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- Title
Demand Specification for Municipal Water Management: Evaluation of the Stone-Geary Form.
- Authors
Gaudin, Sylvestre; Griffin, Ronald C.; Sickles, Robin C.
- Abstract
To specify demand in most water allocation problems, researchers face a tradeoff between flexibility and parsimony. Flexible forms are less constraining on elasticity estimates, but require large parameter sets that tend to cause poor out-of-sample forecasts and computational difficulties. Using a five-year panel of Texas municipalities, the parsimonious Stone-Geary form yields estimated demand functions that are comparable to flexible form results. The Stone-Geary specification also provides an estimate of the portion of water use that may not be responsive to price, and is useful in analysing price structures and designing conservation policies.
- Subjects
TEXAS; UNITED States; ESTIMATION theory; WATER supply; WATER use; ELASTICITY (Economics); WATER utilities; PUBLIC utilities
- Publication
Land Economics, 2001, Vol 77, Issue 3, p399
- ISSN
0023-7639
- Publication type
Article
- DOI
10.2307/3147133