Water Resource Economics The Analysis of Scarcity, Policies, and Projects

ISBN-10: 026207267X
ISBN-13: 9780262072670
Edition: 2006
List price: $62.00
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Description: Economics brings powerful insights to water management, but most water professionals receive limited training in it. This text offers a comprehensive development of water resource economics that is accessible to engineers and natural scientists as  More...

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Book details

List price: $62.00
Copyright year: 2006
Publisher: MIT Press
Publication date: 12/16/2005
Binding: Hardcover
Pages: 496
Size: 7.50" wide x 9.25" long x 1.00" tall
Weight: 1.694
Language: English

Economics brings powerful insights to water management, but most water professionals receive limited training in it. This text offers a comprehensive development of water resource economics that is accessible to engineers and natural scientists as well as economists. The goal is to build a practical platform for understanding and performing economic analysis using both theoretical and empirical tools. The mathematics needed to understand the subjects covered in this text include basic optimization methods and integral calculus. Familiarity with microeconomics or natural resource economics is helpful, but all the economics needed is presented and developed progressively in the text. Many water-based example calculations are included. Thus the book can be used for independent study as well as course work. The book focuses on the scarcity of water quantity (rather than water quality). The author presents the economic theory of resource allocation, recognizing the peculiarities imposed by water, and expands the theory to encompass time-defined matters such as ground water depletion. He then discusses such subjects as institutional economics, water law, how economics is used in policy and cost-benefit analysis, the roles of water marketing and water pricing, demand and supply estimation, privatization, and modeling with demand and supply functions. As an aid to readers with specific interests, references to recent literature are given for all of these topics. Each chapter ends with a summary and exercises. All graphic portrayals of economic theory and most calculations are performed using Mathematica software. These programs are downloadable, but their use is entirely optional.

Ronald C. Griffin is Professor, Department of Agricultural Economics, Texas A&M University.

Preface
Acknowledgments
Water Unit Conversions
Introduction
An Array of Decision Types
Amid the Noise
Supply Enhancement and Demand Management
Future Forces
Economics, Environment, and Equity
Organization and Conventions
Exercises
Optimal Allocation and Development
Establishment Goals
The Fundamental Economic Theory
The Costs of Water Supply
Efficiency for a Single Water-Using Agent
Aggregation and Acquisition of Marginal Net Benefit Functions
(Aggregate) Economic Efficiency
The Universal Advisory Term: Opportunity Costs
Further Adjustments for the Idiosyncrasies of Water
Economic Efficiency in the Presence of Return Flows
Economic Efficiency with Nonrivalness
Neutral Economic Efficiency
Is Water Conservation an Additional Goal?
Summary
Exercises
Constrained Optimization Using the Lagrangian Method
Necessary Conditions
Interpretation of Lagrange Multipliers
Sufficient Conditions
Minimization and Multiple Constraints
Efficiency in a Dynamic World
Rates of Time Preference
The Underlying Theory
Time Values of Money
What Is the Social Time Value of Money?
Not Risk, Not Inflation
Market Revelations of the Discount Rate
Discounting: A Summary
Dynamic Improvement and Dynamic Efficiency
Other Metrics
NPV versus the Others
Is Dynamic Efficiency/Improvement Neutral or Aggregate?
Dynamic Efficiency: A Two-Period Graphic Exposition
Dynamic Efficiency: The Basic Calculus
A Fundamental Example: Drawing from a Reservoir
Extendable in Many Possible Directions
How Fast Should Ground Water Be Depleted?
Summary
Exercises
Amortization
Advanced Methods of Dynamic Optimization
Social Institutions
The Economics of Institutions
What If You Had to Choose?
The Invisible Hand and the First Theorem of Welfare Economics
Market Failure
Consequently, . . .
The Nature of Property
The Assignment of Property: Who Should Get It?
Legal Institutions
Water Law
Surface Water Law
Ground Water Law
Conjunctive Management
Treaties and Compacts
Summary
Exercises
Policy Analysis
Two Policy Analysis Forms: Theoretical and Empirical
Empirical Policy Analysis: The Ins and Outs of Compensation Tests
Consumer and Producer Surplus Measurement
Price-Rationing Policy
Quantity-Rationing Policy
Demand-Shifting Policy
Supply-Shifting Policy
Overview and Analysis of Other Policy Types
Incorporating �NB into NPV for Dynamic Policies
Secondary Economic Effects
Incommensurables and Intangibles
Summary
Exercises
Cost-Benefit Analysis
Policy Background
Required Economic Analyses: Principles and Guidelines
Envisioning CBA as More Than NPV
A Spreadsheet in Need of Entries
Obtaining the Benefits and Costs
A Project Analysis Example: Applewhite Reservoir
Multipurpose Projects
Using Alternative Costs as a Benefit Measure
The Costs of Borrowed Funds
Financing Projects: Implications for CBA
Cost Allocation by Separable Costs-Remaining Benefits
Summary
Exercises
Water Marketing
The Instruments of Water Marketing
The Upside: Unlocking the Resource from Low-Value Applications
Basic Water Trade and Value Theory
Modified Theory in the Presence of Transaction Costs (Optional Topic)
A Typical Exchange Framework
The Downside: Guarding against Market Failures
Can the Downside be Fixed?
The Worldwide Extent of Marketing
Leading U.S. Markets
The Grounds for Area-of-Origin Protectionism
The Ground Water Challenge
Summary
Exercises
Water Pricing
The Terms of Pricing
The Customary Objectives of Rate Setting
Accounting Practice
The Economic Theory of Pricing
Specific Seasonal Volumetric Rates
Wastewater Charges: A Complication
Summary
Exercises
Demand Analysis
Demand Is More Demanding Than Value
The "Requirements" Approach
Demand Methodology
Point Expansion
Residual Imputation
Activity Analysis and Math Programming
Production Functions
Direct Statistical Regression
Nonmarket Valuation Techniques
Contingent Valuation
Hedonic Pricing
Travel Costs
Empirical Demand Findings for Three Sectors
When Considering Prior Example Studies. . .
Residential Water Demand
Industrial and Commerical Water Demand
Agricultural Water Demand
Summary
Exercises
Joining Point Expansion and Residual Imputation Methods
Supply Analysis
The Roles of Supply Information
The Primary Feature of Supply Empiricism: Single Suppliers
The Process of Processing Water
Conceptualizing Costs
Basic Methods of Supply Estimation
The Privatization Question
Summary
Exercises
Modeling with Demand and Supply
Moving from Theory to Empiricism
Features of More Advanced Models
A First Model
What Has Been Gained, Really?
A Brief Survey of Studies
A Second Model
Summary
Exercises
Converting Functions for Water Type
The Water Challenge
Economically Inspired Principles
Making a Difference
Glossary
References
Index

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