Zachary M. Hirsch, Harrison B. Zeff, Rohini S. Gupta, Chris R. Vernon, Patrick M. Reed, Gregory W. Characklis
{"title":"促进美国西部适应性水资源再分配的双向期权合同","authors":"Zachary M. Hirsch, Harrison B. Zeff, Rohini S. Gupta, Chris R. Vernon, Patrick M. Reed, Gregory W. Characklis","doi":"10.1029/2024EF004434","DOIUrl":null,"url":null,"abstract":"<p>Many water markets in the western United States (U.S.) have the ability to reallocate water temporarily during drought, often as short-term water rights leases from lower value irrigated activities to higher value urban uses. Regulatory approval of water transfers, however, typically takes time and involves high transaction costs that arise from technical and legal analyses, discouraging short-term leasing. This leads municipalities to protect against drought-related shortfalls by purchasing large volumes of infrequently used permanent water rights. High transaction costs also result in municipal water rights rarely being leased back to irrigators in wet or normal years, reducing agricultural productivity. This research explores the development of a multi-year two-way option (TWO) contract that facilitates leasing from agricultural-to-urban users during drought and leasing from urban-to agricultural users during wet periods. The modeling framework developed to assess performance of the TWO contracts includes consideration of the hydrologic, engineered, and institutional systems governing the South Platte River Basin in Colorado where there is growing competition for water between municipalities (e.g., the city of Boulder) and irrigators. The modeling framework is built around StateMod, a network-based water allocation model used by state regulators to evaluate water rights allocations and potential rights transfers. Results suggest that the TWO contracts could allow municipalities to maintain supply reliability with significantly reduced rights holdings at lower cost, while increasing agricultural productivity in wet and normal years. Additionally, the TWO contracts provide irrigators with additional revenues via net payments of option fees from municipalities.</p>","PeriodicalId":48748,"journal":{"name":"Earths Future","volume":"12 11","pages":""},"PeriodicalIF":7.3000,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1029/2024EF004434","citationCount":"0","resultStr":"{\"title\":\"Two-Way Option Contracts That Facilitate Adaptive Water Reallocation in the Western United States\",\"authors\":\"Zachary M. Hirsch, Harrison B. Zeff, Rohini S. Gupta, Chris R. Vernon, Patrick M. Reed, Gregory W. Characklis\",\"doi\":\"10.1029/2024EF004434\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Many water markets in the western United States (U.S.) have the ability to reallocate water temporarily during drought, often as short-term water rights leases from lower value irrigated activities to higher value urban uses. Regulatory approval of water transfers, however, typically takes time and involves high transaction costs that arise from technical and legal analyses, discouraging short-term leasing. This leads municipalities to protect against drought-related shortfalls by purchasing large volumes of infrequently used permanent water rights. High transaction costs also result in municipal water rights rarely being leased back to irrigators in wet or normal years, reducing agricultural productivity. This research explores the development of a multi-year two-way option (TWO) contract that facilitates leasing from agricultural-to-urban users during drought and leasing from urban-to agricultural users during wet periods. The modeling framework developed to assess performance of the TWO contracts includes consideration of the hydrologic, engineered, and institutional systems governing the South Platte River Basin in Colorado where there is growing competition for water between municipalities (e.g., the city of Boulder) and irrigators. The modeling framework is built around StateMod, a network-based water allocation model used by state regulators to evaluate water rights allocations and potential rights transfers. Results suggest that the TWO contracts could allow municipalities to maintain supply reliability with significantly reduced rights holdings at lower cost, while increasing agricultural productivity in wet and normal years. Additionally, the TWO contracts provide irrigators with additional revenues via net payments of option fees from municipalities.</p>\",\"PeriodicalId\":48748,\"journal\":{\"name\":\"Earths Future\",\"volume\":\"12 11\",\"pages\":\"\"},\"PeriodicalIF\":7.3000,\"publicationDate\":\"2024-11-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1029/2024EF004434\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Earths Future\",\"FirstCategoryId\":\"89\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1029/2024EF004434\",\"RegionNum\":1,\"RegionCategory\":\"地球科学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ENVIRONMENTAL SCIENCES\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Earths Future","FirstCategoryId":"89","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1029/2024EF004434","RegionNum":1,"RegionCategory":"地球科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ENVIRONMENTAL SCIENCES","Score":null,"Total":0}
引用次数: 0
摘要
美国西部的许多水市场都有能力在干旱期间临时重新分配水量,通常是以短期水权租赁的形式将价值较低的灌溉活动的水量分配给价值较高的城市用水。然而,水权转让的监管审批通常需要很长时间,并涉及技术和法律分析所产生的高昂交易成本,这阻碍了短期租赁。这导致市政当局通过购买大量不经常使用的永久水权来防止干旱造成的水量短缺。高昂的交易成本也导致市政水权很少在雨季或正常年份回租给灌溉者,从而降低了农业生产率。本研究探讨了多年期双向选择(TWO)合同的开发问题,该合同有利于在干旱期从农业用户向城市用户出租水权,以及在丰水期从城市用户向农业用户出租水权。为评估 TWO 合同的性能而开发的建模框架包括对管理科罗拉多州南普拉特河流域的水文、工程和机构系统的考虑,在该流域,市政当局(如博尔德市)和灌溉者之间对水的竞争日益激烈。建模框架以 StateMod 为基础,StateMod 是一种基于网络的水资源分配模型,由州监管机构用于评估水权分配和潜在的水权转让。结果表明,TWO 合同可以使市政当局以较低的成本大幅减少水权持有量,从而保持供水的可靠性,同时在雨季和正常年份提高农业生产率。此外,TWO 合同还可通过市政当局支付的期权费净额为灌溉者提供额外收入。
Two-Way Option Contracts That Facilitate Adaptive Water Reallocation in the Western United States
Many water markets in the western United States (U.S.) have the ability to reallocate water temporarily during drought, often as short-term water rights leases from lower value irrigated activities to higher value urban uses. Regulatory approval of water transfers, however, typically takes time and involves high transaction costs that arise from technical and legal analyses, discouraging short-term leasing. This leads municipalities to protect against drought-related shortfalls by purchasing large volumes of infrequently used permanent water rights. High transaction costs also result in municipal water rights rarely being leased back to irrigators in wet or normal years, reducing agricultural productivity. This research explores the development of a multi-year two-way option (TWO) contract that facilitates leasing from agricultural-to-urban users during drought and leasing from urban-to agricultural users during wet periods. The modeling framework developed to assess performance of the TWO contracts includes consideration of the hydrologic, engineered, and institutional systems governing the South Platte River Basin in Colorado where there is growing competition for water between municipalities (e.g., the city of Boulder) and irrigators. The modeling framework is built around StateMod, a network-based water allocation model used by state regulators to evaluate water rights allocations and potential rights transfers. Results suggest that the TWO contracts could allow municipalities to maintain supply reliability with significantly reduced rights holdings at lower cost, while increasing agricultural productivity in wet and normal years. Additionally, the TWO contracts provide irrigators with additional revenues via net payments of option fees from municipalities.
期刊介绍:
Earth’s Future: A transdisciplinary open access journal, Earth’s Future focuses on the state of the Earth and the prediction of the planet’s future. By publishing peer-reviewed articles as well as editorials, essays, reviews, and commentaries, this journal will be the preeminent scholarly resource on the Anthropocene. It will also help assess the risks and opportunities associated with environmental changes and challenges.