In this chapter a ‘watershed economics approach’ that could be applied in Cyprus is proposed which is composed of two important stages. In Stage I economic valuation techniques are used to establish the economic value of the competing demands for surface and groundwater, incorporating where...

The scarcity of water resources in both arid and temperate countries alike is one of the most pervasive natural resource allocation problems facing water users and policy-makers. In arid countries this problem is faced each day in the myriad of conflicts that surround its use.Water scarcity is a...

Discussions about applied Cost Benefit Analysis are incomplete without the thorny issue of discounting emerging at some point. Indeed, since the calculation of Net Present Values (NPV), and hence the efficiency of a project or policy, hinges so crucially upon the level of the discount rate...

This paper reviews the arguments for and the implications of employing Declining Discount Rates (DDRs) in CBA and in the analysis of economic growth and sustainability. We show that there exist several growth models in which a relationship has been found between the long-run equilibrium under...

We analyze a game with N farmers that extract groundwater from a common aquifer of small storage capacity. Our aim is to compare the socially optimal, myopic and feedback extraction strategies, the latter arising from competitive interaction between extracting agents. Our extension to existing...

Air quality affects human’s well being in various ways. Air providing the most important life-support function sustains human health and enables the existence of all ecosystems. Although clean air is considered to be a basic requirement for human health and well-being, economic development and...

The present study attempts to estimate the shadow price of unextracted groundwater in the Vozvozi aquifer. In the context of this study, we model the production function of vertically integrated agricultural firms in terms of an input-oriented distance function with multiple inputs. Duality...

Wetlands are a crucial component of water resources, providing several ecological functions and services, including flood attenuation, groundwater recharge and water quality maintenance, as well as conservation of biodiversity and provision of recreational activities. In Cyprus, an arid country...

This book does not only aim to present and analyze the Cyprus experience in water resources management, using both local and world experts in the field. It also opts to communicate this experience to other countries that can inform, develop and improve their water resources policies by...

In this report, we are concerned with the impact of the current system of residential stamp duty. Not only does stamp duty have an effect on the housing market, but it also discriminates between both different parts of the country and different household types. Because of the inefficiencies and...