TRANSFERABLE WATER ENTITLEMENTS WHICH SATISFY HETEROGENEOUS RISK PREFERENCES
TRANSFERABLE WATER ENTITLEMENTS WHICH SATISFY HETEROGENEOUS RISK PREFERENCES
复制标题
满足异质风险偏好的可转让水权
DOI：
10.1111/j.1467-8489.1991.tb00505.x
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发表时间：
1991
影响因子：
3.2
通讯作者：
C. Alaouze
中科院分区：
文献类型：
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作者：
C. Alaouze
维多利亚州的灌溉人员享有水权，包括高度安全的水权和额外的水，如果有的话，可以购买。新南威尔士州的用水资格是以灌溉面积为基础的，任何一年的实际水量几乎完全取决于季节性条件。马斯格雷夫和勒苏尔(1973)认为，这些权利可以被一系列权利所取代，组合中的每一种权利都能以不同的概率保证指定的最低用水价值。因此，灌溉者可以购买适合其个人风险偏好的用水权利组合。本文的目的是说明水务局如何构建满足这些要求的用水权利组合，并证明组合中的权利满足一阶随机支配关系。文中给出了一个实例，说明了这些结果。
Irrigators in Victoria have a water entitlement which is composed of a highly secure water right and additional water which may be purchased if available. Water entitlements in NSW are based on the irrigated area with the actual volume of water received in any year depending almost entirely on seasonal conditions. Musgrave and Lesueur (1973) argued that these entitlements could be replaced by a portfolio of entitlements, with each type of entitlement in the portfolio guaranteeing a nominated minimum value of water at a different probability. Thus, irrigators could purchase a portfolio of water entitlements which would suit their individual risk preferences. The purpose in this paper is to show how a water authority can construct a portfolio of water entitlements which satisfies these requirements and also to demonstrate that the entitlements in the portfolio satisfy a first degree stochastic dominance relationship. A worked example is presented in which these results are illustrated.