UC Davis Agricultural and Resource Economics

James Roumasset, University of Hawai'i

Least-Pearce-first Meets Groundwater Economics

Date and Location

Tuesday, November 23, 2010, 12:00 AM - 2:15 PM

Abstract

Optimal management of non-renewable resources calls for sequencing extraction according to the Pearce equation. We extend the least-Pearce-first principle to multiple stocks of a renewable resource, facing a single demand sector. We apply the principle to two groundwater aquifers and then to an aquifer supplemented by wastewater recycling. Extending the Pearce equation to include externalities is discussed briefly.

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