The Importance of Well Yield in Groundwater Demand Specifications

Taro Mieno, Mani Rouhi Rad, Jordan F. Suter, R. Aaron Hrozencik

Research output: Contribution to journalArticlepeer-review

1 Scopus citations

Abstract

Implementing effective resource management policies critically depends on accurate estimates of the price elasticity of resource demand. In the case of groundwater, previous research estimating well-level groundwater demand has largely neglected the importance of well yield, which is a physical limit on the rate of groundwater extraction. In this study, we empirically estimate the price elasticity of demand for groundwater using well-level data from Colorado. Our results demonstrate that when well yield is omitted, price elasticity is overestimated.

Original languageEnglish (US)
Pages (from-to)672-687
Number of pages16
JournalLand Economics
Volume97
Issue number3
DOIs
StatePublished - Aug 2021

ASJC Scopus subject areas

  • Environmental Science (miscellaneous)
  • Economics and Econometrics

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