The theory of the dam: An application to the Colorado River
Citation
James P Quirk, and H Stuart Burness, The theory of the dam: An application to the Colorado River: .
Summary
In this paper, we look at a vital part of the water system of the West, namely the Colorado River. We begin by reviewing the way in which the Colorado River system of dams, reservoirs, and aqueducts evolved, how it is managed, and what economic problems are associated with the system. The first part of this paper is concerned with the historical and institutional background of the river. In the second part we look at management strategies with respect to the river as an application of the "theory of the dam." In particular, using a highly simplified analystical model, we derive an approximation to the steady-state probability distribution over storage of water on the Colorado. Published in Essays in Contemporary Fields of Economics [...]
Summary
In this paper, we look at a vital part of the water system of the West, namely the Colorado River. We begin by reviewing the way in which the Colorado River system of dams, reservoirs, and aqueducts evolved, how it is managed, and what economic problems are associated with the system. The first part of this paper is concerned with the historical and institutional background of the river. In the second part we look at management strategies with respect to the river as an application of the "theory of the dam." In particular, using a highly simplified analystical model, we derive an approximation to the steady-state probability distribution over storage of water on the Colorado.
Published in Essays in Contemporary Fields of Economics : In Honor of Emanuel T. Weiler (1914-1979), on pages 107 - 130, in 1981.