 1993
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1242913
Subject(s) - incentive , refining (metallurgy) , value (mathematics) , computer science , environmental economics , microeconomics , economics , chemistry , machine learning
Most of the effort being expended to revise western water policy concerns the maintenance of instream waters to the exclusion of traditional diversionary interests. Absent from the economics literature is a theoretical treatment addressing the interface between diversionary and instream water uses. At issue is the potential for refining market operations to accomplish efficient allocation in the presence of both diversionary and instream uses. Optimization methods are employed to examine this issue in a highly generalized framework. If a specific structure is adopted, markets and other incentive‐based policies are demonstrated to be capable of efficient water allocation.

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