Bookcover of RISK ANALYSIS AND WATER MARKET ACTIVITY
Booktitle:

RISK ANALYSIS AND WATER MARKET ACTIVITY

The influence of heterogeneous risk preferences on water market activity: an application to the Paloma System of the Limarí Water Basin, Chile

VDM Verlag Dr. Müller (2010-05-21 )

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ISBN-13:

978-3-639-26355-8

ISBN-10:
3639263553
EAN:
9783639263558
Book language:
English
Blurb/Shorttext:
RISK ANALYSIS AND WATER MARKET ACTIVITY presents an analytical framework to analyze the factors that explain water rights transactions in the context of an economy with a water rights market and a spot market for water volumes. Main hypothesis is that risk heterogeneity among farmers can explain transactions in the former market. Investment decisions on water rights are modeled under output risk and uncertainty generated by future water availability and price. Using farmer micro-level data from a two-round survey conducted on a sample of farmers in the northern part of Chile, the hypothesis of homogeneous preferences among farmers is rejected. This evidence also suggests that better educated and more experienced farmers are less risk- averse. Results also show that water, labor and fertilizers have a positive impact on mean output per hectare but their effect on yield variability implies that those inputs are risk increasing.
Publishing house:
VDM Verlag Dr. Müller
Website:
http://www.vdm-verlag.de
By (author) :
Oscar Cristi
Number of pages:
128
Published at:
2010-05-21
Stock:
Available
Category:
Economics
Price:
59.00 €
Keywords:
Asset pricing; input response functions; production function; risk preferences; water markets; water rights valuation; water uncertainty.

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