Competitive versus efficient extraction of a common property resource: The groundwater case

Journal of Economic Dynamics and Control

Volumn 25, Issue 8, 2001, Pages 1117-1137

  Rubio, Santiago J ^a   Casino, Begoña ^a  

^a UNIVERSITY OF VALENCIA   (Spain)

Author keywords

Common property resources; D62; D99; Differential games; Groundwater extraction; Linear strategies; Q15; Q25; Strategic externality

Indexed keywords

EID: 0043195645     PISSN: 01651889     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0165-1889(99)00047-0     Document Type: Article

References (28)

1. Allen R.C., Gisser M. Competition versus optimal control in groundwater pumping when demand is nonlinear. Water Resource Research. 20:1984;752-756.
2. Berck P., Perloff J.M. An open-access fishery with rational expectations. Econometrica. 52:1984;489-506.
3. Brill T.C., Burness H.S. Planning versus competitive rates of groundwater pumping. Water Resources Research. 30:1994;1873-1880.
4. Burt O.R. Economic control of groundwater reserves. Journal of Farm Economics. 48:1966;632-647.
5. Clemhout S., Wan H.Y. Jr. Dynamic common property resources and environmental problems. Journal of Optimization Theory and Applications. 46:1985;471-481.
6. Eswaran M., Lewis T. Appropriability and the extraction of a common property resource. Economica. 51:1984;393-400.
7. Feinerman E., Knapp K.C. Benefits from groundwater management: magnitude, sensitivity, and distribution. American Journal of Agricultural Economics. 65:1983;703-710.
8. Fershtman C., Kamien M.I. Dynamic duopolistic competition with sticky prices. Econometrica. 55:1987;1151-1164.
9. Gisser M. Groundwater: focusing on the real issue. Journal of Political Economy. 91:1983;1001-1027.
10. Gisser M., Sánchez D.A. Competition versus optimal control in groundwater pumping. Water Resources Research. 16:1980;638-642.
11. Hanley, N., Shogren, J.F., White, B., 1997. Environmental Economics in Theory and Practice. Macmillan, London.
12. Hartwick J.M. The intertemporal externality in the dynamic common property renewable resource problem. Economics Letters. 5:1980;275-280.
13. Kim, C.S. et al, 1989. A dynamic model of adaptation to resource depletion: Theory and an application to groundwater mining. Journal of Environmental Economics and Management 17, 66-82.
14. Knapp K.C., Olson L.J. The economics of conjunctive groundwater management with stochastic surface supplies. Journal of Environmental Economics and Management. 28:1995;340-356.
15. Levhari D., Mirman L.J. The great fish war: an example using a dynamic Cournot-Nash solution. Bell Journal of Economics. 11:1980;322-334.
16. McMillan, J., Sinn, H.-W., 1984. Oligopolistic extraction of a common-property resource: dynamic equilibria. In: Kemp, M.C., Long, N.V. (Eds.), Essays in the Economics of Exhaustible Resources. North-Holland, Amsterdam, Essay 11.
17. Negri D.H. The common property aquifer as a differential game. Water Resources Research. 25:1989;9-15.
18. Nieswiadomy M. The demand for irrigation in the High Plains of Texas, 1957-80. American Journal of Agricultural Economics. 67:1985;619-626.
19. Provencher B., Burt O. The externalities associated with the common property exploitation of groundwater. Journal of Environmental Economics and Management. 24:1993;139-158.
20. Reinganum J.F., Stokey N.L. Oligopoly extraction of a common property natural resource: the importance of the period of commitment in dynamic games. International Economic Review. 26:1985;161-173.
21. Reynolds S.S. Capacity investment, preemption and commitment in an infinite horizon model. International Economic Review. 28:1987;69-88.
22. Rubio S.J., Castro J.P. Long-run groundwater reserves under uncertainty. Investigaciones Económicas. 20:1996;71-88.
23. Rubio, S.J., Casino, B., 1997. Strategic behavior and efficiency in a groundwater pumping differential game. Working paper EC 97-18, Instituto Valenciano de Investigaciones Económicas.
24. Rubio, S.J., Martínez, C., Castro, J.P., 1994. Optimal management of groundwater with increasing demand. Revista Española de Economía, Special issue: Natural Resources and Environment, 161-189.
25. Tsur Y., Graham-Tomasi T. The buffer value of groundwater with stochastic surface water supplies. Journal of Environmental Economics and Management. 21:1991;201-224.
26. Tsur Y., Zemel A. Uncertainty and irreversibility in groundwater resource management. Journal of Environmental Economics and Management. 29:1995;149-161.
27. Van der Ploeg F. Inefficiency of credible strategies in oligopolistic resource markets with uncertainty. Journal of Economic Dynamics and Control. 11:1987;123-145.
28. Worthington V.E., Burt O.R., Brustkern R. Optimal management of a confined groundwater system. Journal of Environmental Economics and Management. 12:1985;229-245.