Cadillac Desert revisited property rights, public policy, and water-resource depletion

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1、JournalofEnvironmentalEconomicsandManagement46(2003)131–155CadillacDesertrevisited:propertyrights,publicpolicy,and$water-resourcedepletiona,bc,StephenP.HollandandMichaelR.MooreaUniversityofCaliforniaEnergyInstitute,2539ChanningWay,Berkeley,CA94720-5180,USAbFe

2、deralTradeCommission,600PennsylvaniaAvenue,Washington,DC20580,USAcUniversityofMichigan,SchoolofNaturalResourcesandEnvironment,DanaBuilding,AnnArbor,MI481091115,USAReceived25June2001;revised12March2002AbstractToalleviateArizona’sdependenceongroundwater,thefeder

3、algovernmentsubsidizedconstructionoftheCentralArizonaProject(CAP)toimportwaterfromtheColoradoRiver.Inexchangeforthesubsidy,Arizonareformeditsgroundwaterlawtoeliminatecommon-propertypumpingandtobangroundwaterminingaftertheyear2025.Webuildamodelofwaterresourcede

4、velopmentinwhichimportedwaterisacapacityconstrainedbackstop.ThemodelisappliedtoquantifythewelfareeffectsofalternativeCAPconstructiondatesandArizonagroundwaterlaws.Wereachtwogeneralconclusions.First,CAPwascompleted86yearstooearly,in1987,atadeadweightlossof$2.61

5、2billion.Ironically,constructionin1987yieldedlowersurplusthanneverconstructingCAP.Second,thepoliticalexchangeofreformforsubsidyintroducedagreaterloss($2.612billion)thanitcorrected($0.810billion).Theexchangewasworsethandoingnothingatall.r2003ElsevierScience(USA

6、).Allrightsreserved.Keywords:Exhaustibleresource;Setupcosts;Backstop;Naturalresourcedevelopment;Water;CentralArizonaProjectApoliticalmirageforthreegenerationsofArizonans,theCentralArizonaProjectisnowapalpablemirage,asincongruousaspectacleasanyonearth:aman-made

7、riverflowinguphillinaplaceofalmostnorain...Tobuildsomethingsovast—anaqueductthatmaystretcheventuallyto333miles;pumpsthatwillliftthewater1249ft;fourorfivereceivingreservoirstoholdthewaterwhenitarrives—atacostthatmayultimatelyreach$3billion,perhapseven$Theviewsexp

8、ressedinthispaperarethoseoftheauthorsanddonotnecessarilyrepresenttheviewsoftheFederalTradeCommissionoranyindividualCommissioner.Correspondingauthor.E-mailaddress:micmoore@umich.ed