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The optimal allocation of water along a system of rivers: a continuous model with sequential bidding

Citation

Coram, A, The optimal allocation of water along a system of rivers: a continuous model with sequential bidding, The Australian Journal of Agricultural and Resource Economics, 50, (3) pp. 313-326. ISSN 1364-985X (2006) [Refereed Article]


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Copyright Statement

The definitive published version is available online at: http://interscience.wiley.com

DOI: doi:10.1111/j.1467-8489.2006.00357.x

Abstract

This paper uses a control theory approach to analyse the collectively optimal rate of extraction along a river system and constructs a bidding mechanism that would produce the required prices at each point. It also analyses some characteristics of this mechanism. This approach brings some new perspective to existing work on externalities. It also helps bring to light some aspects of the system as a whole that may be less obvious in a more piecemeal analysis, including the fact that there may not be an optimal solution to the allocation problem. Although the bidding mechanism may be difficult to implement, it may be possible to design various forms of hybrid schemes that have practical value.

Item Details

Item Type:Refereed Article
Keywords:control theory mechanism design optimal allocation rights markets waters
Research Division:Studies in Human Society
Research Group:Other Studies in Human Society
Research Field:Studies in Human Society not elsewhere classified
Objective Division:Environment
Objective Group:Land and Water Management
Objective Field:Land and Water Management of environments not elsewhere classified
Author:Coram, A (Professor Alex Coram)
ID Code:43274
Year Published:2006
Web of Science® Times Cited:6
Deposited By:Government
Deposited On:2006-08-01
Last Modified:2010-05-13
Downloads:0

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