Groundwater is a vital yet threatened resource in much of South Asia. This paper develops a model of groundwater transactions under payoff uncertainty arising from unpredictable fluctuations in groundwater availability during the agricultural dry season. The model highlights the trade-off between the ex post inefficiency of long-term contracts and the ex ante inefficiency of spot contracts. The structural parameters are estimated using detailed micro-data...
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详细
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2016/06/06
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政策研究报告
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WPS7694
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1
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1
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2016/06/06
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Disclosed
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Markets, contracts, and uncertainty in a groundwater economy
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groundwater