Christopher Wada
Intergenerational equity with individual impatience in a model of optimal and sustainable growth
Among the ethical objections to intergenerational impartiality is the violation of consumer sovereignty given that individuals are impatient. We accommodate that concern by distinguishing intra- and inter-generational discounting in an overlapping generations model suitable for analyzing sustainability issues.
Read MoreOptimal groundwater management when recharge is declining: a method for valuing the recharge benefits of watershed conservation
Demand for water will continue to increase as per capita income rises and the population grows, and climate change can exacerbate the problem through changes in precipitation patterns and quantities, evapotranspiration, and land cover—all of which directly or indirectly affect the amount of water that ultimately infiltrates back into groundwater aquifers. We develop a dynamic […]
Read MoreChanging climate conditions threaten groundwater recharge. The potential benefits of conserving it are substantial.
By Kim Burnett and Christopher Wada Results from a recent statistical exercise suggest that by the end of the 21st century, Hawaii will likely see a 5-10% reduction in precipitation during the wet season and a 5% increase during the dry season (Timm and Diaz 2009). Given that approximately 70% of normal precipitation falls during […]
Read MorePublication: Optimal groundwater management when recharge is declining: a method for valuing the recharge benefits of watershed conservation
Demand for water will continue to increase as per capita income rises and the population grows, and climate change can exacerbate the problem through changes in precipitation patterns and quantities, evapotranspiration, and land cover—all of which directly or indirectly affect the amount of water that ultimately infiltrates back into groundwater aquifers. We develop a dynamic […]
Read MoreOrdering Extraction from Multiple Aquifers
Optimal groundwater extraction satisfies the condition that the marginal benefits of water consumption equal the full marginal cost of extraction in each period, including the opportunity cost of future benefits foregone. But how should this well-known condition be generalized when there are multiple aquifers available? We provide an extension of the “Pearce equation” to guide […]
Read MoreIntegrating Demand-Management with Development of Supply-Side Substitutes
Sustaining water availability at current prices in the face of growing demand and declining resources is not possible, and scarcity is further exacerbated by falling recharge levels due to climate change, urbanization, and watershed depreciation. We discuss an integrated approach to water-resource development based on principles of sustainability science. In addition to demand management such […]
Read MoreThe Role of Impatience in Sustainable Growth
By Lee Endress, James Roumasset, and Christopher Wada Sustaining economic growth requires appropriate husbandry of our natural capital resources (e.g. fish, trees, freshwater, and coral). But how much conservation is optimal? According to proponents of “strong sustainability,” natural capital should never be depleted. This is inconsistent with maximizing economic welfare however. In less developed economies, […]
Read MoreIntergenerational Equity with Individual Impatience in an OLG Model of Optimal and Sustainable Growth
Among the ethical objections to intergenerational impartiality is the violation of consumer sovereignty given that individuals are impatient. We accommodate that concern by distinguishing intra- and inter-generational discounting in an OLG model suitable for analyzing sustainability issues. Under the assumption of constant elasticity of marginal felicity, the optimum trajectory of aggregate consumption is guided, via […]
Read MoreThe Water-Energy-Food Nexus
By Christopher Wada The water-energy-food nexus is one of the most important and fundamental global environmental issues facing the world today. The US Geological Survey estimates that the United States used 201 billion gallons per day (bgd) of freshwater for thermoelectric power generation and 128 bgd for irrigation in the year 2005. Combined, energy generation […]
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