Advertisement

Risk Aversion and Gains from Water Trading under Uncertain Water Availability

  • Javier Calatrava Leyva
  • Alberto Garrido
Part of the Natural Resource Management and Policy book series (NRMP, volume 29)

Keywords

Risk Aversion Water Allotment Input Price Water Price Relative Risk Aversion 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Anderson, J.R., J.L. Dillon, and B. Hardaker, 1977. Agricultural decision analysis, Iowa State University Press, Ames.Google Scholar
  2. Antle, J.M., 1983. ‘Incorporating risk in production analysis’, American Journal of Agricultural Economics, 65(5), 1099–1106.Google Scholar
  3. Babcock, B. A. and J.F. Shogren, 1995. ‘The cost of agricultural production risk’, Agricultural Economics, 12(2), 141–150.CrossRefGoogle Scholar
  4. Batra, R.N. and A. Ullah, 1974. ‘Competitive firm and the theory of input demand under price uncertainty’, Journal of Political Economy, 82(3), 537–548.CrossRefGoogle Scholar
  5. Blair, R.D., 1974. ‘Random input prices and the theory of the firm’, Economic Inquiry, 2(3), 214–225.CrossRefGoogle Scholar
  6. Booker, J.F. and R.A. Young, 1994. ‘Modeling intrastate and interstate markets for Colorado river water resources’, Journal of Environmental Economics and Management, 26(1), 66–87.CrossRefGoogle Scholar
  7. Calatrava, J., 2002. Los mercados de agua en la agricultura y el riesgo económico: Una aplicación en el valle del Guadalquivir, Doctoral dissertation, Department of Agricultural Economics, Universidad Politécnica de Madrid.Google Scholar
  8. Calatrava, J. and A. Garrido, 2005a. ‘Spot water markets and risk in water supply’, Agricultural Economics, 33, 131–143.CrossRefGoogle Scholar
  9. Calatrava, J. and A. Garrido, 2005b. ‘Modelling water markets under uncertain water supply’, European Review of Agricultural Economics, 32, 119–142.CrossRefGoogle Scholar
  10. Cocks, K.D., 1968. ‘Discrete stochastic programming’, Management Science, 15,72–79.zbMATHCrossRefGoogle Scholar
  11. Cornes, R., 1992. Duality and modern economics, Cambridge University Press, Cambridge.Google Scholar
  12. Chambers, R.G., 1983. ‘Risk in agricultural production: Discussion’, American Journal of Agricultural Economics, 65(5), 1114–1115.Google Scholar
  13. Dinar, A. and J. Letey, 1991. ‘Agricultural water marketing, allocative efficiency and drainage reduction’, Journal of Environmental Economics and Management, 20, 210–223.CrossRefGoogle Scholar
  14. Easter, K.W., M.W. Rosegrant and A. Dinar (eds.), 1998. Markets for Water: Potential and Performance, Kluwer Academic Publishers, Boston.Google Scholar
  15. Enke, S., 1951. ‘Equilibrium between spatially separate markets: solution by electric analogue’, Econometrica, 19, 40–47.zbMATHGoogle Scholar
  16. Flinn, J.C. and J.W.B. Guise, 1970. ‘An application of spatial equilibrium analysis to water resource allocation’, Water Resources Research, 6(2), 398–409.Google Scholar
  17. Hardaker, J.B., 2000. Some issues in dealing with risk in agriculture, Working Paper 2000-3, Graduate School of Agricultural and Resource Economics, University of New England, Armidale.Google Scholar
  18. Hardaker, J.B., R.B.M. Huirne and J.R. Anderson, 1997. Coping with risk in Agriculture, CAB International, Wallingford.Google Scholar
  19. Hardaker, J.B., S. Pandey and L.H. Patten, 1991. ‘Farm planning under uncertainty: a review of alternative programming models’, Review of Marketing and Agricultural Economics, 59(1), 9–22.Google Scholar
  20. Howitt, R., 1998. ‘Spot prices, option prices, and water markets: an analysis of emerging markets in California’, in Markets for Water: Potential and performance, edited by K. W. Easter, M. Rosegrant and A. Dinar, Kluwer Academic Publishers, New York.Google Scholar
  21. Howitt, R. and C.R. Taylor, 1993. ‘Some Microeconomics of Agricultural Resource Use’ in Agricultural and Environmental Resource Economics, edited by G.A. Carlson, D. Zilberman and J.A. Miranowski, Oxford University Press, Oxford.Google Scholar
  22. Just, R.E., 1975. ‘Risk aversion under profit maximization’, American Journal of Agricultural Economics, 57(2), 347–352.Google Scholar
