Recent research suggests that social cost-benefit analysis should be con ducted with a declining discount rate. For instance, Newell and Pizer [23] show that the U.S. certainty-equivalent discount rate declines through time, using a simple autoregressive model of U.S. interest rates. This paper...

We propose a theoretical framework to analyze the conditions under which a farmer facing production uncertainty (due to a possible water shortage) and incomplete information will adopt a more efficient irrigation technology. A reduced form of this model is empirically estimated using a sample of...

"This authoritative Encyclopedia provides an innovative approach to theory, reviews, applications and examples relevant to the basic concepts of water science and water management issues in order to facilitate better interdisciplinary cooperation. In light of the broadening field and study of...