Please use this identifier to cite or link to this item: https://hdl.handle.net/2440/134129
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Type: Journal article
Title: Incorporating uncertainty in the economic evaluation of capital investments for water use efficiency improvements
Author: Adamson, D.
Loch, A.
Citation: Land Economics: a quarterly journal devoted to the study of economic and social institutions, 2021; 97(3):655-671
Publisher: University of Wisconsin Press
Issue Date: 2021
ISSN: 0023-7639
1543-8325
Statement of
Responsibility: 
David Adamson, Adam Loch
Abstract: Long-run investments in water-use efficiency (WUE) are risky, particularly where water is required as a secure input. State-of-nature representations of supply outcomes provide an increased understanding of the vulnerability of capital and water users to adverse events. Using Californian data, we couple cost-benefit analysis to a state-contingent analysis approach to explore the riskiness of WUE investment payoffs and cash-flow outcomes when frequencies of states of nature change over the investment course. Critically, this allows us to represent decision-maker adaptation in the face of risk and uncertainty and the role of subsidy policy in those decisions.
Rights: © 2021 by the Board of Regents of the University of Wisconsin System. This open access article is distributed under the terms of the CC-BY-NC-ND license http://creativecommons.org/licenses/by-nc-nd/4.0) and is freely available online at: http://le.uwpress.org.
DOI: 10.3368/wple.97.3.100119-0143r
Grant ID: http://purl.org/au-research/grants/arc/DE160100213
http://purl.org/au-research/grants/arc/DE150100328
Published version: http://dx.doi.org/10.3368/wple.97.3.100119-0143r
Appears in Collections:Global Food Studies publications

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