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Utilization of a Water Market to Optimize Water Acquisition in the Edwards Aquifer Region

出版	2002
URL	http://books.google.com.hk/books?id=23xLtwAACAAJ&hl=&source=gbs_api

註釋"The Edwards Aquifer (EA) is the sole source of water for 2 million people in south central Texas and provides the habitat for several endangered species. Recently, environmental concerns over declining aquifer levels and springflows resulted in a mandated reduction in water use. This project seeks to provide a decision-making framework for municipalities that utilizes several types of market transfers to meet demand, while simultaneously improving the efficency of regional water use. A hydrologic and economic simulation model is developed that predicts monthly probablility distributions of aquifer levels, market demand, and supply. The benefits of new alternatives (spot leases and options) are assessed along with the existing market transfer types (permanent transfers and annual leases). The model evaluates hundreds of combinations of the four transfer types to find the 'optimal' portfolio that minimizes water acquistion costs while providing a specified level of supply. Results indicate that spot leases and options lead to a substantial reduction in the average cost and quantity of water needed to meet demand. The use of options results in a much smaller standard deviation in costs than spot leases. Given the risk adverse behavior of most municipalities, the ability of options to reduce cost without increasing risk may make them the most practical market alternative. Because of the water (and cost) savings that result from improved allocation through water transfers, markets should be considered as a viable alternative to meet demand in the EA."--Leaf [i].