英文摘要 |
This paper starts with a comparative analysis of the welfare effects of various water rights allocation systems, including the priority rule, capacity-sharing approach, water rights fee, and water rights trading. The results indicate that, the priority rule is less favorable when uncertainty over water supply does not exist. Nevertheless, the situation could be changed when uncertainty is taken into account. Empirical results based on a certainty equivalent maximization model reveal that priority rule may be more favorable in the areas where probability of water shortage is low. In the areas with greater probability, however, preference over the allocation systems differs between agricultural users and industrial users such that the former prefer the priority rule and the later the capacity-sharing approach. In all cases, the certainty equivalent of water users decreases with risk attitude. |