Economy & Environment

Current Issues in the Economics of Water Resource Management

Theory, Applications and Policies

Editors: Pashardes, Panos, Swanson, T.M., Xepapadeas, A. (Eds.)

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About this book

The marginal price elasticities estimated by Martinez-Espineira conforms to expectation. The price specification that accounts for the changing proportion of water users in each block yields a higher elasticity (-0. 47) compared to the spec­ ification ignoring this feature of the data. However, this difference is not found to be statistically significant, a result attributed to the low power of the test (small sample size limiting the accuracy of estimates). In conclusion, the paper provides a theoretically correct price specification for demand functions under block pricing and aggregate data. The empirical findings in the paper, however, are not conclusive and further empirical work using more data and alternative (nonlinear) demand functions, is needed to show the practical implications of the arguments put forward by the Martinez-Espineira's paper. Static empirical consumer demand functions estimated with aggregate data are well known to suffer form serial correlation and other statistical problems asso­ ciated with misspecified dynamics. These dynamics arise because consumers do not react immediately to a change in prices due to their largely predetermined lifestyle. In the case of demand for water, for example, current purchases can be largely predetermined due to commitments arising from past purchases such as swimming pools, bathtubs, dishwashing machines, etc. Muellbauer and Pashardes (1992) show that the autoregressive nature of consumer demand data can be cap­ tured in a theoretically consistent manner by incorporating intertemporal aspects of consumer behaviour in the model through habit formation and durability.

Table of contents (11 chapters)

  • Current Issues in the Economics of Water Resource Management: Introduction

    Pashardes, Panos (et al.)

    Pages 3-21

  • Estimating Water Demand under Increasing-Block Tariffs Using Aggregate Data and Proportions of Users per Block

    Martínez-Espiñeira, R.

    Pages 27-46

  • Long-Run Study of Residential Water Consumption

    Nauges, Céline (et al.)

    Pages 47-66

  • Hedonic Price Analysis and Selectivity Bias: Water Salinity and Demand for Land

    Koundouri, Phoebe (et al.)

    Pages 69-80

  • Measuring Irrigation Water Efficiency with a Stochastic Production Frontier: An Application to Greek Out-of-Season Vegetable Cultivation

    Karagiannis, G. (et al.)

    Pages 85-101

Buy this book

eBook $149.00
price for USA (gross)
  • ISBN 978-94-015-9984-9
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $199.00
price for USA
  • ISBN 978-1-4020-0542-8
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $199.00
price for USA
  • ISBN 978-90-481-5986-4
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Current Issues in the Economics of Water Resource Management
Book Subtitle
Theory, Applications and Policies
Editors
  • Panos Pashardes
  • T.M. Swanson
  • A. Xepapadeas
Series Title
Economy & Environment
Series Volume
23
Copyright
2002
Publisher
Springer Netherlands
Copyright Holder
Springer Science+Business Media Dordrecht
eBook ISBN
978-94-015-9984-9
DOI
10.1007/978-94-015-9984-9
Hardcover ISBN
978-1-4020-0542-8
Softcover ISBN
978-90-481-5986-4
Series ISSN
0924-1019
Edition Number
1
Number of Pages
X, 234
Topics