Environment
Ordering 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 MoreHow Have Catch Shares Been Allocated?
A unique database was created that describes the methods used to allocate shares in nearly every major catch share fishery in the world. Approximately 54% of the major catch share fisheries in the world allocated the Total Allowable Catch (TAC) solely on the basis of historical catch records, 3% used auctions, and 6% used equal […]
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 […]
Read MoreCoastal Zone Management in Hawaii
By Christopher Wada Hawaii has 750 linear miles of coastline that include all of our beaches, an array of cliffs, bays and other features that count among our most treasured natural resources. Development of these resources is a key source of economic growth, but ensuring that this development is carried out in a manner that […]
Read MoreThe Challenges of EV Efficiency In Hawaii
Earlier this month, U.S. Department of Energy launched a website that calculates “the cost of fueling a vehicle with electricity compared to a similar vehicle that runs on gasoline”. The mission of this gadget is to encourage consumers to switch to electric cars by: • bringing greater transparency to vehicle operating costs • helping drivers determine how […]
Read MoreMost of Hawaii’s commercial seafood is imported, but recreational catch tips the scales back
Hawaii sits in the middle of the largest ocean on earth. So the majority of the seafood consumed on these islands must then come from local waters, right? The answer might surprise you. The average 2000 to 2009 annual commercial consumption in Hawaii was 38.9 million pounds per year, which is roughly 28.5 pounds per […]
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