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Optimal Mechanisms for Heterogeneous Multi-Cell Aquifers
2011
Social Science Research Network
Standard economic models of groundwater management impose restrictive assumptions regarding perfect transmissivity (i.e., the aquifer behaves as a bathtub), no external effects of groundwater stocks, observability of individual extraction rates, and/or homogenous agents. In this article, we derive regulatory mechanisms for inducing the socially optimal extraction path in Markov perfect equilibrium for aquifers in which these assumptions do not hold. In spite of the complexity of the underlying
doi:10.2139/ssrn.1802415
fatcat:4bc4w6efp5fvbdxbfg5cnfxm5u