Umeå University's logo

umu.sePublikasjoner
Endre søk
RefereraExporteraLink to record
Permanent link

Direct link
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annet format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annet språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf
Optimal management of groundwater under uncertainty: a unified approach
Umeå universitet, Samhällsvetenskapliga fakulteten, Centrum för miljö- och naturresursekonomi (CERE). Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi. The Beijer Institute of Ecological Economics, The Royal Swedish Academy of Sciences.ORCID-id: 0000-0002-9494-6467
2017 (engelsk)Inngår i: Environmental and Resource Economics, ISSN 0924-6460, E-ISSN 1573-1502, Vol. 67, nr 2, s. 351-377Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

Discrete-time stochastic models of management of groundwater resources have been extensively used for understanding a number of issues in groundwater management. Most models used suffer from two drawbacks: relatively simplistic treatment of the cost of water extraction, and a lack of important structural results (such as monotonicity of extraction in stock and concavity of the value function), even in simple models. Lack of structural properties impede both practical policy simulation and clarity of understanding of the resulting models and the underlying economics. This paper provides a unifying framework for these models in two directions; first, the usual cost function is extended to encompass cases where marginal cost of pumping depends on the stock and second, the analysis dispenses with assumptions of concavity of the objective function and compactness of the state space, using instead lattice-theoretic methods. With these modifications, a comprehensive investigation of which structural properties can be proved in each of the resulting cases is carried out. It is shown that for some of the richer models more structural properties may be proved than for the simpler model used in the literature. This paper also introduces to the resource economics literature an important method of proving convergence to a stationary distribution which does not require monotonicity in stock of resource. This method is of interest in a variety of renewable resource model settings.

sted, utgiver, år, opplag, sider
Springer, 2017. Vol. 67, nr 2, s. 351-377
Emneord [en]
Stationary distributions, Dynamic programming, Groundwater
HSV kategori
Identifikatorer
URN: urn:nbn:se:umu:diva-122824DOI: 10.1007/s10640-015-9989-7ISI: 000403571300007Scopus ID: 2-s2.0-84953303991OAI: oai:DiVA.org:umu-122824DiVA, id: diva2:941499
Merknad

First Online: 05 January 2016

Tilgjengelig fra: 2016-06-22 Laget: 2016-06-22 Sist oppdatert: 2023-03-24bibliografisk kontrollert

Open Access i DiVA

Fulltekst mangler i DiVA

Andre lenker

Forlagets fulltekstScopus

Person

B. Krishnamurthy, Chandra Kiran

Søk i DiVA

Av forfatter/redaktør
B. Krishnamurthy, Chandra Kiran
Av organisasjonen
I samme tidsskrift
Environmental and Resource Economics

Søk utenfor DiVA

GoogleGoogle Scholar

doi
urn-nbn

Altmetric

doi
urn-nbn
Totalt: 795 treff
RefereraExporteraLink to record
Permanent link

Direct link
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annet format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annet språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf