Cadillac desert revisited: property rights, public policy, and water-resource depletion

Article Abstract:

A model of the dynamic tradeoff between water project construction and groundwater mining that incorporates a project's setup costs and capacity constrained is developed. The welfare effects of alternative Central Arizona Project (CAP) are quantified by applying this model.

Arizona, Economic aspects, Environmental aspects, Water resources development, Water resource development

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Extraction capacity and the optimal order of extraction

Article Abstract:

The least-cost-first extraction rule for deposits with different extraction costs is shown to be invalid in general equilibrium. It is shown that if extraction is from a high-cost resource, it is restrained, and it is optimal to begin extraction from a low-cost resource.

United States, Analysis, Natural resources, Discovery and exploration, Equilibrium (Economics), Natural resources industry software

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Set-up cost and the existence of competitive equilibrium when extraction capacity is limited

Article Abstract:

The existence of the Walrasian competitive equilibrium is independent of the simple extraction models with set-up cost. However, the validity of this assumption that is dependent on unlimited extraction capacities is analyzed.

Models, Extraction (Chemistry), Nonrenewable natural resources, Nonrenewable resources

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