Economic Control of Groundwater Reserves

Oscar R. Burt

American Journal of Agricultural Economics, 1966, vol. 48, issue 3_Part_I, 632-647

Abstract: Sequential decision theory is used to develop a framework for derivation of optimal groundwater policies focused on temporal allocation. The primary criterion of choice is expected present value of net output from the basin, and dispersion of net output is introduced as a secondary consideration. The expected-present-value function and its associated rate-of-use function under an optimal policy are discussed in the context of net social benefit as prerequisites to an economic solution to the problems of commonality encountered in the use of water from groundwater basins.

Date: 1966
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:48:y:1966:i:3_part_i:p:632-647.

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