Optimal adaptation strategies to shocks on groundwater resources
Julia de Frutos,
Katrin Erdlenbruch and
Mabel Tidball ()
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Julia de Frutos: LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - INRA - Institut National de la Recherche Agronomique - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier, UM1 - Université Montpellier 1, IRSTEA - Institut national de recherche en sciences et technologies pour l'environnement et l'agriculture
Mabel Tidball: LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - INRA - Institut National de la Recherche Agronomique - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier
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Abstract:
We consider an exogeneous and irreversible sho ck on a groundwater resource: a decrease in the recharge rate of the aquifer. We compare optimal extraction paths and social costs for optimal adaptation in two cases: under certainty, i.e. when the date of occurrence of the shock is known and under uncertainty, when the date of occurrence of the shock is a random variable. We show that the increase of uncertainty leads to a decrease in precautionnary behaviour, in the short-run and in the long-run. Moreover, we apply our model to the particular case of the Western la Mancha aquifer. We show in this context that information aquisition may not be interesting for the manager of the resource, at least when the shock occurs later in time.
Keywords: groundwater resource; optimal behavior; uncertainty; exogeneous shock (search for similar items in EconPapers)
Date: 2012
New Economics Papers: this item is included in nep-env
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Working Paper: Optimal adaptation strategies to shocks on groundwater resources (2013)
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