  23. Keplinger, K.O., B.A. McCarl, M.E. Chowdhury. and R.D. Lacewell, 1998. ‘Economic and hydrologic implications of suspending irrigation in dry years’, Journal of Agricultural and Resource Economics, 23(1), 195–205.Google Scholar
  24. Knapp, K.C., M. Weinberg, R.E. Howitt and J.F. Posnikoff, 2003. ‘Water transfers, agriculture, and groundwater management: A dynamic economic analysis’, Journal of Environmental Management, 67, 291–301.PubMedCrossRefGoogle Scholar
  25. Lien, G. and J.B. Hardaker, 2001. ‘Whole-farm planning under uncertainty: impacts of subsidy scheme and utility function on portfolio choice in Norwegian agriculture’, European Review of Agricultural Economics, 28(1), 17–36.CrossRefGoogle Scholar
  26. MAPA (monthly). Boletín Mensual de Estadística Agraria. Ministerio de Agricultura, Pesca y Alimentación, Madrid.Google Scholar
  27. Marshall, G.R., R.E. Jones and L.M. Wall, 1997. ‘Tactical opportunities, risk attitude and choice of farming strategy: an application of the distribution method’, Australian Journal of Agricultural and Resource Economics, 41(4), 499–519.CrossRefGoogle Scholar
  28. Miller, K.A., 1996. ‘Water Banking to Manage Supply Variability’ in Advances in the Economics of Environmental Resources, Vol. 1: Marginal Cost Rate Design and Wholesale Water Markets, edited by D.C. Hall, JAI Press, Greenwich, 195–210.Google Scholar
  29. Pannell, D.J., B. Malcolm and R.S. Kingwell, 2000. ‘Are we risking too much? Perspectives in farm modelling’, Agricultural Economics, 23(1), 69–78.Google Scholar
  30. Patten, L.H., J.B. Hardaker and D.J. Pannell, 1988. ‘Utility-efficient programming for whole-farm planning’. Australian Journal of Agricultural Economics, 32, 88–97.Google Scholar
  31. Rae, A., 1971. ‘Problem stochastic programming, utility, and sequential decision problems in farm management’, American Journal of Agricultural Economics, 53(3), 448–460.Google Scholar
  32. Rosegrant, M.W. and H.P. Binswanger, 1994. ‘Markets in tradable water rights: Potential for efficiency gains in developing country water resource allocation’, World Development, 22, 1613–1625.CrossRefGoogle Scholar
  33. Samuelson, P.A., 1952. ‘Spatial price equilibrium and linear programming’, American Economic Review, 42(2), 283–303.Google Scholar
  34. Sandmo, A., 1971. ‘On the theory of the competitive firm under price uncertainty’, American Economic Review, 61(1), 65–73.Google Scholar
  35. Takayama, T. and G.C. Judge, 1964. ‘Spatial equilibrium and quadratic programming’, Journal of Farm Economics, 46(1), 67–93.Google Scholar
  36. Taylor, R. G. and R.A. Young, 1995. ‘Rural-to-urban water transfers: measuring direct foregone benefits of irrigation water under uncertain water supplies’, Journal of Agricultural and Resource Economics, 20(2), 247–262.Google Scholar
  37. Turner, B. and G.M. Perry, 1997. ‘Agricultural to instream water transfers under uncertain water availability: a case study of the Deschutes river, Oregon’, Journal of Agricultural and Resource Economics, 22(2), 208–221.Google Scholar
  38. Turnovsky, S.J., 1969. ‘The behaviour of a competitive firm with uncertainty in factor markets’, New Zealand Economic Papers, 3(1), 52–58.CrossRefGoogle Scholar
  39. Vaux, H.J. and R.E. Howitt, 1984. ‘Managing water scarcity: An evaluation of interregional transfers’, Water Resources Research, 20(7), 785–792.CrossRefGoogle Scholar
  40. Weinberg, M., C. L. Kling and J.E. Wilen, 1995. ‘Water markets and water quality’, American Journal of Agricultural Economics, 75(2), 278–291.Google Scholar
  41. Willis, D.B. and N.K. Whittlesey, 1998. ‘Water management policies for streamflow augmentation in an irrigated river basin’, Journal of Agricultural and Resource Economics, 23(1), 170–190.Google Scholar

Copyright information

© Springer Science+Business Media, Inc. 2006

Authors and Affiliations

  • Javier Calatrava Leyva
    • 1
  • Alberto Garrido
    • 2
  1. 1.Universidad Politécnica de CartagenaSpain
  2. 2.Universidad Politécnica de MadridSpain

Personalised recommendations