Prices versus rationing: Marshallian surplus and mandatory water restrictions
We estimate an aggregate daily water demand for Sydney using rainfall, temperature, and price data for the period 1994-2005. The estimated demand is used to calculate the difference in Marshallian surplus between using the metered price of household water to regulate total consumption in Sydney versus mandatory water restrictions for the period 2004/2005. Using a choke price of $5.05/kL for outdoor water demand, equal to the levelised cost of supplying and storing rainwater in a household water...[Show more]
|Collections||ANU Crawford School of Public Policy|
|Source:||The Economic Record|
|Grafton_Prices2007.pdf||182.58 kB||Adobe PDF|
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