Risk and irrigation water use decisions in Arizona : an economic analysis

Persistent Link:
http://hdl.handle.net/10150/191738
Title:
Risk and irrigation water use decisions in Arizona : an economic analysis
Author:
Edmond, Randal Lee.
Issue Date:
1981
Publisher:
The University of Arizona.
Rights:
Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.
Abstract:
This thesis considers economic optimization of irrigation water use in Arizona. Attention is given to both the questions of risk resulting from stochastic climatic conditions in the production of field crops and farmers' behavior under risk. The risk attitudes of any particular farmer are assumed to be characterized by either a quadratic or an exponential utility function for profit. This assumption permits a simplified analysis of the decision problem in terms of maximizing expected utility on an efficiency frontier in expectation and variance of profit. The methodology is applied to a case study involving four hypothetical farmers facing water price increases. Efficiency frontiers corresponding to different water prices are derived using a quadratic programming algorithm. The exponential formulation is used to represent the individual utility functions due to the failure of the quadratic formulation to satisfy positive marginal utility. For each farmer, an optimal irrigation water use plan, specifying crop mix, water applications, and fallow land, is determined at each water price. Case study results indicate that an approach to irrigation water use optimization that considers risk often leads to optimal plans that differ substantially from those plans selected without this consideration.
Type:
Thesis-Reproduction (electronic); text
LCSH Subjects:
Hydrology.; Irrigation farming -- Arizona.; Irrigation efficiency -- Evaluation.
Degree Name:
M.S.
Degree Level:
masters
Degree Program:
Agricultural Economics; Graduate College
Degree Grantor:
University of Arizona
Committee Chair:
Ayer, Harry W.; Selley, Roger A.

Full metadata record

DC FieldValue Language
dc.language.isoenen_US
dc.titleRisk and irrigation water use decisions in Arizona : an economic analysisen_US
dc.creatorEdmond, Randal Lee.en_US
dc.contributor.authorEdmond, Randal Lee.en_US
dc.date.issued1981en_US
dc.publisherThe University of Arizona.en_US
dc.rightsCopyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.en_US
dc.description.abstractThis thesis considers economic optimization of irrigation water use in Arizona. Attention is given to both the questions of risk resulting from stochastic climatic conditions in the production of field crops and farmers' behavior under risk. The risk attitudes of any particular farmer are assumed to be characterized by either a quadratic or an exponential utility function for profit. This assumption permits a simplified analysis of the decision problem in terms of maximizing expected utility on an efficiency frontier in expectation and variance of profit. The methodology is applied to a case study involving four hypothetical farmers facing water price increases. Efficiency frontiers corresponding to different water prices are derived using a quadratic programming algorithm. The exponential formulation is used to represent the individual utility functions due to the failure of the quadratic formulation to satisfy positive marginal utility. For each farmer, an optimal irrigation water use plan, specifying crop mix, water applications, and fallow land, is determined at each water price. Case study results indicate that an approach to irrigation water use optimization that considers risk often leads to optimal plans that differ substantially from those plans selected without this consideration.en_US
dc.description.notehydrology collectionen_US
dc.typeThesis-Reproduction (electronic)en_US
dc.typetexten_US
dc.subject.lcshHydrology.en_US
dc.subject.lcshIrrigation farming -- Arizona.en_US
dc.subject.lcshIrrigation efficiency -- Evaluation.en_US
thesis.degree.nameM.S.en_US
thesis.degree.levelmastersen_US
thesis.degree.disciplineAgricultural Economicsen_US
thesis.degree.disciplineGraduate Collegeen_US
thesis.degree.grantorUniversity of Arizonaen_US
dc.contributor.chairAyer, Harry W.en_US
dc.contributor.chairSelley, Roger A.en_US
dc.identifier.oclc212847521en_US
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