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Water leasing: An evaluation of prototype markets using experimental economics.

机译：水资源租赁：利用实验经济学对原型市场进行评估。

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摘要

The last two decades have witnessed the application of economic markets to address problems of environmental policy over a range of areas including the removal of lead from gasoline, the reduction of acid rain producing sulfur dioxide from the atmosphere and the limiting of carbon dioxide emissions. Markets have also been successfully utilized outside of the environmental policy arena to address policy problems made complex by the laws of physics such as the trading of electricity in a network and the combinatoric auction used to allocate scarce airport landing and take-off slots. However, during this same period, little attention has been given to the application of markets to a most fundamental and important commodity, water.;This dissertation considers the issues that have led to the further consideration of a water market. Specifically, this dissertation considers water markets that allow the temporary transfer (lease) of a water right as one possible mechanism to provide flexibility to water managers to fulfill water demands in over-allocated watersheds. A coupled model is developed to incorporate the natural, physical and engineering dynamics of the Middle Rio Grande Basin in New Mexico with the behavioral characteristics of a variety of water users in the basin. This coupled model is displayed through an online trading interface where student subjects are utilized to test the feasibility of this model to examine its ability to provide flexibility in water management.;This coupled (economic and hydrologic) model is tested in three distinct sets of economic experiments. The first set of economic experiments can be found in Chapter 2. In these experiments participants assumed the role of different economic agents and the coupled model examines the effects of market transactions upon the physical setting while also analyzing the efficiency of the market. The findings of these initial experiments were presented to water experts in New Mexico where it was suggested that a second set of experiments be conducted to capture the complex decision making process that agricultural users engage in each growing season.;Chapter 3 of this dissertation details the more realistic agricultural experiments and compares them to the initial set of experiments found in Chapter 2. In these complex agricultural experiments, participants are allowed to select different crop types and acreages for these crops over three different growing seasons. This process allows for an examination of the effects a leasing market can have upon different agricultural crops (i.e. a cash crop that has a minimal capital investment and a capital crop with a large capital investment). In addition, the complex agricultural experiments found in Chapter 3 examine seasonal effects as trading occurs throughout a growing season.;Chapter 4 of this dissertation examines the effects of a water leasing market by allowing participants to trade through time using futures contracts. A futures contract has been successfully applied as a mechanism to hedge against volatility in a market while allowing for opportunists to speculate about future market prices in the exchange of commodities, foreign exchange, financial products, metals, food and energy. To date, futures contracts have not been applied to water leasing (temporary transfer) markets. This Chapter analyzes the effects of futures contracts under two sets of market experiments (trading within a single growing season, trading within a single growing season and into the next growing season). Conducting these two sets of experiments allows for an analysis of a futures contract in short term planning (within a growing season only) and in long term planning (within and across growing seasons).;Each of the main Chapters (Chapters 2--4) contain specific results from the market experiments that are described in the Chapter. The final Chapter contains some general conclusions from all of the experiments and presents some possible extensions to this dissertation.
机译：在过去的二十年中，见证了经济市场在许多领域解决环境政策问题的应用，包括从汽油中去除铅，减少从大气中产生二氧化硫的酸雨和限制二氧化碳的排放。在环境政策领域之外，市场也已被成功利用，以解决因物理定律而变得复杂的政策问题，例如网络中的电力交易以及用于分配稀缺的机场着陆和起飞时间的联合拍卖。但是，在同一时期，市场对最基本和最重要的商品水的应用却很少受到关注。本论文考虑了导致进一步考虑水市场的问题。具体而言，本文将允许暂时转让（租赁）水权的水市场作为一种可能的机制，向水管理者提供灵活性，以满足过度分配的流域的用水需求。开发了一个耦合模型，以结合新墨西哥州中里奥格兰德盆地的自然，物理和工程动力学，以及该盆地各种用水户的行为特征。该耦合模型通过在线交易界面显示，在该界面中，学生科目被用来测试该模型的可行性，以检验其提供水资源管理灵活性的能力;该耦合（经济和水文）模型在三套不同的经济体系中进行了测试实验。第一组经济实验可以在第2章中找到。在这些实验中，参与者假定了不同经济主体的作用，并且耦合模型检查了市场交易对实际环境的影响，同时还分析了市场效率。这些初始实验的结果已提交给新墨西哥州的水专家，他们建议进行第二组实验，以捕获农业用户在每个生长期从事的复杂决策过程。本论文的第3章详细介绍了更实际的农业实验，并将它们与第2章中发现的初始实验进行比较。在这些复杂的农业实验中，参与者可以在三个不同的生长季节中选择不同的作物类型和种植面积。该过程允许检查租赁市场对不同农作物（即具有最低资本投资的经济作物和具有大量资本投资的资本作物）可能产生的影响。此外，在第三章中发现的复杂的农业实验研究了整个生长期中交易的季节性影响。本论文的第四章通过允许参与者使用期货合约在时间上进行交易来检验水租赁市场的影响。期货合约已成功地用作对冲市场波动的一种机制，同时允许机会主义者在商品，外汇，金融产品，金属，食品和能源的交换中推测未来的市场价格。迄今为止，期货合同尚未应用于水租赁（临时转让）市场。本章分析了两组市场实验下的期货合约的影响（在一个生长季节内交易，在一个生长季节内交易并进入下一个生长季节）。通过进行这两组实验，可以在短期计划（仅在一个生长季节内）和长期计划（在一个生长季节内以及跨整个生长季节）中分析期货合约。;每个主要章节（第2--4章） ）包含本章所述的市场实验的具体结果。最后一章包含了所有实验的一些一般性结论，并提出了对本文的一些可能的扩展。

著录项

  • 作者

    Broadbent, Craig D.;

  • 作者单位

    The University of New Mexico.;

  • 授予单位 The University of New Mexico.;
  • 学科 Hydrology.;Economics General.;Economics Theory.
  • 学位 Ph.D.
  • 年度 2009
  • 页码 177 p.
  • 总页数 177
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

  • 入库时间 2022-08-17 11:38:19

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