{"title":"The economic analysis of instrument variables estimation in dynamic optimal models with an application to the water consumption","authors":"Yiming He, Thomas M. Fullerton","doi":"10.17221/270/2020-agricecon","DOIUrl":null,"url":null,"abstract":"This study examines one of the most important issues in water economic research, namely, the nexus between water consumption and economic growth. Water consumption is determined by the intersection of endogenous growth function and water consumption function, neither function can be consistently identified by comparing average quantities of water consumed at different values of observed real per capita output. The contribution of this study is an investigation of the endogenous nexus between economic output and water consumption. Water consumption function is derived using an optimal dynamic equilibrium model. Two instrument variable models are proposed with real per capita economic output specified as a function of institutional reform and urbanization, which are used to examine the nexus among water consumption, reform, urbanization, and economic growth in Guangzhou, China.","PeriodicalId":48961,"journal":{"name":"Agricultural Economics-Zemedelska Ekonomika","volume":null,"pages":null},"PeriodicalIF":1.9000,"publicationDate":"2020-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Agricultural Economics-Zemedelska Ekonomika","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.17221/270/2020-agricecon","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"AGRICULTURAL ECONOMICS & POLICY","Score":null,"Total":0}
引用次数: 3
Abstract
This study examines one of the most important issues in water economic research, namely, the nexus between water consumption and economic growth. Water consumption is determined by the intersection of endogenous growth function and water consumption function, neither function can be consistently identified by comparing average quantities of water consumed at different values of observed real per capita output. The contribution of this study is an investigation of the endogenous nexus between economic output and water consumption. Water consumption function is derived using an optimal dynamic equilibrium model. Two instrument variable models are proposed with real per capita economic output specified as a function of institutional reform and urbanization, which are used to examine the nexus among water consumption, reform, urbanization, and economic growth in Guangzhou, China.
期刊介绍：
An international peer-reviewed journal published under the auspices of the Czech Academy of Agricultural Sciences and financed by the Ministry of Agriculture of the Czech Republic. Published since 1954 (by 1999 under the title Zemědělská ekonomika).Thematic scope:
original scientific papers dealing with agricultural subjects from the sphere of economics, management, informatics, ecology, social economy and sociology. Since 1993 the papers continually treat problems which were published in the journal Sociologie venkova a zemědělství until now. An extensive scope of subjects in fact covers the whole of agribusiness, that means economic relations of suppliers and producers of inputs for agriculture and food industry, problems from the aspects of social economy and rural sociology and finally the economics of the population nutrition. Papers are published in English.
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