Renewable resource management with stock externalities: Coastal aquifers and submarine groundwater discharge |
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Authors: | Sittidaj Pongkijvorasin James Roumasset Thomas Kaeo Duarte Kimberly Burnett |
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Institution: | 1. Chulalongkorn University, Faculty of Economics, Phyathai Rd., Pathumwan, Bangkok 10330, Thailand;2. University of Hawaii at Manoa, Department of Economics, 2424 Maile Way Saunders Hall 542, Honolulu, HI 96822, United States;3. Kamehameha Schools, P.O. Box 495, Pa’auilo, HI 96776, United States;4. University of Hawaii Economic Research Organization, 2424 Maile Way Saunders Hall 540, Honolulu, HI 96822, United States |
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Abstract: | We model coastal groundwater management and its effects on submarine groundwater discharge, nearshore marine water quality, and marine biota. Incorporating the stock externality effects on nearshore resources increases the optimal sustainable steady-state levels of both the aquifer head and the stock of a keystone native algae species. Numerical simulations are illustrated using data from the Kuki’o region on the Island of Hawaii. Two different approaches for incorporating the nearshore resource are examined. Including algae's market value in the objective function results in only slightly lower rates of groundwater extraction. When a minimum constraint is placed on the stock of the keystone species, however, greater conservation may be indicated. The constraint also results in non-monotonic paths of water extraction, head level, and marginal opportunity cost of water in the optimal solution. |
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