This paper considers the problem of a water management authority faced with the threat of a drought that hits at an … drought and relying on automatic adjustments through a zero marginal social net benefit condition, iii) an economically … optimal dynamic policy taking account of the threat of a drought. In particular, we show that the optimal pre-drought steady …

"Although there is considerable historical literature describing the social and economic impact of drought on the … prairies in the 1930s, little has been written about the challenges presented by drought in more contemporary times. The … drought of 2001-02 was, for example, the most recent large-area, intense, and prolonged drought in Canada and one of Canada …