Price elasticity of allocations water demand in the Goulburn-Murray irrigation district of Victoria, Australia
Date
2008
Authors
Wheeler, S.A.
Bjornlund, H.
Shanahan, M.P.
Zuo, Z.A.
Editors
Advisors
Journal Title
Journal ISSN
Volume Title
Type:
Journal article
Citation
Australian Journal of Agricultural and Resource Economics, 2008; 52(1):37-55
Statement of Responsibility
Conference Name
Abstract
<jats:p>Bid prices for the demand and supply of water allocations between 2001 and 2007, and average monthly prices paid for water allocations from 1997 to 2007 in the Goulburn–Murray Irrigation District are analysed to estimate price elasticities. Based on bid prices, the price elasticity of demand for water allocations appears highly elastic, with elasticities strongly influenced by the season and drought. The price elasticity of supply for water allocations is also elastic, albeit less elastic than demand. Using actual prices paid, water demand is negatively related to price and is inelastic, and appears to be most influenced by demand the previous month, drought and seasonality factors.</jats:p>
School/Discipline
Dissertation Note
Provenance
Description
Access Status
Rights
Copyright 2008 The Authors