Economics and the Modeling of Water Resources and Policies James F. Booker, Richard E. Howitt, Ari M. Michelsen and Robert A. Young* * Respectively: Professor, Siena College; Professor, University of California, Davis; Professor, Texas A&M University; and Professor Emeritus, Colorado State University "This is a preprint of an article accepted for publication in the Natural Resource Modeling Journal 25th Anniversary Special Issue, (Volume 25, Issue 1) January 2012 Copyright 2012 Wiley-Blackwell" Contact Author: Ari M. Michelsen,
[email protected] 915-859-9111 James F. Booker, Professor Economics Department, Siena College 515 Loudon Road Loudonville, NY 12211 Tel: 518-783-2929; email:
[email protected] Richard E. Howitt, Professor Department of Agricultural and Resource Economics University of California, Davis 2120 Social Sciences and Humanities One Shields Avenue Davis, CA 95616 Tel: 530-752-1521; e-mail:
[email protected] Ari M. Michelsen, Professor Department of Agricultural Economics Texas AgriLife Research and Extension Center Texas A&M University System 1380 A&M Circle El Paso, TX 79927 Tel: 915-859-9111; e-mail:
[email protected] Robert A. Young, Professor Emeritus Department of Agricultural and Resource Economics Colorado State University, Fort Collins, CO 80523 Tel: 970-223-2206; e-mail:
[email protected] NRMJ Economic Modeling Article page 0 of 42 7-29-2011 Abstract Over the last twenty-five years economic water policy models have evolved in concept, theoretical and technical methods, scope and application to address a host of water demand, supply, and management policy questions. There have been a number of theoretical and empirical advances over this period, particularly related to estimation of nonmarket, public good water-related values involving different methods of valuation.