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Intertemporal Allocation of Ground Water in the Central Ogallala Formation: An Application of a Multistage Sequential Decision Model

Published online by Cambridge University Press:  28 April 2015

Solomon E. Bekure  and
Vernon R. Eidman
Solomon E. Bekure
Affiliation:
Haile Salassie I University, Alamaya, Ethopia
Vernon R. Eidman
Affiliation:
Oklahoma State University
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Extract

A closed underground water supply whose annual recharge is insignificant relative to its annual withdrawal is a stock resource subject to eventual economic exhaustion. Furthermore, it is a common property resource because its users tap the same reservoir. Economists have expressed their concern over the intertemporal misallocation of such fugitive resources, arising from a possible divergence between social and private costs [5, 6, 7, 8, 9]. While the practical determination of the marginal social cost of a ground water stock at different points in time is a formidable task, economists have suggested methods of evaluating ground water as a stock resource [5,7,9].

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 3 , Issue 1 , December 1971 , pp. 155 - 160
Copyright
Copyright © Southern Agricultural Economics Association 1971

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References

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